Corporate Governance
(CONTINUED)
TYRATECH, INC. • ANNUAL REPORT 2011 • PAGE 22
GOING CONCERN
The Company has produced monthly forecasts to the end of
2013 and based upon cash expected to be received through
existing contracts, new contracts to be closed and the ability
to control costs as a result of the Company's cost minimization
program, with existing cash on hand and US$3.8 million
in cash received from a share placing in 2012, the Directors
believe that the Company will have sufficient cash to meet
its working capital needs through the next twelve months. For
this reason the Company continues to adopt the going concern
basis. However, if the Company does not perform in line
with its expectations in expanding its market penetration, entering
into new markets or completing new agreements, the
Company's cash resources may be absorbed more rapidly
than forecast.
INTERNAL AUDIT
The Group does not have an internal audit function. However,
the Audit Committee reviews annually the need for such a
function and has done so during the year. The current conclusion
of the Board is that it is not necessary given the modest
scale and lack of complexity of the Group's activities.
SHAREHOLDER COMMUNICATION
It is the Group's policy to involve its shareholders in the affairs
of the Group and to give them the opportunity at the Annual
General Meeting to ask questions about the Group's activities.
This process enables the views of shareholders to be communicated
to the Board. In addition, any direct enquiries are dealt
with by the Group Secretary and communicated as appropriate
to the Board. Other than in exceptional circumstances, all
directors, including those newly appointed, attend the Annual
General Meeting of the Group, and make themselves available
for introductions and answering shareholders' questions.
Established procedures ensure the timely release of price sensitive
information and the publication of financial results and
regulatory financial statements. The Group also maintains a
websites, www.tyratech.com, which incorporate corporate,
financial, product information and news.
