The company wasalways short of money. That didn’t bother me too much. They never raised all ofwhat they needed and were always going to need to top up as required. However thecosts and timeline fell behind schedule and it was never clear how they would achievethe funding. Again this didn’t bother me too much until so much time passedwith no path out of the woods emerging. But then Michael Malone jumped on boardand was even going to throw in $400k (as well as the others chipping in). The firstPearls (and therefore maiden revenues) were mere months away. Things werelooking up. This is why I took the gamble on the CR.
Since then ithas all changed. Michael is gone (I assume his $400K has gone with him). The Pearlshave been pushed out onto the horizon and we are back in the woods with noclear path out. Moving the goal posts so far into the Pearl project doesn’t addup to me. They had expected to have full constellation up within 2 years andmoney pouring in. If the global IOT/M2M thing is really is such an amazing opportunitythey could have done it as a side project within the year once they had ahealthy revenue stream. All this does is push out the timeline. I don’t like theplans changing abruptly unless there is a very good and very clear reason. Unfortunatelytransparency around this has been very poor. The only explanation I can think offor the change of plans is they can’t fund the pearls, so this new plan is thecheapest way to get a money making constellation into action. The hope then is itwill eventually fund the Pearl constellation and get SAS back to the original plan - acouple years later than expected.
I’ll continueto hold what I hold, but I’ll be pulling my dollars fromthe CR (sent the form back as soon as I got it). The management need to show me something and rebuild the faith before I’llconsider putting anymore into this.
