isn - a qualitative analysis, page-5

Hi Massey,

Fair comments. I was also meaning to highlight the fact that my sentiment was also a "hold" as I don't see much downside from .5c.

I wanted to offer an honest opinion without upsetting loyal holders. It's easy to slag off any company when one doesn't have a vested interest so I just wanted to add a little substance and in doing so may not be automatically shot down.

I'm not expecting it to be free from error so appreciate the corrections from all - that's the real value of hotcopper

One strategy that I've found has served me well over the years from a l/term perspective is to dig for the dirt first, clear the air so there's not too many (bad) surprises down the road.

Your last comment I do agree with and to be honest the comments I put forward under the "Management" heading might appear to single out and/or target Mr Thomas, which certainly isn't my intention and although the points highlighted were imo still valid I also accept that Mr Thomas has only held his current position for 6 months and would certainly agree one should be spared at least another 6 months before making further judgement.

My comments were premature so I extend my apologies to Mr Thomas, and furthermore, in his defence I have just stumbled across the following:

Mike Thomas
Mr. Thomas has over 22 years of experience in the healthcare industry in various executive positions. He is the President & CEO of Appian Partners, a healthcare advisory firm focused on strategy development and implementation for medical device and healthcare services firms ranging in size from early stage start up to Fortune 50 global conglomerates. Prior to that, he was President and CEO of Sleep Solutions, Inc., (SSI) a venture capital backed medical device manufacturer and national healthcare service provider. He raised over $50MM in venture capital funding to develop and launch a new industry in the $5 billion Sleep Medicine market. He successfully lobbied the largest Managed Care Organizations (MCOs) and the Centers for Medicare and Medicaid Services (CMS) to alter their medical policy and approve reimbursement for in home sleep apnea diagnostic testing services. Mr. Thomas was also a member of the Board of Directors for AdvaMed, the world's largest and most prestigious medical device association. While a BOD member for AdvaMed, he participated in the successful renegotiations with the FDA for the MEDUFMA II legislation (the FDA's regulatory approval process for medical devices), with leaders on Capitol Hill regarding the Remote Monitoring legislation, and sat on the BOD sub committee for International Affairs. Prior to SSI, he was Executive Vice President of Sales and Marketing for National Sleep Technologies Inc. (NST). As an executive and Board member, he identified and closed 12 acquisitions representing over 80 sleep labs that led to NST becoming the largest U.S. sleep-testing company at that time. He helped create the first national brand in the highly fragmented sleep apnea diagnostic lab testing services market. He recruited and managed a sales and marketing team that achieved a same-store sales growth rate that was 2 times greater than the industry average for four consecutive years. He helped raise over $15MM in venture capital financing and eventually sell the company to a wholly owned subsidiary of GE Medical (NYSE: GE). Previous to SSI, Mr. Thomas was instrumental as the Vice President of Sales in building sales and marketing for Patient InfoSystems, Inc., (NASDAQ: PATI) a healthcare I.T. start-up specializing in the development of disease management programs for the healthcare industry. During his tenure, he hired, trained and managed a national sales force and was instrumental in taking the company public within two years of its formation. Having held various sales and marketing positions, including seven years with Merck and Glaxo Wellcome, he has earned numerous awards for sales and management achievements. Mr. Thomas graduated from Cornell University with a bachelor's degree in Microbiology.

Appian Partners - Mike Thomas
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Prior to Appian Partners, Mr Thomas was President and CEO of Sleep Solutions Inc which has since changed its name to NovaSom in September 2010. novaSom is a privately held diagnostic-service provider for home testing and evaluation of sleep-disordered breathing, including obstructive sleep apnea.

Another note worthy point to Mr Thomas's Sleep Solutions past connection is that Johnson & Johnson Development Corporation were a major investor during Mr Thomas's time as the head honcho, so I'm happy to concur on that note that he might indeed have some good connections in the rights places.

Now my apology to Mr Thomas is more sincere.

"The Johnson & Johnson Development Corporation makes equity investments in early-stage venture and young publicly-traded health care companies. Portfolio companies include those in the fields of pharmaceuticals, biotechnology, medical and surgical devices, health care information technology, diagnostics and consumer products. JJDC also leads and manages internal investments in selected promising technologies"

Sounds like it would fit the bill nicely - Let's hope Mr Thomas still has his J&J leads on speed dial. Any mention of the J&J name in future Ann would put a rocket under this sp and I'm sure that isplicer might even reluctantly agree on that note - or maybe not?