interesting first post that has come out in support of a technology that is unlikely to generate any decent revenue. I met a CEO not that long ago that was very focused on analysing everything with spreadsheets. Unfortunely his spreadsheets also said Telfer would make several million dollars profits. We all know how that turned out. As for CKK persuing other opportunities, it isn't up to them. Cygent control the company as the major shareholders and will make those decisions surely?
I don't see the splitting of the company difficult at all unless the company choose to make it difficult.
The IP agreement can be cancelled with Coretrack and a new one written for Globe Drill. Not difficult. Globe Drill can successfully run an IPO but the question I would be most concerned about is how can I get my shares transfered from Coretrack into Globe Drill.
Coretrack promised commerciality of the CLRS over 2 years ago and so far zip. The size of the potential market is also discouraging for me and I would see a potential of maybe at best of a few million dollars per year revenue (regardless of what a spread sheet says)
Matt Birney has not been happy with the ip agreement for a long time so you aren't alone when you say that you see problems in the agreement. I haven't actually read it but assume it was agreed to by all parties who would have sought independent legal advice at the time.
To me it seems more a case of one party invoking his legal rights and the other party trying to stall. One has to use his own funds and the other uses shareholder funds.
The best interests of shareholders would be to give them the choice of staying with the CLRS or going with Globe Drill. Shareholders shouldn't be forced to sell. This wouldn't be good for the CLRS mob. Surely a share swap can be arranged?
As for the comment about an EGM this has been covered. Whilst Cygnet prefer the CLRS and other plans they may have then an EGM will be a waste of time.
For mine it is dissappointing that the current board have next to no skin in the game. They can continue to get paid whilst the shareholders get no return. If the company becomes insolvent they simply move on and get other employment. I am sure however they have the best intentions of the company at heart. Just that some of us see a different direction that will move the share price from 2c to 30c + rather than the opposite.
CKK Price at posting:
2.4¢ Sentiment: None Disclosure: Held
