Ann: Chairman's and CEO's Address, page-10

Govr:

Your reply to billyen made me laugh out loud. The stock's history for the long term is horrible. In November 2003 (12 years ago) the stock was at $1.40. In the long term, the stock has fallen tremendously. In the short term, we really have not seen $1.40 so we can say that on a % basis, it has not fallen as much since 2003. If we take the 9 months out of euphoria in 2012/2013...the stock has really not seen the light of $2.00. If you take out the short term of those 9 months in 2012/2013 with the gold prices skyrocketing, you have a stock that in the long term has horrible performance. I have a friend that states that each year, his team is in rebuilding mode....they have not really been a competitor since the early 2000...it reminds me of Codan.
The view of the company looks much worse when we consider CDA not in the short term but in the long term. We went from $1.40 to $0.865 in the long term.