I will highlight the key phrases you should read t
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Posted On: 06/07/2017 1:07:46 PM
I will highlight the key phrases you should read that relate to your questions.
NanoTech Entertainment (NTEK) Shareholder Letter
Corporate Updates as of October 10, 2016
Dear NTEK Shareholders;
I am pleased to send an update on the many activities of the NanoTech team over the past quarter. We have been quiet as the company has been laser-focused on restructuring efforts and driving the company towards profitability in Q4 2016. We will be sending a series of updates and announcements over the next several weeks to bring all those interested up to speed.
Among the activities and pursuits:
- The reverse split was completed in July. We were able to eliminate over $1M in debt. Our goal was to streamline funding for company operations and that has gone slower than desired; however, we have worked through the issues and should see major improvement this quarter.
- There have been ongoing negotiations with several key service providers. The intention is to dramatically reduce product delivery costs. As of last week, we concluded negotiations which will reduce delivery costs for UltraFlix by more than 75%. Frankly, this was an all-consuming process but will be a huge assist to achieving our profitability goals.
- 4K studios will be a significant part of our strategy going forward. With the proliferation of 4K platforms entering the market, 4K content is needed by UltraFlix as well as other content partners. We are focused on ramping 4K studios activities significantly in Q4.
- We will be sending a series of press releases in the coming weeks outlining partnership opportunities, platform partner growth plans and content expansion for UltraFlix.
Although the last quarter had many challenges, the NTEK team is diligently working to make Q4 a success!
We will keep you apprised on progress and truly appreciate your continued support.
Warmest regards,
Jeffrey A. Foley
Chairman
NanoTech Entertainment (NTEK) Shareholder Letter
Corporate Updates as of October 10, 2016
Dear NTEK Shareholders;
I am pleased to send an update on the many activities of the NanoTech team over the past quarter. We have been quiet as the company has been laser-focused on restructuring efforts and driving the company towards profitability in Q4 2016. We will be sending a series of updates and announcements over the next several weeks to bring all those interested up to speed.
Among the activities and pursuits:
- The reverse split was completed in July. We were able to eliminate over $1M in debt. Our goal was to streamline funding for company operations and that has gone slower than desired; however, we have worked through the issues and should see major improvement this quarter.
- There have been ongoing negotiations with several key service providers. The intention is to dramatically reduce product delivery costs. As of last week, we concluded negotiations which will reduce delivery costs for UltraFlix by more than 75%. Frankly, this was an all-consuming process but will be a huge assist to achieving our profitability goals.
- 4K studios will be a significant part of our strategy going forward. With the proliferation of 4K platforms entering the market, 4K content is needed by UltraFlix as well as other content partners. We are focused on ramping 4K studios activities significantly in Q4.
- We will be sending a series of press releases in the coming weeks outlining partnership opportunities, platform partner growth plans and content expansion for UltraFlix.
Although the last quarter had many challenges, the NTEK team is diligently working to make Q4 a success!
We will keep you apprised on progress and truly appreciate your continued support.
Warmest regards,
Jeffrey A. Foley
Chairman
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