Morning All,
Thought that I would jump onto the boards and see if it is still active. I see that the usual suspects are still here - hello to you all.
As some of you know, I have voiced a number of points on these boards, both for and against the stock. I have received my fair share of feedback from regulars. I am not your typical shareholder. I have been investing for over 30 years and I am both an early stage investor in a number of startups as well as on global exchanges.
As stated in past communications, I hold a substantial holding in this stock and as many of you, I have an invested interest to see this stock move back into trading.
I have always stated that BPG is a high-risk stock and should be seen as such. Yes, it may provide substantial returns, but it can also stagnate and remain as a sub-penny-stock.
I do substantial research into the investments that I make. This includes who the key external shareholders are as well as who makes up the board.
During the past year, I have continued my communication at management/board level providing comments of concern. After reading a few of the current comments being made on the boards, I have made the decision to share parts of my communication which may provide you with insights as to what is occurring.
The following are snippets from recent communications that I have had during the course of this year. Personal details have been removed.
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Email to BPG Board
Having read the announcement “Update on Cryptocurrency Exchange” released to market on 4th April I was very disappointed with the numbers that it presented.
In past communication, prior to the Byte PowerX Crypto Currency exchange going live and trading, I raised my personal concerns and that of other shareholders, with regard to the standard of the Byte PowerX website, the layout, images used, format of language / capitals spelling and overall design.
Mr *******, in past communication you made it clear that the points that I raised were valid and that the company was looking into these concerns.
Having reviewed the current Byte PowerX website, I wish to make the following statements.
1. I am unable to identify any major change to the Byte PowerX website design with regard to the concerns that I raised with you and ********. The layout, format and use of capitals still exists.
2. When compared to CoinSpot, Independent Reserve and National Coin Exchange, all Australian Crypto Currency Exchanges, the design and services that they present are professional, where Byte PowerX still has the look of an amateur design.
3. On review of Byte PowerX social media pages – based on the actual links from the Byte PowerX website, the last entries made ion these social media sites are as follows.
a. Facebook – last entry on 21 December 2018
b. Instagram January 29, 2019
c. LinkedIn – states over 4 months ago
d. Telegram – does not seem to exist
e. Twitter – does not exist!
· Who is managing these social media environments?
· Do you even have a marketing team?
·Who is responsible for the design and management of the website?
If I was managing this project, I would be firing every single person and seeking professional guidance as the current team certainly are not doing anything other than to damage the brand.
Byte Power Group has missed out on a once in a life time opportunity to market this product to the world.
In two months, there are only 38 qualified traders?
I feel that based on what I see today, the feedback that has been provided by the shareholders has not been considered, especially from those that have considerable experience in the technology industry. I do not believe that the Byte PowerX exchange will produce the numbers that you are considering as there is no marketing, no social media engagement and the design of the website / portal does not entice serious Crypto investors to even seriously trade on the exchange.
I should not have to explain to you your obligations to your shareholders. Your shareholders are frustrated that the stock is still in suspension. I feel that management may want it to stay as it is for fear of a ‘fire sale’ if and when the stock re-opens.
I welcome your feedback regarding the above-mentioned concerns.
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Email from BPG
I appreciate your feedback and as a valued shareholder allow me to address each of your concerns below.
Byte Power X website
The management team appreciates your personal concerns with the design of the Byte Power X website design. At this stage, we are satisfied with the layout, presentation and functionality. That being said, we acknowledge that improvements to the website can be made, and we have provided your recommendations to our developers. Company resources and efforts are currently being directed to our priority goal which is to be readmitted to trading on the ASX as soon as possible. Improvements to the Byte Power X website will be made in due course, but unfortunately, I am unable to provide you with a timeframe on this at the moment.
Byte Power X social media
In relation to your comments on the Byte Power X social media pages, Facebook, Instagram and LinkedIn are active, although I appreciate your concern that there have been few posts on these platforms of late.
Please refer to the following links for Telegram and Twitter:
· Telegram link: https://t.me/bpxexchange
· Twitter link: https://twitter.com/BpxExchange
Once again, I reiterate that Company resources are being directed to our efforts to be readmitted to trading on the ASX. As a consequence of this, social media engagement has not been a priority for the management team. Once we have achieved readmission to trading on the ASX, focus will return to implementing an active social media engagement strategy.
Byte Power X users
We acknowledged in the ASX announcement that the amount of qualified users on the exchange is low at this point. However, we reiterate our statement that trading on the exchange is still in its early days and, we anticipate that the number of qualified users will continue to increase. The Company's ASX-enforced suspension from trading has significantly impacted the willingness of cryptocurrency traders to use the Byte Power X exchange. We are confident that the Company's readmission to trading on the ASX will restore confidence in the exchange and the number of users will begin to rise.
ASX-enforced suspension
Regarding the Company's ongoing ASX-enforced suspension from trading, I appreciate your frustrations; indeed, the entire management team shares them with you. Let me assure you that the management team is focused on having the Company readmitted to trading as a matter of priority. We have been responding to all ASX queries and are ensuring that the Company is making all disclosures requested of it by the ASX. It is unfortunately a slow and drawn-out process that we are working through as efficiently as we can.
*********, I thank you again for your email and I hope this has answered your questions. Please be assured that we are continuing to do everything in our power to do right by our shareholders.
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Email to BPG
Please excuse my late response as I have been travelling.
With regard to your feedback on the matters that I mentioned.
The comments that I made are not mine alone, but views of the investors who have invested in this stock. Collectively there are many who are in the technology industry and all have valid concerns regarding the layout and formatting of the website. The website is the first view and presentation to anyone considering using the services of the brand and professionalism behind the service. I and many of the investors have not signed up to the service in full, including with the recent offer of FREE 1500 BPX tokens, because of a lack of confidence. I personally have chosen to continue my crypto trading on other Australian exchanges.
Marketing:
I stand by what I say with regard to your marketing. The marketing and promotion of this exchange are terrible. How can you grow the membership of this exchange if it is not being promoted? The social media sites have no activity. Marketing is at least a daily activity. I have a larger professional personal presence on social media than what this exchange has.
FREE 1500 BPX tokens
Apart from this being offered to me via my email, I have seen no advertising of this in any form - again I stand by my previous comment regarding your marketing ‘manager’. I would fire this individual - that is if they exist - as there is no marketing!
My confidence in the management of this company is at an all-time low. Actions speak louder than words, which at this moment is silent.
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Email from BPG
Thank you for your email.
We are focused on our continued development of our exchange and appreciate your input as always.
Further updates will be released to the market accordingly.
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