UFOmojo wrote: optex1972 wrote: Hugh9999 wrote: I hope there will be some good news with all the sh$t we had over the last few months. I have lots of shares and kicking my self in the a$$ that I didn’t get out at $3.90. I only hope we can recover some way some how. Looks like Sean fuc$ed us all. I hope I’m wrong.
Getting rid of the heal stuff, cafe, useless promoters are all good moves from Meni. Now the auditors too much unknowns to speculate here honestly but again the new management at least knows what they’re doing an imo will turn this ship around. Dollinger made a mess and these guys are doing everything by the book to make all wrongs right obviously.
I don't care about late financials. There's going to be challenges when you're in 20 plus countries. It sounds like the results will be good, when they are finally released. "
The resignation of PwC has not impacted management’s confidence in its financial results, " And all this, this is great to see. Clean up time. Get ride of the HEAL nonsense. Due diligence was overdue. Looking forward to seeing the ironed out results. This is a new CEO doing what should have been done a long time ago.
Corporate Update and Strategic Review
Following recent changes in management, Namaste’s executive team has undertaken an in-depth strategic review of its current and future operations globally in an effort to streamline the business and ensure compliance throughout the organization. As part of this process, management has been reviewing the entire business in an effort to focus the organization on the highest value opportunities to maximize future growth.
In connection with this review, the Company is examining its global e-commerce activities to ensure compliance with various local tax and other requirements involving the import, sale, and distribution of its products. The Company has expanded the mandate of Norton Rose Fulbright Canada LLP, special independent legal counsel to the Company, to assist with the Company’s review of its compliance throughout its global business and operations, conducted primarily through its Bahamian subsidiary.
During this review period, the Company has elected to suspend certain initiatives that no longer align with the Company’s mission and strategic direction, such as the introduction of Namaste Caf, a cookbook and H.E.A.L. product line in relation to its previously announced franchise distribution model. In addition, the Company has also provided formal written notice of the termination of its agreement with ORH Marketing Ltd., in accordance with its terms. Management believes that the termination of these marketing and related initiatives can be achieved with minimal business disruption, and is expected to result in annual cash savings of approximately $3 million, which is net of expected transition costs.