Why we love reading TV2U boss Nick Fitzgerald’s ASX updates
Link copied to
We love reading ASX updates from TV2U founder Nick Fitzgerald.
On Friday investors received an update written in the middle of the night from Malaysia.
“I am writing this at 3am KL Malaysia time after phoning anyone who will listen to me garble on endlessly about anything and everything trying to while away the hours in an attempt to fall asleep, ” Mr Fitzgerald wrote in an ASX announcement.
“Those of you that travel know the annoying effects of jetlag especially if you have been in four time zones in the last two weeks as I have, and your head is buzzing after another great day at the office (wherever that might be today).
“I have given up any contemplation of any sleep so to idly pass away the hours I thought what better way then to update you all on what’s been happening in the world of TV2U.”
After last week’s AGM the candid streaming TV chairman told investors he would consider a live-stream for future meetings though “unfortunately for me I have a good face for radio not TV”.
“This was my first AGM and I admit it wasn’t something that I wanted to do as I’m not someone who enjoys the limelight or pomp and ceremony, but it was really valuable to meet all those that attended.”
The would-be Asian and Latin American Netflix, which recently launched in Indonesia and Brazil, is working to launch its streaming TV technology platform including “dashboard tools, mobile and web applications, networking, servers, an billing” ready for service before Christmas.
Mr Fitzgerald, who developed the technology behind TV2U (ASX:TV2), returned to the CEO job in early November after stepping down in February.
The company offers technology that allows businesses to stream any kind of content to any device.
The roll-out has been slower than expected, but the company finally launched in Brazil in November and is testing the service in Indonesia. It reported its first ever revenue last month.
In the last quarter, TV2U had a cash burn of $1.4 million on no revenue, and had just $4000 left in the bank.
Mr Fitzgerald said last week TV2U would draw down $600,000 via convertible notes immediately with another $800,000 on the cards by December 31.
Revenue from its Brazil and Indonesian operations were expected to reduce the need for capital investment, he said.
TV2U shares were steady at 1.7c on Friday.