Quarterly results From Stockwatch.com
Sales = $0
Selling and Admin = $19.4K
Net Loss from Continuing Operations= $18.9K
Cash and Short Term Inv at Jan 31 = $41.9K
Other Notables
Sale of VSAT Business Unit
On February 29, 2012, the Corporation sold its VSAT Business Unit for gross proceeds of $2,200, resulting in a loss included in the Consolidated Statements of Comprehensive Loss of $1,225 after deducting the book value of the assets and liabilities and other transaction related expenses of $3,077.
Proceeds of the transaction included $220 cash to be held in escrow and released February 2013, upon the purchaser’s agreement that there are no disputed claims. The purchaser has initiated a claim that there are amounts in dispute. As such, the funds held in escrow have not been received as the date of issue of these condensed interim financial statements. No reserve has been taken against the balance of $220 receivable as Management is of the opinion that these claims are without merit and has engaged legal counsel in this matter.
Overview
During the second quarter of fiscal 2013, Mitec held its annual general meeting (October 30, 2012) and succeeded in obtaining required shareholder approval to consolidate its shares and undertake several initiatives required as a part of its strategic initiative, including the approval of a name change and approval to relocate its head office to Toronto, Ontario.
Since October 30, 2012, Mitec has appointed two new Toronto-based Directors and a Chief Financial Officer. Mitec continues to own a small machine shop located in Pointe Claire, Quebec which is listed for sale.
Mitec continues to evaluate business opportunities regularly.