Chairman's Address to Shareholders - 2015 AGM
Sydney, Nov 16, 2015 AEST (ABN Newswire) - iQ3Corp Ltd (
ASX:IQ3) are pleased to provide the Chairman's Address to Shareholders at the 2015 Annual General Meeting (AGM).
Chairman's Address:
Good morning ladies and gentlemen, on behalf of the Board of Directors, I am pleased to present the operational and financial review for iQ3Corp Ltd for the financial year ending 30th June 2015. Before I begin, I would like to thank all Directors for their contributions in what has been a very busy year, and our Executive Team and our employees for their hard work and diligence.
The iQ3Corp team has successfully set up the groundwork to implement the company's strategy, hence fulfilling on its deliverables including:
- Systems and processes, which will allow the company to deliver its services in a compliant and efficient manner;
- Positioning of the company in the capital markets, as well as within its customer segment base, the Australian Biotechnology industry; and
- Recruitment and retention of key people to in order to effectively translate our vision into reality.
The net loss after tax of the group for the year ended 30 June 2015 was $1,910,855 (2014: $975,864), which represents expenditure required for building this infrastructure.
The company was officially listed on the ASX on the 18th May 2015 after successfully raising $4,400,000 through an Initial Public Offering. The utilisation of funds during the year is being applied towards the development of the company's core offerings of:
- Corporate finance and advisory
- Mergers and acquisitions
- Capital raising and distribution channels
The net assets at year-end were $4,227,228 compared to $1,126,477 in the previous year. This provides an overall strengthening of working capital to fund the growth opportunities moving forward.
iQ3Corp is always seeking to deliver value to all its stakeholders and to ensure that we integrate sustainable opportunities into our overall strategy and operations. As previously announced, through our wholly owned subsidiary in the USA, iQ Capital LLC, we are applying to the US regulators, FINRA and SEC, in order to obtain the necessary licensure to operate our own, life science focused, investment banking business. From here we will be creating the pathway to give our life science clients access to capital markets at a global level. This is all part of our strategy in developing our role as the key global partner in the development of these life science companies.
We are confident that our technocratic and innovative iQ3 team, led by an aspirational and committed group of executive management and board members, can deliver on the clear mandate to build the iQ3Corp business and make a difference in the Australian Life Science sector.
About iQ3Corp Ltd
iQ3Corp Ltd (ASX:IQ3) is the world's first specialised life science corporate financial advisory and asset management firm.
iQ3Corp capitalises on its relationship with The iQ Group Global Companies and other industry participants such as academic institutions, financial market participants and other Life Science industry bodies, to provide a turnkey solution for capital raising from corporate inception to the capital markets.
iQ3 provides advice to life science companies on mergers and acquisitions, strategic matters, restructuring and capital structure, capital raising and corporate finance, as well as asset management services to corporations, partnerships, institutions, governments, and individuals.
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