RE: What about the £6.1m new contract win...??!!13 Aug 2023 13:18
Check1 yes everyone has lost their jobs at this point and working hard to start in more rewarding companies thankfully. Still holiday pay due and still loads of stress because of the way it has been handled, just so that executive management can take private control of the entities for themselves. Greed and lack of knowledge of the science.
A few points; Deepverge executive management made the ridiculous decision to higher a top tier marketing agency Media Monks, like most things at the wrong time, maybe a year or more before they were required: https://www.proactiveinvestors.co.uk/companies/news/962357/deepverge-to-team-up-with-mediamonks-for-digital-roll-out-of-skin-trust-club-962357.html for circa 1.3-1.4 million pounds and that was for them to sell 20,000 kits which cost around 30 pounds per kit to process which is rough £600,000 pounds of processing plus the 1.4 million of marketing, plus some adhoc videos and other things, so £2 million give or take. Thankfully alot of this was not spent because if it had all of this would have come to a head significantly sooner and more harshly.
That was crazy and everyone knew it, so this is why staff tried to avoid using the marketing agency at this time, and ran free promotions. Please remember that without an initial volume of test kits, the AI does not work, and without the AI working, it is not as efficient, and when its not efficient the reporting is much more time consuming. So you must have an initial few thousand kits processed regardless of marketing for STC to work and for us to test everything. Deepverge executive management were selling this as a finished product long before it was.
To answer your question Deepverge or STC did not make 1 million and never did, it was a startup, you are quoting an RNS and as many of us have said all the RNS's are BS unfortunately. Every single one of them. We only really required 2 sequencers and the plan was to open a US lab, and that failed miserably due again to dumb timing and lack of funds. Nothing wrong with the science and tech just execution was sadly laughable.
However STC spend is a fraction of Modern Water, most of the Modern Water deals were loss making, the cost of manufacturing the equipment and what things were being sold for were a loss everytime. RNS after RNS, lies and more lies, deals that did not exist in the future. The list is endless.