Syntonic Limited (ASX: SYT) is an information technology company and is into mobile services technology. The company was listed in 2007 and is based in Wellington Street, West Perth, Australia.
On December 24, 2018, the company has announced the completion of the allotment of fully paid ordinary shares. The placement has been done to the new and existing shareholders. The company has raised capital of $1.1 million through the issue of 201,999,998 shares at a price of $.0055 per share. The Company has issued shares under the placement event within its existing capacity of 15% under its ASX Listing Rule 7.1. [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]
The company will use this fund for its global expansion strategy, enhancing its marketing and sales efforts for its new mobile commerce business in the Brazil region, and ongoing developments. The company has recently issued a prospectus defining the terms and conditions of the new issue and allotment of shares.
The CEO of the company Gary Greenbaum said that the raising of the capital is in line with establishing the record growth by the company several areas including active users, agreements by the operators, operational revenue, etc. The raising of capital will help the company accelerating its growth globally and in Brazil.
The company is currently undergoing a negotiation with respect to a freeway overpass on the Vodafone, Qatar network. This will help the company to form a strategic relationship with the Vodafone and increase the company’s presence in areas like Europe, Middle-east, Africa and Asia-Pacific; however, these will only materialize once the negotiation is complete and formally executed.
The company has also notified about the change of interests of its substantial holding. Lindfield Nominee Services Pty Ltd is the substantial holder of the company. Previously the voting power was 38.81% with 914,148,442 votes. However, currently, it stands at 36.24% interest with 1,080,815,108 votes.
The company, total revenue stood at $1.76 million in FY 2018 as compared to the restated number of $0.924 million in FY 2017. The net loss for the year stood at $5.386 million in FY 2018 as compared to $25.76 million in FY 2017. The balance sheet for the year-end recorded total assets number standing at $5.28 million in FY 2018 as compared to $5.43 million in FY 2017. The company had an outflow of cash from operations in FY 2018 with an amount of $4.82 million as compared to $3.91million in FY 2017, however, the cash flow from investing stood at $0.171 Mn in FY 2018 as compared to $3.778 million in FY 2017
Let us now quickly analyze the performance of Echo’s stock and the returns it has produced over the past few months. The stock is currently trading at $0.006 with a market capitalization of circa $16.68 million. The stock yielded a negative YTD return of 66.67% and produced -53.85% return based on past six months. The stock has a 52-week high price of $0.023 and a 52-week low of $0.006.
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.