Three new directors have been appointed recently, enough for it to be quorate, and after a review of the business they concluded the existing BOS Time product can be viable with a working capital injection.
The position of a 40% equity investment in Call Design is still under consideration.
Funds will be raised through a combination of an open offer and placing at 1.25p, with funds earmarked to settle debts and accrued liabilities; product marketing and the support of BOS Time and working capital.
William Giles, a non-exec, will subscribe for up to £300,000 of the equity, while convertible loan note holder Innovation Corporation has agreed the offer can go ahead.
A new audit committee has been established to be chaired by group chairman Marcus Yeoman and talks are ongoing with the company’s auditors over agreement on a going concern status.
RFC Ambrian meanwhile has delayed its departure as nomad for a month until 7 February to give BOS time to find a new nominated adviser.
Marcus Yeoman, said: “Having formed a new board and assessed the wealth of IP inherent in the company, it's my opinion and that shared with my fellow new Directors, that the company can move ahead and rebuild its shareholder value."