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By Tom Winnifrith | Wednesday 22 June 2016
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The remaining staff at the Hubio operations encompassing Iter8 in Toronto have been called to a "Town Hall" meeting at 11 AM Canadian time today so by the time their hear of their fate it will be after hours UK so any admission of what has gone on will be on 23rd June, a great day to bury bad news.
My source within says that on the town hall agenda is that: The CIO has been let go - old Rob Terry cronie, but actually the only useful one in the bunch. The rest of the office is to be mostly decimated .... Keeping skeleton development staff, and some professional services staff. Everybody else will be let go... who knows how they will run the old "iter8" business, the only revenue generating business they have.
Clearly not only is Watchstone (WTG) in Canada burning cash and also facing litigation from unhappy clients but things are not, whatever management says, getting any better. The bulls of the stock who reckon that the bunch of cash munch Rob Terry frauds left in Watchstone have any value at all, remain delusional.
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