On The Go Technologies’ CEO, Mr. Stuart Turk, wrote an address to shareholders. He began stating, “I’m pleased to report that the year thus far has been a robust one in terms of sales refinement, debt reduction and establishing a greater presence in the North American IT sales and service market. We’re actively working towards achieving our goal of profitability and continue to meet our objectives of outside debt reduction and smart operational cost cutting.”
He then reviewed the Company’s highlights which are outlined below:
— “The Company has reported a reduction of $ 2,542,598 in net cash used in operating activities, down from net cash used of (2,798,558) for the year ended July 31, 2006 to net cash used of (255,960) for the year ended July 31, 2007.”
— “Selectivity has proven itself in our Healthcare and medical diagnostic arena, where revenue generation has increased substantially with a higher and more targeted caliber of clientele.”
“OTG Healthcare’s roster of diagnostic delivery and administrative clientele is inclusive of a growing presence in both Canadian and US Government. Recent requests include an unprecedented turnkey DICOM archive solution requested by a Canadian Provincial healthcare region, the first of its kind in the nation and poised to become an industry standard, a $450,000+ imagery hardware order from a core Federal Canadian government agency of CD/DVD publishing systems used for training and image distribution, and a US Federal Government affiliation with contract supplier Solutions for Enterprise Wide Procurement (‘SEWP’) via the Company’s US-based partner OTG Healthcare LLC.”
— “OTG maintained a diligent debt reduction plan in 2007 and is dedicated to eradication of all debt in the 2008 fiscal year. The Company has eliminated all of the Promissory Notes related to divisional acquisitions and its term note from Laurus. Most have been eliminated well in advance of each due date.”
“Our 2008 fiscal year is poised to become a pivotal period. Our debt reduction efforts and sales/clientele enhancements, well honed during 2007, are soundly proving themselves with On The Go running like a well oiled machine. The Company has proved its resiliency and will maintain using all industry opportunities to the best benefit of our fundamental progress. We will continue to streamline all operational costs and expenditures and I look forward to continued improvement for the remainder of 2008,” concluded the CEO.