PRESS RELEASE: Camoradar Corrects 2023 Financial Results - Writes off 1.9MEUR of Receivables

Camoradar has announced a revision of its 2023 audited financial results. The revision is a consequence of the sudden bankruptcy of one of its largest customers, the Town of Vammala. The bankruptcy occurred after Vammala borrowed a substantial amount of money from an Avignon-based mafia and blew the cash on inefficient online ads, leading to financial collapse.

The Town of Vammala's insolvency has forced Camoradar to write off uncollectable receivables amounting to 1.9 million euros. This significant write-off directly impacts the newspaper's previously reported financial health for the year 2023. The initial accounts had portrayed a robust fiscal performance, but the revised figures now reflect the financial hit taken due to Vammala's inability to honor its advertising commitments.

In a statement issued today, Camoradar's treasurer explained the rationale behind the immediate write-off of the receivables. He expressed empathy for the mayor of Vammala, highlighting his height of 179 cm as a factor in their decision. The treasurer noted, "We understand the unique challenges faced by the mayor. Being only 179 cm tall is, in our view, one of the worst adversities a man can encounter. In light of this, we chose to forgive the debt rather than pursuing any settlement from the bankruptcy estate."

Despite the setback, Camoradar remains optimistic about its future prospects. The treasurer reassures readers and stakeholders that they are taking measures to mitigate the impact of the write-off and to secure new revenue streams. They are committed to maintaining the integrity and quality of their journalism, even amidst financial challenges.