OMT on road to recovery
Omni Market Tide (ASX: OMT) is well on the road to recovery with a solid cash position and renewed focus on securing opportunities for its shareholders and suite of Omni-Loop digital engagement products, according to retiring founder and Chairman, Glenn Vassallo.
Mr Vassallo today announced his retirement from the company’s Board.
“I’ve always believed that the format of a physical shareholders meeting is antiquated, and as such ASX listed companies should better embrace technology by holding hybrid shareholder meetings. Being the first ASX chairman to host a hybrid physical and real-time virtual AGM using OMT’s core technology was a highlight for me and proved its potential.”
Like most start-ups, the experience has not been plain sailing for OMT with management changes and funding challenges creating hurdles as the technology was commercialised.
Mr Vassallo invested $250,000 in OMT in late 2016 to avoid the business being placed into administration. He also had to remove under-performing executives over the last 24 months, reduce costs and strengthen the capital base of the company to fund the future of the OMT business.
“After a promising start, I decided to step out of executive duties prior to OMT’s listing on the ASX, but I had to step back in to stop the business from collapsing. As founder and Chairman, I decided to do everything possible to turn the business around rather than see it fail after its admission to the ASX.
“None of that reduced my faith in the technology, and now that OMT has a stable financial position and a refreshed Board I feel comfortable standing aside from the business again to spend more time on my other priorities.”
In June 2017, the company completed a $1.4 million capital raising with the support of shareholders. Since then, the Board has been refreshed with the appointments of experienced technology investor, Howard Digby and capital markets advisor, Andrew Lilley as non-executive directors to replace retiring directors Rick Dennis and Bryan Granzien. Mr Digby will assume the role of non-executive chair and corporate governance advisor, Peter Webse joins the board today as non-executive director.
The company now has a solid financial position with reported cash holdings of $1.069 million at the end of the September quarter. OMT also expects to receive a further $557,000 R&D rebate under the Australian Government’s AusIndustry programme in the near future.
Mr Vassallo remains a major shareholder in OMT with nearly 8.5% of the company, and will spend more time focusing on his legal firm, GRT Lawyers and philanthropic work through the GRT Foundation.
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