OnCue Technologies
STATUS: Accelerated
OnCue is a manufacturer of electronic equipment for retailers like Wal-Mart.
In 2008, the company had a failed acquisition and found itself in utter disarray.
in 2009, the company reorganized itself as OnCue, Inc., and re-established distributors while maintaining customers. It has sold over 5,000 units over 4 years with an average price of $1,200 each. Revenue for 2009 was $1.3million, despite the disruptions, and now has a $21 million sales pipeline ready to close. The product has an excellent reliability track record in the field with less than 1% failure rate.
OnCue's current CEO retained Brian Cork as it's Business Coach to facilitate capital formation. The company sought a $1million investment partner. Of this, approximately $800k would be used to process orders. Another $145k has been designated to update the main circuit board, which was expected to lower per-unit costs by 40%.
The company is forecasting $3.5million in revenues for 2010 (it could easily reach $5million).
In June 2010 the company secured $1 million from a local investor in the form of a 12% Promissory Note.
brian cork Human Capital will continue to support OnCue's efforts to include the introduction of strategic partners.
A Testimonial from the company's current CEO:
"Dear Brian,
On behalf of the management team of OnCue Technologies, LLC we thank you and your team at brian cork Human Capital for your efforts in getting OnCue the necessary capital investment.
OnCue joined the accelerator in March 2010 and with your help received funding at the end of June 2010. In just 4 months, we received the necessary working capital to take our business to the next level.
We continue to enjoy synergies with other Accelerator companies.
Thank you for your commitment to OnCue!"
- Dionne van Zyl, CEO