jm, I thought I would post this news in case you missed it.
Of David J. Dunn and Jonathan S. Huberman
FREMONT, Calif., March 9 /PRNewswire/ -- GateField(TM) Corporation
(OTC Bulletin Board: GATE) (the "Company") announced today that David J. Dunn
and Jonathan S. Huberman have resigned from its Board of Directors. Mr. Dunn
and Mr. Huberman, both partners in the investment firm of Idanta Partners,
Ltd., have been members of the Company's Board since December of 1997.
In their letter of resignation, Mr. Dunn and Mr. Huberman stated, "Our
purpose in signing is to eliminate the appearance of Idanta's control of the
GateField Board as decisions are made relative to equity financing. We are
concerned that as decisions are made affecting the interest of public
shareholders, that there not be even the appearance that Idanta is shaping
these decisions to its own advantage."
I know it is old news but it appears that Idanta does not want anyone to think that it has any control over decision making.
Its obvious, in light of the low volume last Friday that investors are pretty shaky over a 1 for 10 reverse. This would leave only 4 million shares outstanding. This type of move IMO would be disastrous for shareholders. I have yet to see a company maintain any credibility doing a maneuver of this sort.
I hope it doesn't happen. If it does, watch the price drop like a lead ball.
Investment firms would avoid this company like the plague with so few shares outstanding.
brightstar
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