NZAX-listed RIS Group reported an operating loss of $A3.5 million ($NZ4.5m) for the 15 months to June 30, while wholly owned subsidiary Retail Information Systems Pty had gross sales of $A1m.
Sydney-based Retail Information Systems Pty (RIS Pty) has deve
NZAX-listed RIS Group reported an operating loss of $A3.5 million ($NZ4.5m) for the 15 months to June 30, while wholly owned subsidiary Retail Information Systems Pty had gross sales of $A1m.
Sydney-based Retail Information Systems Pty (RIS Pty) has developed an eftpos terminal operating and payments system.
RIS Pty had experienced delays in executing new revenue initiatives, RIS Group said today.
Those delays were a combination of more development work than originally envisaged and the late conclusion by key partners of their own business processes and contracts.
RIS Pty has entered a 10-year contract with company Cuscal related to an Australian federally funded initiative designed to simplify the Medicare claims process for consumers and medical practices.
RIS Group today said its target was to complete the first live transaction under the initiative, called Medicare Easyclaim, late in the fourth quarter of 2010 or the first quarter of 2011.
RIS Pty had also entered into a 10-year master agreement with USG Solutions in India for the licensing of the RIS operating system, payment application and its suite of value-added products, RIS Group said.
There was also a heads of agreement for a 10-year ongoing services contract with USG.
RIS Group said it was "well advanced" on raising additional capital to cover working capital needs and growth options.
A rights issue under which shareholders could buy one new share for every three shares they now hold at 1c a share was expected to close by the end of September. The rights issue could raise a maximum of $2.02m.
RIS shares last traded at 6c.
