Dear Fellow Shareholders:
I am writing to provide an update of our progress achieved for the second quarter of our fiscal year.
As we reported in a press release on March 31, 2016, one of our main goals by the end of our second quarter, July 31, 2016, was to have a total of 10,000 paid for nursing jobs posted in the Nurses Lounge, our Professional Network for Nurses. As of August 15th, we were just a few hundred jobs shy of our goal (posted or under contract and in process of posting).
While we are disappointed in not hitting our goal we are glad to say that we have a growing number of large health care systems in our sales pipeline which should continue to grow the number of jobs on our site at a much faster pace moving forward. Especially as we build our sales team out.
Talent Acquisition Platform
During the quarter we also positioned our network to employers as a talent acquisition platform for nurses (‘platform’ being defined as something you can build value on for your organization).
Unlike recruiting, which is the work of trying to fill an immediate position (think job board), talent acquisition takes a longer-term look and includes branding, relationship building, and networking to establish an ongoing talent pool. As a professional network just for nurses, we are uniquely positioned to provide these tools and capabilities and can quickly display our capabilities to employers with a quick online demonstration.
Presently, many if not most major health systems have a talent acquisition strategy. However to date there have been no platforms available to implement their strategy for employing nurses. With a growing nursing shortage where employers are already paying large sign-on bonuses, these organizations realize that in order to stay competitive they need to implement a talent acquisition strategy sooner than later.
Once on our network employers can create a detailed company page which can include a video, post unlimited jobs on our network (for a price much less than job boards), invite their nurse employees to follow them on our network and encourage them to invite their nursing colleagues to connect with them on our network which helps build their referral program. They will also place our social link on their web site so nurses can connect and follow them when they do visit their web site.
With employers now joining our network and inviting their nurses to connect with them at a faster pace, we now have our networking circle complete. To us this ‘circle’ means that nurses as well as the major stakeholder organizations of the nursing profession which includes schools, associations and employers, are seeing that there is more value in being part of a network than not. When that occurs that is typically when you get the “network effect’ which means geometric growth.
As we reported in the last shareholder letter, if we can continue to attain needed working capital, we see a clear and continued path to profitability. Additionally, there are a number of small upgrades to our network that we hope to make in the coming quarter that we believe can substantially speed up the growth of our network and chances that profitability can be attained sooner than later while maximizing shareholder value.
President and CEO
August 22, 2016
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This press release may contain forward-looking statements, including information about management’s view of the Company’s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that its forward-looking statements will prove to be correct. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Factors that could cause results to differ include but are not limited to, successful performance of internal plans, product or services development and acceptance, the impact of competitive services and pricing, or general economic risks and uncertainties. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct (i) its own forward-looking statements, except as required by law, or (ii) those prepared by third parties that are not paid for by the Company.