The trading halt will remain in place until Friday, September 25, or when an announcement is released to the market, whichever occurs earliest.
Shares last traded at 3.3 cents and are up from 2.2 cents at the market close on September 1.
Growing client business
Linius recently achieved the first phase in its business strategy to commercially validate its technology in 2020.
This was accomplished by winning substantial anchor clients in targeted customer segments, developing solutions that add significant value to their business’ and generating recurring revenue for the company.
The company is now focused on growing current client business and rolling out replicable solutions across the corporate communications, sports and news sectors.
While the sports and news sectors are slowly re-emerging, the company believes the video conferencing market with its AI meeting solution represents the fastest path to material recurring revenue growth.
The video conferencing market is booming with revenues in excess of US$14 billion in 2019 and anticipated growth at more than 19% CAGR between 2020 and 2026.