Brad; Linda,
I just spoke with Gordon Molesworth. In addition to what was posted here a few days ago from the Yahoo board, here is what he told me:
Stock price recently has nothing to do with progress or lack of it.
-FINX was about to get the funding they needed from 2 large institutions in SE Asia right before the Asian crisis hit. (these institutions also happen to be their largest shareholders) Needless to say, these companies were hard hit & no longer had the funds for FINX. Consequently, FINX has had to start back at square one. FINX is now in "deep" discussion with 3 different companies (he couldn't tell me the names, but one is a $400MM co. on the NYSE, the other 2 are smaller NASD companies). Neither of these companies are in the electronic fingerprinting business, but they want to be.
-The employees are all working temporary jobs and definitely plan to return. Actually, he said that one is still there, but the conversation moved forward & I didn't ask who that was.
-I asked him about the Israeli border situation. He said that that was interesting because they (FINX) are expecting a request for a proposal in the next few weeks. The story is that Israel came to FINX exactly 2 years ago, wanting liquid platen scanners. They had been taking their time as they were getting funds (around $200MM), etc. Clinton recently gave them $75MM (well, I guess good old Bill isn't that bad of a guy after all -looks like something 'could' happen here).
JL
p.s. Could the heavy selling yesterday have been one of those 2 large SE Asian institutions? If they're in financial trouble, they may have decided to take advantage of the recent run up. -Just an optimistic guess. |
