After a day of glory, Telefix Communications Holdings Inc (OTCMKTS:TLFX) shed much of its previous day’s gains. The stock of the company dipped by over 10% to $0.00340 after the impact of the news of the company’s engagement with Verizon faded away. As many as 20.53 million shares changed hands during the last session.
The latest happening
The company published a press note last week, where it highlighted that it has embraced the Verizon’s M2M (Machine to Machine) Network under an agreement. As a result of the deal, Telefix Communications Holdings Inc (OTCMKTS:TLFX) said that its users of documentation system and workflow process management will interact through machine to machine video communications.
Additionally, the company informed that its arrangement with Verizon will assist it to co-market products through sales distribution, which in turn, will enable industry leaders to provide the best of the solutions and mobile experiences to their clients. At the same time, the network will help the users to access remote work sites on a real-time basis.
Telefix Communications Holdings Inc (OTCMKTS:TLFX) proudly claimed that the agreement will help it to resolve day-to-day common issues that emerge in the service industries. The company’s CEO Mezuan Norman stated that the agreement will be a ‘game-changer’ for them. He called it as an interesting development that will pave the way for the company to lead in a new direction. While all that sounds affirming, the company’s financial direction is unfortunately not so appealing.
As per the most recent report, the company held only $250,000 in cash as on December 31, 2014 apart from $478,000 in current assets. These numbers are no match to the company’s total liabilities of $1.2 million. Other than this, the company recorded quarterly revenues and net loss at $16,000 and $75,000 respectively. Such financial numbers are self-explanatory as to where the company is actually heading.