Good morning, Ed. You asked us to update you on KCI, which placed 4th on this week's tracker. Please find enclosed a brief summary.
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Good afternoon to you all. The following press release was announced by King Communications on January 23 of last week:
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$1 Million Increase In Bank Financing
The National Australia Bank Limited has increased its financing facility to King by A$1 million from A$1.75 million to A$2.75 million. Based on King's excellent history with the bank, current operating results and prospects, particularly in the mobile data and APCO industries, King will be charged at a preferential bank interest rate.
"Signed"
Frank Eccles, Managing Director
King Communications International Limited
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At the time, we did not broadcast the release in light of our upcoming meeting with KCI in Vancouver. We would now like to file the following report.
In our opinion, after having spoken to KCI principals in Vancouver, the most important excerpt from the press release is:
"current operating results and prospects, particularly in the mobile data and APCO industries".
In essence the bank has increased it's line of credit to KCI by 36% based on improving operations. Though we have not seen the numbers, one can very reasonably assume the bank has seen the numbers and they have provided the basis for extending further credit to KCI. Ergo, KCI must be sustaining the steady growth we have been witnessing since last year.
AGORA is awaiting confirmation of these facts through release of KCI sales figures, expected sometime this week, as well as 2nd quarter results which are expected shortly. Based on their latest press release, we are anticipating positive results.
Regards,
Agora Internet Relations Corp.
p.s. combined with our RPP pick, looks like we were lucky enough to get 2 of your top 7 for the week. |
