Michael Smith has installed MFC old-timer Roy Zanatta as vice president of Compton.
His last "venture" was not such a success apparently...
vancouverventure.blogspot.de
"Quinsam Capital throws the towel in on the E-Learning business
Roy Zanatta, President of Quinsam Capital opted to throw the towel in on his E-Learning venture, citing the lack of revenues.
The company announced that it has entered into an agreement to sell its on-line learning business. The company commented: "We are very disappointed with the lack of growth in the e-learning business. Our inability to convert a significant percentage of trial users to paying subscribers has made scaling of the business impossible. It has become clear that we were very unlikely to see the rapid growth needed to earn significant returns to shareholders, and continued operation of the business was an unsustainable drain on the company's limited capital. With revenues of less than $4,000 per month, the only realistic alternative to the proposed transaction was to close the business, which would have disrupted the children now using the e-learning system. The transaction we have agreed to will allow the company to exit the business while avoiding various costs and liabilities related to a shutting-down of the business. It will also allow the children now using the learning system to maintain their use of it.
According to the last Management discussion for the quarter ended June 30, 2012 Mr. Zanatta still felt it appropriate to pay himself $53,381/quarter to run an unprofitable company. At this rate he will have paid himself $112,000/year. No mention of him taking a salary reduction in lieu of not having a viable project for his shell.
With $280,000 in the bank and a burn rate of $70,000 a quarter, I will be watching for another Vancouver promoter putting his house on the market this time next year."
Actually, Roy Zanatta purchased the business from Quinsam, where he's the CEO+President. The company will continue its "merchant banking activities" (with a few thousand bucks, that it...) |
