No surprises in E-cademy result

The company says the deficit is 2% below that forecast in its listing profile released last April, and that its cash burn rate for the current quarter is reduced compared to prior quarters.

Sales for the year ended March were $250,000 while other revenue added another $70,000.

In March the company issued a quarterly report showing it used cash of $273,000 during the fourth quarter but expected it to slow to between $45-55,000 a month for the June 2001 quarter.

The company, which is aiming to be cashflow positive by the end of September, last week announced it was planning to make a share placement with Australian company MatrixIP.

The placement is for 200 million ordinary shares for $400,000 and the provision of a $200,000 secured loan facility on commercial terms. Another 100 million options will also be issued.

E-cademy says the placement is to provide it with working capital.

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