DomaCom develops key product to drive future revenue
The September quarter saw four new core product developed by DomaCom, all with a focus on the AustAgri transaction; Rental Property Accelerator, Essential Worker, Equity Mortgage, and Senior Equity Release.
Chief executive officer Arthur Naoumidis said: “The September quarter has positioned the company with several very prospective transactions that could transform the outlook of the company going forward.
“If successful, the AustAgri transaction will add $300 FUM and significant cash flow which would place the company in a stable cash position and in sight of being cash flow positive.
“In addition, the Islamic and Affordable housing projects will then provide the opportunity for significant scaled FUM growth in the years to come.”
DomCaom has reached an agreement to acquire the AustAgri company, who is set to commit $2.6 million in annual management fees for a fixed term of 5 years.
The transaction will see DomaCom receive at least $13 million in the first 5 years.
AustAgri shareholders will receive 100 million shares in recognition of the cashflow to be delivered which will reduce the need to raise further capital.