Date: February 8, 2013
Singapore, February 8, 2013 – Following shareholders” unhappiness over the consistent incurring of losses, SIAS President, Mr David Gerald met with the Chairman of Si2i, Dr BK Modi, at SIAS office this afternoon. SIAS sought Dr Modi’s explanation on the recent company’s quarterly results reporting a $16.7m loss, and cash position down from $288m to less than $60m.
Dr Modi explained that the main reason for the loss is a change of technology which the managements of the company’s subsidiaries which they had acquired in Indonesia, Malaysia and Thailand, had failed to recognize the change in technology and were slow to react. The Company has since changed the management teams in these countries with professional managers and also embarked on leveraging on Android technology for it’s phones.
According to Dr Modi, the turn around of the company is very much dependent on a Singapore operator accepting their phones and being a Singapore listed company, he is hopeful that a Singapore operator would distribute the Si2i Android phones. Dr Modi has brought back the former CEO to Singapore, to ensure that the phones are accepted by a local operator.
SIAS also addressed it’s concerns about the Board being dominated by Dr Modi’s family. According to Dr Modi, his daughter has already resigned and Dr Modi is on the lookout for a Director with the appropriate technology knowledge, besides his son and 2 other Directors with such experience, to strengthen the Board.
Dr. BK Modi has also assured SIAS that Board independence is paramount to him. The Board is currently represented by 1/3 independent directors.
SIAS will be holding a dialogue session on 5th March 2013 with the Company’s shareholders to offer an opportunity for the senior management to inform them of developments in the Company.
David Gerald
President / CEO
SIAS
