I agree with your assessment. It smells, IMHO.
The insiders who have sold shares, probably have cashed back all their original investment, and now hold large positions of "free" shares. They should have an interest in MYT success, but we see no sign of that. Is anybody really pushing? Excessive time has been spent in
miniaturizing the product, and it is taking even longer in commercializing it directly or via alliances.
How long will "cash on hand" last? Are they going to issue new shares?
Are they going to get credit from a bank? Who is going to buy shares or lend money, under present conditions?
We have no news whatsoever of any positive developments, except the appointment of Mr. Grecco. He should have the qualifications to bring MYT to success, but not much has been made known about him. How successful was he at Tandem Canada? Why did he leave such an important company, now part of Compaq, to join the small Mytec? Because of a company restructuring, or because of the big MYT potential? How big his incentive at MYT is? Does he realize the need to "communicate" with stakeholders, at all levels?
We understand that CPQ does not permit any leakage of news regarding their project and we respect it. What about the many other projects in the pipeline that so far have not produced much? How come that nothing is coming to fruition? MYT competitors in the USA are making progress and are selling! Is MYT following-up on competition progress?
Awareness for biometrics encryption is gradually building up around the world. Yesterday there was an article on the front page of the Investors Business Daily in the USA, and another article on Identix.
MYT takes part in exhibitions, conferences, symposia, and what-have-you, everybody likes the product (according to MYT), but no alliances and sales develop. WHY? This is what I would like to know, once and for all. I have trusted MYT management for 3 years, and I have put my money on the table. How nice it is to see the stock price pumped to high levels, the insiders selling into it, and the price crashing! And the insiders continue to sell! And the little profits from Counterforce fall also! Now MYT has a P/E of 157, with 2 cents earnings!
My questions to all are: is MYT a viable business? Is the product/technology "valid"? Does MYT have the resources needed to its full development? Is there any major company interested in buying MYT? We need honest answers, also from the Company, since it is said that they follow this thread.
This industry is moving very fast, and MYT is risking BIG in not
developing at the speed of their optical computer.
All comments are most welcome! Thanks for reading and probably sharing my concern. |
