Welcome To The FTS Group Free Hub On AGORACOM
Message: From another board....
Posted by: JimsZ 
|
Date: Friday, July 18, 2008 9:04:30 AM |
| In reply to: None | Post # of 4201 |
OK, talked to Scott last night a little about what is going on... He couldn't tell me a whole lot about the OTG deal except that there wasn't a whole lot of truth from OGOH about the debt OTG Technologies held, etc. He said he would be issuing a shareholder letter regarding this once it is cleared to by Flip's attorney. I did let him know that OGOH was stating they may come after FLIP due to this & he stated with what they had told FLIP they didn't have a leg to stand on & that OGOH (now MetroOne) needed to "put on a good show for their shareholders".
Also talked with him about many other things, one of which included current CD debt (Flip owes approx $1.3 million in CD debt, although over $900k of that would definately not be converted at these levels *very company friendly holders & he stated they would not even convert at .013 last year). Asked about using cash to help reduce the debt that is left & he stated they have been putting as much extra cash as they can to reduce debt & since we are at low pps trying to re-write some of the debt with more favorable terms. He said he would like FLIP to have the majority of debt gone by the end of the year. Apparently Elysium (spinoff) is making very good cash flow now & their rev's will be reported under FLIP since it is a majority owned company adding to our bottom line.
Asked about the "Cell phone translation software" & he stated that we should be hearing more about that soon, but didn't go into details on it, I would liked to have learned alot more about this, but at the moment he was kind of hush.
I also talked to him about since the acquisition of OTG Technologies was a wash, what about FLIP starting their own company such as this as there are good revenues & many companies out there needing hardware/software support (What I do for a living). He said that may be looked into in the future, but at the moment they are focusing on Elysium as it generates very good cash flow & they are trying to get that built up.
Also talked with him about many other things, one of which included current CD debt (Flip owes approx $1.3 million in CD debt, although over $900k of that would definately not be converted at these levels *very company friendly holders & he stated they would not even convert at .013 last year). Asked about using cash to help reduce the debt that is left & he stated they have been putting as much extra cash as they can to reduce debt & since we are at low pps trying to re-write some of the debt with more favorable terms. He said he would like FLIP to have the majority of debt gone by the end of the year. Apparently Elysium (spinoff) is making very good cash flow now & their rev's will be reported under FLIP since it is a majority owned company adding to our bottom line.
Asked about the "Cell phone translation software" & he stated that we should be hearing more about that soon, but didn't go into details on it, I would liked to have learned alot more about this, but at the moment he was kind of hush.
I also talked to him about since the acquisition of OTG Technologies was a wash, what about FLIP starting their own company such as this as there are good revenues & many companies out there needing hardware/software support (What I do for a living). He said that may be looked into in the future, but at the moment they are focusing on Elysium as it generates very good cash flow & they are trying to get that built up.
New Message
Please
login
to post a reply