Hi NI,
Got the annual yesterday; tons to be concerned about. From Page 19, Report of Independent Public Accountants:
the company has suffered recurring losses from operations and, at March 31, 97 had an accumulated deficit of $34 million that raises substantial doubt about the company's ability to continue as a going concern............
let there be no doubt that equity in BJCT is a gamble. If we don't get the share price up in the next quarter we may be delisted.
As for what is wrong? It's gotta be one of three; management, product or price. I have met O'Shea, and of a dozen small cap companys' CEO's I've listened to he is exceptional in his focus, vision and commitment.
As for product, the contracts for vaccinations speak for it's acceptance. The report by Frank Lyles details the technology platform in better detail and its' advantages to DNA vaccines than anything the company has provided.
As for price, the company continues to purchase more automated manufacturing machinery and re-design the product to cut costs. And the costs of the product are comming down, but the syringe costs $.55 whereas a needle/syringe costs $.15. IMO this is the big problem.
The resolution BJCT is making is to focus the marketing at pharmacutical company's who desire such packaging and have sufficient margins to cover the added costs. They continue to seek vaccination contracts to futher validate the process, but these won't bring anywhere the same revenue.
As for a marketing plan; I do know a marketing consultant was retained in 96 but haven't found mention of it in the annual yet; actually I haven't looked at the glossy annual, I've been reading the 10-K. I also know that two more manufactures' reps were contracted recently, both RN's. That's seven reps. We should have 70!
I hope to fly out to PDX for the annual in September. Will relate anything I discover.
best, art |
