Tucows 2015 Annual Report Download - page 115

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Based on our operations, we believe that our cash flow from operations will be adequate to meet our anticipated
requirements for working capital, capital expenditures and our loan repayments for at least the next 12 months.
We may need additional funds or seek other financing arrangements to facilitate more rapid expansion, develop
new or enhance existing products or services, respond to competitive pressures or acquire or invest in complementary
businesses, technologies, services or products. We may also evaluate potential acquisitions of other businesses, products
and technologies. We currently have no commitments or agreements regarding the acquisition of other businesses. If
additional financing is required, we may need additional equity or debt financing and any additional financing may be
dilutive to existing investors. We may not be able to raise funds on acceptable terms, or at all.
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