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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Adwalker | LSE:AWR | London | Ordinary Share | IE00B00MRN72 | ORD EUR0.02 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.07 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMAWR 1 May 2009 Adwalker Plc ("Adwalker" or "the company") Trading Update In the Chairman's statement that accompanied the half yearly results for the period ended 31 August 2008, which were announced in November 2008, the Company indicated that it was operating within its existing bank facilities and in order to continue to operate within these facilities it needed to grow its revenue base significantly. The Company also indicated at that time that in the event that there was insufficient growth in its near-term income and new funds could not be raised then there would be a material adverse effect on the Company's financial position and its operations. Although the Company is currently operating within its bank facilities, which comprise a term loan of EUR250,000 secured by a personal guarantee provided by Simon Crisp, Chief Executive Officer, and Keith Jordan, Chief Operating Officer, it has not been able to grow its revenue base to the extent required to support its existing overhead base. This has led to a significant increase in trade, revenue related and other creditors (including unpaid salaries for directors and certain members of its senior management team). In order to meet its obligations as they fall due the Company is currently reliant on the Directors and senior management deferring their salaries and the continuing support of its other creditors. In the event that any of this support is removed then the Company, in the absence of a significant increase in sales, increased bank facilities or a fundraising, will not be able to meet its obligations as they fall due. The Company has been in advanced stages of discussions with a multinational corporation regarding the rollout of an interactive surface media platform and had hoped to commence this rollout earlier this year. However, the prospective customer has requested the implementation of a small initial trial for which a small fee has been paid. The Board is hopeful that this trial, which is to commence shortly, is expected to last up to two months, will result in the larger rollout but there can be no certainty that a contract will be signed. The Company is also in discussions with two leading shopping mall owners in Ireland and the US regarding the launch of an Adwalker leasing programme, which, if successful, is expected to generate regular income. The Company's current Adwalker Wearable Platform (Generation 2) continues to generate income, albeit at a low level. In the near future the Company expects to unveil Generation 3 of the Adwalker Wearable Platform. The new unit will incorporate improved functionality and additional features. It is intended that the new unit will be made available to a number of new and existing customers via a pre-paid model which is expected to significantly minimise the financing costs of each unit. Commenting on today's update Chief Executive Simon Crisp said; " The current environment is extremely difficult for Adwalker. However, I believe the Digital Wearable sector has significant potential, hence the continued, unwavering support for the Company from its directors, senior management and employees. Further announcements will made in due course. Enquiries: Adwalker plc Tel: +353 (1) 866 9000 Simon Crisp simon@adwalker.com John East & Partners Limited Tel: 020 7628 2200 Simon Clements/David Worlidge END
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