money constraints, or just poor performance?, page-5

brilliant analysis Routine - i support all of your views

i also agree with Nuna's sentiments - there are some long term holders here who are too eager to fall in behind and support the continually failing promises and objectives of this company - the extent of failure is simply disgusting...

and as for those same holders telling disgruntled shareholders to sell and leave - well i find that type of response/advice simply ridiculous and suspect to say the least.

every owner is obliged to criticise the mis-management of their company, the company they parted with hard earned cash to own, particularly when the managers we employ say they know what they are doing, make hard and precise representations about what they will achieve, but then continually and repeatedly fail to deliver on those objectives without any adequate or reasonable explanations - the simplest explanation is that they have FAILED and they are NOT COMPETENT to continue in the positions they also by implication represent that are experts in - clearly they are NOT experts when you fail to achieve every single stated objective, and burn through over $20 million in the process

this is the real world - not a Monopoly game - the cash is real and the losses are real

when a man stands before you on several occasions telling you he will achieve very certain outcomes with the money available, and when another man 'seconds' and agrees and supports the first man, and then goes on to add how assured all of the stated objectives are.... well those men who are paid large sums to be precise better be right.

but the above is exactly what our Chairman and CEO did in words and writing on several occasions - and from all their talk and writing they delivered NOTHING. ZERO. ZILCH. - their words and written representations can not therefore be believed, nor should they be relied upon in the future, especially when as Routine points out, they simultaneously destroy shareholder value by over 90% -- there goes your hard earned money 'pooof' - gone...

this company under its present Chairman has utterly destroyed shareholder value - utterly failed in all of its stated objectives, and utterly wasted precious development monies, particularly with bonus payments and the undeserved alottment of shares and options to staff (CEO included) who, as members of a team, failed to deliver what their Chairman said we would, and what the CEO we would

every time an excuse is needed this company turns to the GFC - but as Routine correctly points out, in mid 2007 we had over $20 million in the bank, which from all the hollow talk coming from our Chairman and CEO, was put to shareholders as being sufficient to get our development initiatives over the line and into volume sales... - none of which has happened, but surely enough, the monies been spent - and on what - their wages to be sure...

so let me repeat again what I have been saying for months now, and what Routine has very accurately drawn-out from the messages of our Chairman and CEO - NONE of what they have stated in sucessive announcements has transpired - instead we saw nothing else but cash burn burn burn

and as i have said repeatedly in this forum, our Chairman, CEO and other Directors continued to syphon their not meager wages and bonuses and option alottments...

this company is run by men who think its shareholder base is an easy 'touch' for extra cash when they need it - and if they can't go to shareholders (because they have only just recently suckered them in again), they go to 'sophisticated' investors who they sell large blocks of our company to for chicken feed

so i will say it AGAIN - this Board, this Chairman, has sold this company down the river, while all the while enjoying considerable renumeration while achieving NOTHING of their own stated schedule of objectives

we have been told FICTION - we have only been given excuses - and that is all this Board, this Chairman, has been successful at doing - making excuses while paying themselves well

good luck