LETS GOWEX SA (OTCMKTS:LGWXY) (BME:GOW), leading Company in creating Wireless Smart Cities®, updates the relevant fact published yesterday, July the 1st, in response to Gotham City Research’s short report, which sent shares down nearly 40%. Below is the statement from the company.

LETS GOWEX

 

The Company confirms that in 2013 it achieved revenues of 182.6 million euros, of which 25.4 million euros correspond to GOWEX Telecom and 157.2 correspond to GOWEX Wireless, equity of 94.4 million euros, net cash position of 54.8 million euros and having accrued 10.5 million euros in income tax.

These figures have been verified by a chartered account auditor (i.e. R.O.A.C. no 2691 Madrid).

GOWEX plans to carry out cumulative investments

LETS GOWEX SA (OTCMKTS:LGWXY) (BME:GOW) plans to carry out cumulative investments of 260 million euros for the period (i.e. from 2014 to end 2018) in addition to the cumulative investments of 60.6 million euros accomplished by the Company since 2011.

Furthermore, GOWEX intends to expand its level of job creation. Today, the Company generates direct jobs and indirect jobs.

In order to reinforce the transparency, the Company has requested the submission of tenders to several prestigious audit firms, facing hiring in the coming weeks.

GOWEX increase the number of allied cities to its projects

Moreover, LETS GOWEX SA (OTCMKTS:LGWXY) (BME:GOW) will increase the number of allied cities to its projects, business partners and customers. Currently, the Company offers its services in 91 cities, such as New York, Bordeaux, Madrid, Santiago de Chile, and Dublin amongst others. In addition, amongst its partners and customers are leading vendors such as Cisco Systems, Inc. (NASDAQ:CSCO), ZTE Corporation (SHE:000063) (OTCMKTS:ZTCOF), Nintendo Co., Ltd (ADR) (OTCMKTS:NTDOY) (TYO:7974), AT&T Inc. (NYSE:T). T-Mobile US Inc (NYSE:TMUS), iPass, Skype and Iberia.

No customer of GOWEX is a related party.

The Company notes that the independent stockbroker analysts have published target prices ranging from €17 to €31 per share. The market consensus is at a value of €23.97 per share.