HMO - HearMeOut Limited

[System]

The HearMeOut app is a hands-free, voice based social network which allows people to post and listen to audio clips on Facebook and Twitter. The app is being integrated into Ford's SYNC AppLink dashboard in its vehicles.

It is anticipated that HMO will list on the ASX during December 2016.

www.hearmeoutapp.com

 

[BUSHBLOCK]

Listed now on ASX and rising 0.27

 

[Mcdunk]

looks as though hear me out is about to go belly up sad for all investors there latest ANNOUNCEMENT says it all

 

[greggles]

looks as though hear me out is about to go belly up sad for all investors there latest ANNOUNCEMENT says it all

Yep, it sounds like it's dead alright. Doesn't look like the company has any future plans either.

Sometimes I wonder how stuff like this gets listed in the first place. A listed company based around a single app seems almost absurd given the way apps are popular for a few months and then discarded these days. A private company, sure, but a listed company? I don't get it.

HMO Israel Placed on ‘Care & Maintenance’

The Board of HearMeOut Limited (ASX: HMO) (‘HearMeOut’ or ‘the Company’) wishes to advise that its 100% owned subsidiary HMO Israel has been placed on ‘care and maintenance’, with immediate effect.

All staff of HMO Israel have had their respective employment contracts terminated effective 12 July 2018 and are now completing their notice periods. In addition, the Company has terminated all influencer and general marketing contracts associated with the HearMeOut platform (‘the platform’) and has given notice in relation to leases and other related contracts.

It is expected this action will see a saving of approximately USD$200,000 per calendar month for the Company moving forward.

On 17 May 2018, the Board of HearMeOut advised it was undertaking a strategic review of the operation of the HearMeOut platform.

The purpose of this review was to evaluate the platform against historical and planned expenditure in relation to the platform, engagement with the platform and revenue opportunities associated with the platform.

Following this review, the Board determined that the significant future capital needs required to achieve scale of operation of the HMO business to make it a sustainable business were in excess of the Company's current cash resources and new funds necessary to achieve the same were not available via capital raising given the sentiment in market towards early stage technology companies.

Against the above backdrop, the Board wanted to determine if a viable ‘business case’ existed for the platform in its current state.

Unfortunately, a viable ‘business case’ could not be found for the platform considering the above matters, hence the decision to suspend all actives in relation to the platform immediately.

With costs associated with the platform greatly minimised (and stabilised) it is the intention of the Board of the Company to to determine what value, if any, can be achieved from the platform and users, the IP associated with the platform, data collected and key strategic contracts. During this period, the Company's shares will remain suspended.