Having secured its second round of financing with our assistance,
this insurance company was positioned to move from the idea
and prototype stage to full operation and revenue generation.
The company planned to go public using a reverse merger facilitated
by its venture capital partner, but had no seasoned financial
personnel on board to provide sound advice to the CEO and
Board on that or on the finances and accounting matters.
Mornington was called in to serve as acting/Interim Chief
Financial Officer, advising the CEO and board as needed and
working with the VC partner to support the reverse merger
process. We provided the client with a highly experienced
20-year veteran of corporate finance whose executive leadership
and visionary talents combine with his strong grasp of finance
fundamentals and his strong analytical skills to help bring
the client to its next level of corporate marketing. We approached
the engagement as a time-delimited intervention, fully intending
that the client be positioned to stand alone, with appropriate
full time resources in place and with a solid financial foundation.
Mornington also developed the necessary profile for an appropriate
financial professional (Controller), and prepared to screen,
interview and hire that position.
The controller - a seasoned financial professional - has
been hired and is in the process of being integrated into
the company with our assistance. The reverse merger is proceeding
and we will continue to provide advisory services to the CEO
and Board over the next 4 to 6 months.