On 1 February 2019, ASX listed Pooled Development Fund (PDF), Authorized Investment Fund Limited (ASX: AIY) received a letter from its investee company, e-Mersion, in which e-Mersion has provided an update on the business of e-Mersion Media.
In the letter, e-Mersion Media informed its shareholders that the company’s name has been changed from Box Digital Media Pty Ltd to e-Mersion Media Pty Ltd. The name ‘e-Mersion’ was chosen because, with the platform’s multisensory engagement through the site, sound, and action, it conveys the true essence of what the company delivers to the viewer on each and every page.
e-Mersion Media also informed that Insofar as e-Mersion’s business is no longer about the publication/ digitization of Box Magazine but, instead, it is about the development and roll out of a complete digital publishing ecosystem. The digital publishing ecosystem includes a platform to digitize third-party magazines, which was the purpose for which it was developed in the first place and which is a far more substantial pursuit for e-Mersion Media.
e-Mersion also reported the recent engagement of DiUS Computing Pty Ltd, one of Australia’s leading tech services companies, as the company’s principal provider of software development services. DiUS is a multi-award-winning privately-owned software development firm which has many prominent clients such as Qantas, National Australia Bank, NIB, State Government of Victoria, AGL.
After a handover from In The Code which occurred last December, DiUS now has a working demonstration environment on e-Mersion Media’s own platform, so that magazines can be created/ updated for sales pitches and meetings, and has documented the path forward to bringing the back-end of the platform up to full production scale quality.
The company also informed that e-Mersion Media’s dispute with In The Code Pty Ltd has been resolved with In The Code formally foregoing all right to the software and other Intellectual Property in relation to the e-Mersion Media platform and acknowledging the ownership of e-Mersion Media. On 19 April 2017, the IT platform precursor to e-Mersion Media was acquired from In The Code Pty Ltd pursuant to a Deed of Assignment of Intellectual Property.
For the year ended 30 June 2018, AIY reported a net loss of $531,411 with basic and diluted loss per share of 0.226 cents. At the end of FY 2018, the Fund had total current assets of $103,209 and total current liabilities of $374,460. Net cash in operating activities was $92,998 and cash at the end of FY 2018 was $103,209.
In the last one year, the share price of AIY increased by 139.12 percent as on 4 February 2019 and in the last six months, the share price increased by 128.57%. AIY’s shares traded at $0.081 (+ 1.25% Intraday) with a market capitalization of circa $32.1 million as on 5 February 2019. It has 52 weeks high of $0.160 and 52 weeks low of $0.21.
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