Option (EURONEXT: OPTI; OTC: OPNVY), a global player in wireless connectivity, security and experience, today announces that the Board of Directors is looking at different options to strengthen its working capital via a cash injection of a minimum amount of 5 million euro before year end, in order to secure the prospect of regaining profitability and sustainable growth in the near term.
The Company continues to be faced with the risks and uncertainties described in the interim financial report of the Board of Directors for the first six months of 2012. Since then, the cash position of the Company has been further impacted by the build-up of inventory and the longer sales cycles for the new products.
Option continues to look at reducing its cost-base by further rightsizing its operations and focusing its sales and marketing efforts in a very dynamic market environment.
Option has been transforming its entire business since the beginning of 2011 towards end-to-end solutions for businesses and consumers, away from the plain vanilla products for mobile network operators.
The investments of the last 20 months have resulted in a new line of products and services focused on vertical markets such as automotive and wireless security & surveillance. Today the Company announced yet another new product, CloudGate, aimed at the buoying M2M market in the US.
In order to address these different vertical markets, the Company wants to develop its brand name, add and support sales channels in North-Americas, China and Europe and build up appropriate stock levels to support these channels.
The Company will also open an e-commerce shop by the end of October, in time for the traditionally end-of season buying period.
Option will provide more details about the financing round when specific information is available.
The Company continues to be faced with the risks and uncertainties described in the interim financial report of the Board of Directors for the first six months of 2012. Since then, the cash position of the Company has been further impacted by the build-up of inventory and the longer sales cycles for the new products.
Option continues to look at reducing its cost-base by further rightsizing its operations and focusing its sales and marketing efforts in a very dynamic market environment.
Option has been transforming its entire business since the beginning of 2011 towards end-to-end solutions for businesses and consumers, away from the plain vanilla products for mobile network operators.
The investments of the last 20 months have resulted in a new line of products and services focused on vertical markets such as automotive and wireless security & surveillance. Today the Company announced yet another new product, CloudGate, aimed at the buoying M2M market in the US.
In order to address these different vertical markets, the Company wants to develop its brand name, add and support sales channels in North-Americas, China and Europe and build up appropriate stock levels to support these channels.
The Company will also open an e-commerce shop by the end of October, in time for the traditionally end-of season buying period.
Option will provide more details about the financing round when specific information is available.
