Notes from the Meeting with GOCA Board Of Director, Mark G.
Ryan Hay, recently went and visited GOCA HQ in Canada. He lived right down the street from them and was able to get a feel for our investment in the company. Here are his notes from the meeting--
Okay the office is in the back of one of three Go Intenet Cafes. He first showed me around the offices and told me there were 5 programmers, 2 research guys, and a couple of contact designers and programmers.
There was approx. 25 employees in this office. I saw about 15 people and I saw a person at every desk. WE went up to his office and it was okay not real expensive maybe a little cheap I would say (Kind of like Jeff Bezo's office...modest). He is cool though--a young guy with his MBA, a cool dresser, and around nice guy, and took the time for me.
So I asked him about the cafe's. He said that the cafe's are not really where the company is going and not a major source for revenue. The phone cards are something that I said probably would more to get the name out rather than a money maker and he agreed.
75% of all revenue are done by the casino. As you might know there are opening two more casino's within the next month or two. You asked if they are the expecting continued growth like the 700%. Well, he said we are expecting to match or beat rev. in the 1st quarter of this year compared all of last years revenue. I said that is nice and he got a big smile on his face.
ISP is not their main focus. Casinos are the way to go. Also they are setting up to sell licenses of thier software just like CRY.TO and starnet SNMM--100k for a licensee and the % of net profits. I don't know what their casino looks like yet. Casino is where the focus will continue to be .. Profits will be in the next quarter he believes. (of course he can't go into details) Share structure is now 19 mil and 5 MIL in the O/S and float respectively.
Mark also said that he believes that great revenues will come from the bannerad.com subsidirary, which they have not fully began exploiting yet.
They also have Go Foreever page. This sounds like free paging for everybody. Have to look at this in more detail.
There quarter ends March 31st
Year end Dec 31
Mark said they are planning to soon be at 70 employees (which means adding around 45 new employees to handle the growth) and will have to move locations, probably to Waterloo.
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These were the highlights and major points from Ryan's interview/meeting with Mark.
I hope this helps us all with a better understanding of why I see GOCA as a highly undervalued stock.
Please offer any comments, suggestions, and questions!
FM |
