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Biotech / Medical : BJCT-BIOJECT-needle less injection product
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To: Jeff L. Payne who wrote (429)1/9/2000 2:17:00 PM
From: geewiz   of 534
 
Hello Jeff,

We did indeed have the reverse split in late October(?) that Greg mentioned. The management made a big mistake in an effort to generate cash flow they spent 15 million plus on the glucose monitor that became riddled with delays and greater costs. This was a huge drain on finances and energy, resulting in slowing the development of our main product, the Biojector. To managements' credit, they realized this misallocation and made a salvage sale; this mistake was the equivalent of one-fourth of our cumulative cost of the Biojector development loss. We can only trust that management will keep focused on our core strength in the future!

In an effort to generate cash flow I believe anyone of us may have made the same unfortunate choice, so I do not chastise our management, I just am making an honest account of what brought about the reverse split.

later, art
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