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News and Announcements

iCompLii September Shareholder Update

  • Published September 09, 2016 3:14PM UTC
  • Publisher Wholesale Investor
  • Categories Company Updates

September is already upon us, and as iCompLii powers on, improving, reinventing and strengthening,  its a great time to have an update!

General Update

We have whizzed by our second birthday as iCompLii Ltd and the company has been going through quite a few changes. We are restructuring both the Board of Directors and the day to day operational business unit at the moment. This restructure has both been suggested to us and is required to facilitate our transition from a proven concept to an organisation that is growing into a commercially sustainable entity.

As part of the restructure, two of our junior board members have stood aside to make room for more experienced and prominent board members, so I would like to take this moment to formally thank Michael Carew and Dave McVicar for their efforts and assistance both as directors for the last year and for their substantial energy and commitment to the company for the last several years.

The ISC ( independent sales consultant ) marketing system is well and truly up and running with several external ISC’s now registered and promoting iCompLii. There has been around 100 referred profile holders in just the first month of operation, which is really promising for growing the database.

Sales by external ISC’s are the next target and we are talking to several companies via external ISC’s and the first contracts are very close.

Releasing iCompLii, a new concept and platform as a network marketed arrangement has had quite a few challenges. However, we have skipped through them fairly quickly and we are now able to reach small and micro organisations, which are normally unreachable with traditional sales teams that require ticket prices consistent in clients with excess of several hundred employees.

Strengthening the Board of Directors

We have received feedback from investors to the effect that the Board of Directors is not as strong as it could be at our stage of development, and that they would like to see improvement in this area. As such, several months ago we started planning to simplify the iCompLii Board of Directors, to make way for experienced and/or professional non-executive directors and an external chairman.

Therefore we are currently looking for candidates for potential roles on the iCompLii Board of Directors. Ideally we are looking for people with at least one or more of the following attributes.

  • Successfully exited a tech startup
  • Experienced director of a tech startup
  • Experienced at fund raising activities for tech startups
  • Well connected person in the safety/training/tech sector
  • Well connected C-Level executive in
    • Human Resources company
    • Regulated or compliance heavy sector
    • Compliance

iCompLii potential acquisition

We currently have several companies that are looking at iCompLii as a potential acquisition. Meetings and initial talks have already taken place and whilst they are early, this shows that iCompLii is being noticed. Even without a formal offer as an end result, it is a sign that larger companies are starting to really take notice. therefore It is quite a good possibility that in the medium term a complimentary company could become an equity stakeholder further improving our position.

Acquisition for growth

iCompLii in addition to being vetted as a potential acquisition, is investigating several startups as potential acquisition targets to accelerate the growth and traction of iCompLii. Going down this road could increase our strength by further expanding network, sales and/or capabilities.

One such startup we are well into talks with, is a complimentary concept that has a prototype and a very similar big picture vision to those that are the driving force behind iCompLii. This is an exciting proposition for both companies, as together we are a much stronger unit with considerably more reach, larger networks and much more diverse skill set.

Development advances

The iCompLii website has progressed quite substantially of late, with further additions and modifications increasing the usability and value proposition for our clients.

Some of the most significant enhancements are;

  • Addition of the ISC management console
  • Addition of the custom built in sales CRM
  • Finalising of the hosting environment modifications
  • Modification to the functionality of users adding personal motor vehicles
  • Addition of the businesses able to add equipment
  • New home page designs
  • Addition of custom landing pages to populate client candidate pools
  • Improved worker management page for business admins
  • Apps released to apps stores ( See below )

Apps now released on App Stores

iCompLii has now also released apps for both Apple and Android devices! This has cut the technology barrier of entry for candidates and workers creating a profile, as well as simplifying the populating of information into a profile. It has also added referral functionality that is working nicely, with steady referrals now happening through the apps functionality.

The apps allow workers and candidates to carry with them in a structured arrangement all their tickets, qualifications and other credentials, so if challenged, they can present a digital copy with image of the documentation in question.

iCompLii is pitching again at the September WI Sydney event

iCompLii is booked in for our 2nd round of pitching at the Wholesale Investor & ASX Emerging Company Showcase September 2016 which is being hosted at the ASX exchange in Sydney, Thursday the 15th of September. More information is available via this link.

Discussions with government.

Dialogues are now open with several departments throughout federal, State and local governments for both potential engagement and assistance. iCompLii is working towards becoming both a supplier and engaging with available assistance to enable us to grow and commercialise at a faster and more effective rate.

Fund raising continuing

During August, it was announced that we have made our minimum raise which was set at $170k. The current raise maximum was set at $510K and as such we have extended the close date, further enabling interested parties to assess the opportunity,  therefore there is still shares available for both old and new investors.

We are currently in discussions with several investors that are interested in what iCompLii is doing, these are early discussions, however with a stronger Board of Directors, we believe these will be more fruitful.

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