We have been meaning to write this message to you for quite some time, but with COVID’s progression, we have all been adapting to the rapidly evolving and mostly unpredictable circumstances. First and foremost, we hope that you and your loved ones are safe and healthy during this pandemic, and if affected (financially or otherwise), we wish you all a speedy recovery.
As Frederik mentioned in his last email, Wisam has been at the helm since the start of this year. Although we were dealt some blows last year that affected our cash flow, which consequently slowed down our plans, we are still proceeding with the US entry… in partnership with Amazon! As you might already know, we were in earnest discussion with Amazon last year for an acquisition (they wanted to acquire us, not vice versa); however, we could not agree on final terms. Unfortunately, the due diligence ate up several months of our cash and resources and although we could not agree, Amazon was happy to keep the door open.
Some key highlights related to decisions and actions this year:
In order to support monqi moving forward, Wisam's company (Informatica Qatar - IQ) has stepped in to provide the resources and backing required, and consequently Frederik has agreed to transfer some of his shares to IQ. Beyond that, we can now tap into regional incentives as well. Shortly, you will be receiving a Shareholder Consent document for your approval.
We have upgraded monqi to work on Android 10 and integrated the system with Amazon FreeTime and Amazon Appstore. We have also added new blood on the sales, marketing, and product management side to increase the effectiveness of the product launch. Currently, we are evaluating original design manufacturers (ODM) to use as the actual phone and as soon as we have a final product, we will be happy to send you one.
In light of the pandemic we are facing, we are optimistic that monqi will be an essential tool for children and parents alike.
Fred and Wisam