SPO Global Inc (OTCMKTS:SPOM) released its third quarter financials that reflects a tumultuous quarter after the firm obtained an unsolicited offer, which led in the probable buyer unable to raise the adequate funds to fulfill the valuation and price asked by the board of directors following valuation and discussion.
The highlights
Owen Dukes, the CEO of SPO Global, said that while the third quarter highlights the firm focus on this unsolicited proposal, he is delighted to inform shareholders that the fourth quarter revenue projections will be in a changed league and over $80,000, which will be the best quarter in FY2016. Since last month, the company completed performance testing deals that the firm has recorded revenues for.
The first of these contracts was an initial deal to offer software testing facilities to the Kuwait National Petroleum Company. This deal has led in revenues of $20,000 and also added revenues and services for 2017. In the State of Washington, the company is completing the final assessment that will led in preliminary revenues of $22,000 and long terms sales for services.
In the U.K., SPO Global have closed the full testing for the world’s pioneer real estate and commercial property services advisor, that has led in preliminary revenue of $28,000 and further revenues for 2017. The company also obtained renewals from many of its customers, including Equiniti & Southampton University, and also Nova Scotia Power that has led in revenues of over $25,000.
The CEO reported that the business is now operating full steam ahead, and he is delighted to inform all its shareholders, that they are expanding technical sales with two more people bringing them to a nine strong team. SPO Global pipeline is fantastic, particularly compared to 2016, and he project revenues for 2017 to come minimum $400,000, which will be jump of 150% over 2016.
Dukes added that they have commended to raise capital for the company expansion, and any new investment is intended to be based upon on at least 1-year fixed term note prior to any shares issued for repayment.
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