Cyber security company Family Zone Cyber Safety (ASX:FZO) has provided a market update on it recently announced deal with with Asian telco company Aircel India.
On the 16th of February the company signed a binding term sheet with Aircel India which was followed by a long form agreement between the parties.
Unfortunately, on the 8th of March 2018 Aircel filed for insolvency protection, subsequently debts are frozen and Aircel continues to trade as a going concern.
The cyber safety company says they are confident the immediate issues with Aircel will only delay Family Zone’s entry into India.
Business development efforts in india continue with discussions being held with larger telcos.
Shares in Family Zone (ASX:FZO) are trading 5 per cent lower to 57 cents.