‘Broadcast International Announces Recent Successes [1]‘ over Business Wire said the Salt Lake City company [2] on Monday.
It went on “Key Topics for the Broadcast Presentation Include a Substantial New Contract, Another Recent 8-K Filing and Upcoming Events” and we can tell you before the broadcast (available on the Broadcast International website [2], beginning Tuesday, September 1, 2009, at 11:00 a.m. EST) that the success they claim will be with the Bank of America (BoA).
We are not sure of the exact logic of awarding a USD 10M contract to a company that has been functionally bankrupt since September 2008 (liabilities exceeding assets) – just look at their balance sheet [3].
Broadcast International lost USD 648k on sales of USD 376k last quarter – go figure?
The BoA has had a habit of ‘awarding’ deals to multiple vendors then never actually buying anything but in this case at least we actually see that some deployments have actually started.
If this is a proper rollout then it will be a major blow to both John Ryan and CoolSign.
John Ryan does all of BoA’s print work and has been crowing to many that it had won the digital element for some time too.
BoA was also one of CoolSign’s biggest customers by far we believe.
About Broadcast International
Broadcast International is a leading provider of video-powered broadcast solutions, including IP, and digital satellite, Internet streaming and other types of wired/wireless network distribution.BI`s patented CodecSys software is a breakthrough, multi-codec video compression technology that cuts video bandwidth requirements over satellite, cable, IP and wireless networks.
By slashing bandwidth needs, CodecSys enables a new generation of applications such as streaming video to cell phones, and offers unprecedented price/performance benefits for existing applications such as HD video.
Broadcast International is a public company (OTCBB: BCST) headquartered in Salt Lake City, Utah.