Rns dd 16th October30 Oct 2023 23:30
The Company's proposed debt settlement with creditors is based on the ability of the Company to continue its trading activities as a going concern (under the framework of the TSP), in a way that would allow it to recover and generate profits through: (i) continued sales to existing, paying customers; (ii) sales of new user licenses and products it has developed; and (iii) further reducing the cost of sales in accordance with the new business model in which it is has been operating for the past few months.
Furthermore, the Company will seek to resolve disputes it has with two of its long-term customers in relation to alleged infringements of the user license by the customer. Should the Company reach a satisfactory outcome with these customers, it would be expected to generate enough cash to allow the Company to continue its growth plan per the new business model.
Further details on the recovery business plan will be announced once it has been finalised.