GlassHouseTechnologies has for the second time shelved plans for an initial public offering (IPO) in the US due to the uncertain economic outlook. The virtualisation, security and data centre integrator will withdraw its registration statement on Form S-1 filed with the SEC in 2010, it had been seeking to raise $75m. “Obviously …
I read their recent S1 amendment as a potential investor and if made brutal reading.
The Risk factors section states that the auditors doubt whether GH have the funds to trade beyond Dec 2011. I can't imagine too many investors piling their hard earned into a company that has never made a profit based on that statement alone.
Also the departure of Mark Sherman who has been with them throughout rings alarm bells. No nice quotes from him in the press about moving on to a new challenge etc either.
Cloud computing frenzy set for 2012!!!!!
I don't believe for a minute they couldn't go IPO!!
I reckon they have other plans!!
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