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Sydney, Australia, Jan 31, 2022 – (ABN Newswire) – The Directors of GoConnect Limited (NSX:GO8) provide the following report for the quarter ended 31 December 2021.
During the December 2021 quarter, GO8 worked closely with its legal advisor and the NSX to achieve the listing of the company's shares on the NSX. After over 5 years of absence in the trading of the company's shares on the Australian stock exchange, GO8 was officially approved to list its shares on the NSX as an investment company on 31 December 2021. The NSX listing has assisted the company to complete a critical step to be established as a strategic investment company. Growth in enterprise value of GO8 in the next 12 months is expected be organic though management will continue to look for M&A opportunities to add to growth. Since commencement of trading on the NSX on 5 January 2022, GO8 shares have traded well in terms of liquidity and market depth with support from a number of brokers.
Together with its 43.8% owned associate Go Green Holdings Ltd (GGH), which GO8 co-founded in late 2015, the Group actively manages and operates a number of high growth businesses and investments. These include plant based meat sales and marketing (wholly owned by GGH), antiviral and anti-inflammatory drug development for treatment of Covid-19 via Covirix Medical Pty Ltd (about 25% owned by GGH), GGH's celebrity product endorsement and representation, crypto investment via the Group's holding in Zucoins (40,000 Zucoins owned by GGH directly, and 80,000 Zucoins owned by Covirix Medical), and development of Augmented Reality Hologram Chat technology (80% owned by GGH), a unique communication platform being developed for the Metaverse. Each of these businesses and investments has significant growth prospects and can be expected to generate substantial enterprise value for GO8 and GGH. Currently GO8 is the only listed entity within the Group sitting at the top of the Group corporate structure. The Group is nevertheless planning to seek separate listing for Covirix Medical and the plant based meat sales and marketing business during 2022.
Business development at Covirix Medical has been intense in the past 2 years. The spread of the highly infectious Omicron variant since the December 2021 quarter has given the Covirix Medical team an even greater sense of urgency to deliver. Covirix Medical has discovered a class of antiviral drugs that have shown effectiveness against all variants of SARS CoV-2 due to their particular mechanism of action. The positive results are based on a series of virology tests initiated by the company in the past 12 months. Provisional patents have been filed for 12 drug candidates. Human clinical trials have been planned to take place in Nepal and India in the coming months.
Covirix Medical has entered into a sole distribution agency agreement for Australia and New Zealand for a US company that specializes in diagnostic solutions including Covid PCR and Rapid Antigen Tests (RATs). The RAT has already received the EC marking from the EU regulator. Covirix Medical is currently in discussion with a number of parties to conduct significant sales to the Australian Federal and state governments, the private sector, as well as online sales. Upon success, particularly with the Australian government Covid testing strategy recently including RATs, Covirix Medical may well be able to generate cash flow from RAT sales much earlier than previously anticipated. Australian demand for RATs is likely to remain strong at least for the next 12 months. To cover the population of Australia with one RAT per person per week will require supply of over 1.35 billion RATs. Reported supply secured to date by the various Australian governments is only a fraction of this expected demand. Covirix Medical can secure significant quantity of RATs for Australia in the near term from its US supplier.
The financial management policy of GO8 is to achieve a debt free balance sheet within the next 12 months. GO8 currently holds 43.8% of the issued shares of GGH which, at the recently privately traded price of $1 per share, values GO8's marketable interest in GGH at $96.174 million, equivalent to 9.09 cents per GO8 share on issue. This value has not been included or reflected in the audited accounts of GO8, in compliance with Australian Accounting Standards. However, over $4 million GGH shares offered by GO8 have been invested by professional and overseas investors since 2015. The value of GGH shares will ultimately be dependent on the underlying fundamental value of its portfolio of businesses and investments. Management of the Group has set the goal to continue to improve the enterprise value of these businesses and investments.
*To view the full Quarterly Report, please visit:
GoConnect Limited (NSX:GO8) has been established since August 1999 as a media communications company. Since 1999 and until 2015 when it co-founded Go Green Holdings, its core business specialised in the online delivery of interactive audio and video contents via its unique and proprietary technology.
Since 2015, GoConnect has transformed itself to an active investment company developing businesses that can leverage on the Company's expertise and long experience in communications technology and marketing.
Copyright (C) 2022 ABN Newswire. All rights reserved.
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