a $50m ride to nowhere

In My Opinion Only

I tired of all the promises and no results from this mob some time ago. It's all amounted to nothing more than rhetoric from a management team (using the term very loosely!) that have no idea how to pursue market opportunities with the technology they've had at their disposal. And now they've missed the boat - and spent all yours and my money along the way!

Just look at the past 5 or 6 years. Board sacking of their founder and CEO. A New GM who was promoted with no merit to MD - and then promptly scarpered for somewhere else. Before he left, that same GM ended the relationships with their Australian distributors who had commercialised the product very successfully - no doubt with a view to taking their retail margins - another ploy which has failed dismally. Chairman of the Board acting as CEO. A new Sales Manager from a failing distributor who was ultimately sacked. GM of their Datatrace division sacked. New Sales Director and his Sales Manager wife recently sacked. Who knows who else has been cast aside for the supposed long term benefit of the Company. And yet, no change to revenues and still no profits. And no relief or hope for shareholders.

Some simple maths would suggest that over the past 6 years, this mob of maniacal spendthrifts has managed to rid itself of over $40M of sales revenue and another $10M or more of shareholder funds - OVER $50 MILLION DOWN THE DRAIN - and still they can't increase revenues or pull a profit. Blind Freddy could get a better return from $50 MILLION than these morons.

We've all lived with the hope of promises made - time and time and time again. Sadly, most of those promises have turned into mirrors and smokescreens! And now I feel like we've all been sucker punched. What's next when they run out of the current bank funds? Another capital raising? Another share dilution? Or, will it finally be the death knell of this miserable performer? One can only hope that no other genuine, believing investors get sucker punched as well.

$50 MILLION!!! $50 MILLION - and a ride to NOWHERE!!!

DYOR