As promised, the reason Pratt designed.
Note that GTSM said it was going to replace Pratt and Porter -- a year ago (and never did).
Note that they had tech experience, which leaves GTSM with 76 year old Allred (the most discredited of the bunch -- who claimed the biggest breakthrough in semiconductor history in 1987 and has since done nothing).
Note that GTSM had free rent because the space was where one of them had a day-job -- and now GTSM pays $1,000 rent.
Why would you join in the campaign to demonize Pratt? What is the evidence he did anything bad? He kept GTSM more honest SEC reports, and presided over the company's boule that was supposed to be tested -- and when no written report resulted Verity pulled back on its plan to fund the company $450k. Coincidence?
My take is GTSM threw out the only honest guy because this company can't afford honesty. It has nothing. It's execs have day jobs -- making this only a part time scam, and not even a new one (since it started its heroic campaign of hype and no action in 1984).
- Charles
==============================================
FORM 10-QSB
For the quarter ended September 30, 2001
On June 29, 2001, William F. Pratt resigned from his positions as Chief Executive Officer, President and Director, and David R. Porter resigned from his positions as Secretary/Treasurer. The resignations were due to lack of Company funding, inability to proceed with material operations, and the loss of facility space. These events were reported on June 29, 2001 in a Form 8-K filing.
FORM 8-K
On June 29, 2001, William F. Pratt resigned as our CEO and President and as a director, and David R. Porter resigned as our Secretary/Treasurer and as a director. These resignations were due to:
our lack of funding as discussed above;
our inability to proceed with material operations until we
receive such funding; and
the need of Patterned Fiber Composites, Inc., which had been
making a portion of its facilities available to us, for the
space that had served as our facilities. As a result, our
equipment has been packed and stored pending the receipt of
any future funding that may become available.
Messrs. Pratt and Porter have provided us with a copy of their resignation letter, which discusses these matters, but have not requested that the matters be disclosed.
The remaining directors and executive officers are commencing a search for qualified replacements for Messrs. Pratt and Porter. |
