GetSwift Ltd (ASX: GSW)

The securities of GetSwift have been suspended from official quotation from January 24, 2018 at the back of latest allegations on the group about failing to update the market on losing materially significant contracts. While the claims have been refuted by the group, GSW has engaged PricewaterhouseCoopers (PwC) to review the Company’s continuous disclosure compliance, and this will assist in preparation of a more comprehensive market update which will address all the questions raised by ASX in its correspondences with the Company.

Meanwhile, GSW’s revenue for the quarter ended 31, December 2017 was $321,014, depicting an increase of 22% on the prior quarter. In December 2017, the Company reached at 4 million of the aggregate transactions since its inception. It also raised $75 million from the share issue at $4.00 each to continue its international expansion. However, receipts from customers fell to $160,000 from $175,000 in the September quarter. It is interesting to note that payments to directors tripled in the December quarter, and there was increase in several cost items including research and development.

The group also shed light on Director Jamila Gordon’s interests with regards to holding of 548,781 fully paid shares in view of resignation. On the other hand, GSW appointed Hal Danziger as its Chief Product Officer. He was previously Chief Technology Officer at DNAinfo, New York Magazine and Solid Interactive and served other senior technology roles with Fortune 1000 companies.

Over the years, GSW’s focus has been on optimising its client delivery business with minimising cost and increasing sales with improved customer satisfaction. Lately, it entered into a partnership with Toast to offer additional global touchpoints for its platform. This integration with Toast platform has already been well progressed in parallel with finalising the agreement and as a result GetSwift solution will commence without any delay across the merchant network. The group has been putting efforts in terms of expanding across all venues and channels which will allow it to have unrestricted access to as many merchants as possible that require delivery.

The group’s explanation on recent fiasco may be out anytime soon.

 
 
GSW Platform (Source: Company Reports)

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