Just came back from the stockholders meeting. Excluding the Board of Directors, there were about 25 people. The following comments were made: 1.) No faith in the Board. Nothing from the Board that shows the company is on track for expansion into new technology. 2.) Mr Garcia, the new president is young and inexperienced, although seems to be doing a good job so far. BUT, he needs a Board with expertise which he doesn't have. 3.) It seems the company is not interested in a dividends payment-which I agree with. 4.) The company is working on new products but did not be very specific and trying to arrange synergistic relationships with larger companies to promote product(s) or develop new products. 5.) The company seems to be at the final stages of making an acquisition but would not comment on type of company or whether it is a private or public company. If the acquisition takes place, the sales of the company would double but nothing is mentioned about earnings. 6.) A recommendation was made to change the company's name back to NOISE.COM because the dot COM may somehow invoke divine intercession pushing the stock, hopefully, to astronomic heights. Someone mentioned contacting a company in the area, I assume it is an internet company, whose price appreciated tremendously to see if can have some synergistic relationship. No thought given to whether the two companies have ANYTHING in common to even warrant talking. 7.) The company is trying very hard to expand personnel and, presumably, considering increasing R & D.
It seems, it is difficult getting anyone to join the Board and to get suitable employees. There are 7 engineers but I don't know how many other employees. I think, one should consider this a startup company and forget about the WTT of 2 or more years ago. This is a new company with about $20,000,000 in capitol, trying to enlarge its base by exploring new products. One last item, the faith of the Board, in the company, was questioned when it was brought out that the Board members held very little stock. Anyway, there it is!! |
