RE: Be smart and buy cheap after placing news!11 Dec 2023 10:12
No money lol
The receipt of payments under the Contract would result in Ethernity having received total cash collections from
its customer base of between $4.5 million and $4.7 million for FY 2023. Whilst at this stage the total revenues for 2023 are unknown, these cash collections will assist the Company in exiting the ongoing temporary suspension of proceedings ("TSP") process. In addition, together with the contract win announced on 2 November 2023, the Company has been able to secure the future relationship with two important long-standing customers.
David Levi, CEO of Ethernity Networks, commented: "I am extremely pleased with the results of the Company's cash collection from customers during the TSP. This Contract, together with other ongoing contracts generated during Q4, will result in an expected cash collection during Q4 2023 of between $1.5m to $1.7m. As a result, I am optimistic for the future prospects of the Company".