9 Nov 2017 14:38
BOS GLOBAL Holdings Limited / EPIC: BOS / Market: AIM / Sector: Technology
9 November 2017
BOS GLOBAL Holdings Limited ('BOS GLOBAL' or 'the Company')
Company Update
BOS GLOBAL, the cloud based software developer focused on harnessing technology to enable organisations to transform their operations through a more engaged workforce,
provides the following company update.
The Company has continued to incur operational and overhead costs as it continues its product development and sales and marketing work, however it is not yet generating significant revenue from purchase orders for its products. Consequently, the Company's working capital position has tightened considerably and the Company is exploring its options for securing additional funding above the instalment schedule provided for in the convertible loan note with Innovation Corporation Limited, from which it has recently received additional funds totalling approximately £217,000 (yet to be converted to ordinary shares in BOS GLOBAL).
In addition to assessing its funding options the Company has been implementing a significant cost reduction program over recent months to manage its working capital position. A key element of this cost reduction program is the pursuit of a revised strategy initially targeting a more focused product offering in a narrower geographical range, with the BOS Time™ product and the UK and Australian markets being the primary focus.
The Board remains committed to seeing the Company through this period, and establishing a sustainable and profitable business for the benefit of all BOS GLOBAL shareholders and other stakeholders.
The Company will update the market on further progress on its financial position as information becomes available, and continues to work towards publishing its annual accounts for the financial year ending 30 June 2017 by no later than the end of December 2017.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
**ENDS**
For further information please visit www.bosglobal.com
Adam Webb Non-Executive Director David Ireland Chairman | BOS GLOBAL Holdings Limited | Tel: +44 (0) 7825 443319
Tel: +61 (0)8 9322 4071 |
Andrew Thomson NOMAD | RFC Ambrian Limited | Tel: +61 (0) 8 9480 2500 |
Charles Goodfellow / Lucy Williams Broker | Peterhouse Corporate Finance Limited | Tel: +44 (0) 20 7220 9791 |
Charlotte Page / Megan Dennison Financial PR | St Brides Partners Ltd | Tel: +44 (0) 20 7236 1177 |
Notes
BOS GLOBAL is a London listed (AIM:BOS), cloud based software developer with a suite of products that enable organisations to transform their operations through improving workforce engagement. The flagship product, BOS 360 Work Patterns, incorporates patented technology that uses workforce analytics to render real time views of worker activities as Work Patterns. BOS has a proven, globally experienced team that has historical success designing, building, marketing, selling and supporting enterprise technology solutions and is building a partnership network across the globe to grow the business.
The Company also has a 40% interest in Call Design Pty Ltd, a profitable, Australian based, global provider of workforce optimisation tools, focused particularly on call centre services. Call Design has a significant multi-sector client base, which includes all four of Australia's major banks, leading international telecommunications companies, blue chip insurers and governmental bodies, with a current operational reach spanning 26 countries. This is a highly synergistic investment provides multiple cross-selling opportunities in line with BOS GLOBAL's strategy to deliver a comprehensive business optimisation offering globally.