RE:RE:RE:NEWS !!!After some thought on this...I am concluding that business is ramping up quicker and broader than expected...and the cash is required to facilitate or start up this in some way shape or form...
My thoughts only of course, but the NR does indicate MULTIPLE aquisition projects which is an UPGRADE in the verbiage used by the company to this point...
JeffNavinJH wrote:
Prokokiev -
The thing that gets me is that Intermap received $5M from Vertex is mid-April. How could they burn through this much cash in such a short period of time? Mohr specifically stated in the last conference call that " we did these small one-off loans as required and it became very burdensome, both for the company and for Vertex. Vertex does not have anymore information regarding the ultimate closing date of the SDI than we do, nor than the investors do. And as a result of that, it seems to make sense for us to just do one loan to be able to cover us until that point. And that’s why we did one at $5 million rather than a sequence of smaller ones on an as needed basis."
I also don't get why they have not refinanced the $9.1M in debt due Aug 24, 2016. If Vertex was being "a friend of the company" wouldn't they push out this debt obligation at the same time?
One more - why the language concerning "data aquistion"? To me this would involve IFSAR data like Alaska and not Orion type SDI work. The last PR directly referenced preparatory and logistical work to get ready for the SDI. This PR pushes a bridge for cash flow due to data aqusition projects? I don't get it. I hope like heck a plane didn't break down. ; )
Certainly hoping this PR doesn't cool off our red hot momentum, but a new $2M loan is not exactly what any of us were expecting at this point.