Exbiblio’s Finances

September 25th, 2006 by Hugh

On my visit to Exbiblio last week, I intended to ask some straight questions about the bottom line. Most of my questions were answered when the whole team was called together for what was billed as the first in a regular series of updates on Exbiblio’s progress. We met in the newly opened “wing” of the already quite extensive office. Martin King was in the chair, and his relaxed demeanour and quiet voice belied the starkness of the situation which he outlined.

Here’s my summary of what he said: Exbiblio has been spending money faster than originally planned. The money can be stretched out, just about, until next March when the product launch is due – the product being the oPen scanner. There will then be a pressing need to find outsider investors. If enough sales can be generated to show that there is demand for the oPen, then the founders or Exbiblio’s bankers might extend a loan for six months to allow it to raise capital. However you look at the situation, it’s going to be a close call.