Bernard, I do agree with you that the problem is perception and emphasis. Having spent considerable time touring the Pyng operation and speaking with Michael Jacobs and David Johnson, I came to several conclusions which I still hold.
1. Management has a strong commitment and focus in getting to mass production and to market. They, along with shareholders, will be rewarded, when the profits begin to flow.
2. The product, now in it's modified version, has tremendous potential for market share, revenue and profit. I doubt that management would permit a 'cheap' takeover.
3. Michael, David and Judy work well as a team. As I said in an earlier post, I do not think that Michael Jacobs can get this thing successfully to market, but the TEAM certainly will be able to do it.
4. Management reminds me of an octopus trying to hold 10 balls at one time. Not enough arms! I think they may be trying to do too much with too few people. Of course, management has tried to keep the burn rate to a minimum.
5. Clearly, investor relations contracts have not produced what many of us had expected. I know that shareholders were concerned about Mr Lenoski's (sp) accessiblity and what he was doing for the company. I suspect that his departure may indicate that management's expectations were not met as well. Management is once again saddled with this additional responsibility. No, I don't think it is a good way to operate. Management should focus on the product and getting to market, not investor relations.
6. Management getting involved in internet forums is exceedingly rare and, in my opinion and observation, usually doesn't last. I won't speculate on the reasons.
Certainly there have been disappointments, missed targets and a lack of timely corrections. I was concerned when the end of May came and the Final, final version of FAST1 had not been determined. It took an extra 4 to 5 weeks. Now that it is done, we move to the molds and dies for mass production.
There may be likes and dislikes, personalities and management styles that create conflict. So be it! I have no intention of rehashing the past missteps, miscommunication or errors. I am very optimistic about the product and the company's future.
We are now in the process of moving to mass production and the negotiating/signing of manufacturing contracts. I hope we have mass production by the projected year-end. If we don't meet that target, and at this point I don't see any reason why we won't, I am prepared to simply wait until it does happen. In my opinion, management wants their profits as much as I do and they will move as quickly as possible to get the show on the road.
When we FINALLY do get to market and the revenue begins to flow, I suspect that we will think that Michael and David aren't so bad after all.
I am not prepared to slam management or SI posters. We all have our own perceptions and motivations. I, as an old guy, will be happy to be just a little bit older when I reap the rewards.
Best regards to all Pyng investors, whether you agree with me or not.
Ed
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