Jack Larkin AGM notes from Stockhouse (hope this wasn't posted earlier):
Attended the AGM, nice to put a face to the names.
Not many there perhaps only 10 shareholders, and two of them with me. No major revelations, all motions passed, toby gave a pretty thorough overview of the company, with a large focus on SEG. Gave a demo of the software up it is pretty impressive, seems quite similar to that of Swifttrades to what I can recall (about a year ago since I visited their office). The overall tone was very upbeat, and I was impressed with the manner Toby handled the questions. Definetly has his game plan down. The financials were not discussed because they were sent out late, there will be a second meeting on June 25ht for the purpose to go over them.
Just kind of summarizing here so excuse me if I jump around, and of course this is based on my messy notes, so don't take it as gospel
- expects SEG to be break even within a year
- CIBT and IRIX self supportive
- still considering pruchasing the remaining interest of IRIX
- current CPT burn rate of 150K/month
- talked about wanting to get SEGB to main board
- talked about raising cash for SEGB when opportuntities present themselves without liquidating current shareholders
- talked about maybe bringing CPT to a major exchange, said its trading on cndx main reason why alliance partners have not invested many shares
- SEGB does have revenues
- approximately 150 acitve accounts doing around 6000 trades a month
- looking to formally acquire a florida based broker in 60-90 days
- apprently (believe it when i see the results) they have been doing dog and pony shows up and down Howe street; Cannacord, Haywood, Dundee etc
- will be doing similar shows across the country in the weeks ahead
-will be adding futures trading to the software in the months ahead
-IRIX and CIBT have shown constant revenue gorwth over the last five years
- from bar graph appears CIBT's reveune has grown from 200k in 1996 to 2.5M for 2000 (11 months for 2000)
- IRIX revenue approx 200k in 1996 to >1.5M in 2000
Overall I would say it was a pretty good presentation, one shareholder asked if the story is as good as we think it is why is the price doing nothing. Toby basically said be patient they are working at getting the story out. We'll see I guess.
They gave a handout and CD rom that I'm going to examine now and will post and thing I find interesting. If anyone else has any other questions about the meeting please post or inbox me and I'll do my best to answer if I can. |
