Here's what's on the updated Gaskins site. Figure I better get it posted before it is removed.
gaskinsco.com
On the front page of IPO Desktop:
Analyst recommendation on AmeriChip Proxy Fight
Our recommendation:
Do NOT support fired- for-cause
former CEO Marc Walther
. or anyone who supports him
. or anyone who is on the slate with him
. or any recommendation put forth by that slate.
because we believe that group does not have the best interests of public shareholders at heart...
We believe AmeriChip has huge potential, but if and only if it is run ethically by businesspeople, not associates of fired-for-cause former CEO Marc Walther. We have been following this company for 2 1/2 years.
...read more for an analyst update
"A forensic accounting team has been working since May 28, 2008 to discover and uncover past management and accounting problems," some of which may be crimnal...
...Walther has been fired for cause
by two different ACII boards
in the past two months
and yet is on the current
proxy slate to be CEO???
***********************************
The "Analyst Update" link:
AmeriChip Gains Traction, Controls Operating Costs
Los Angeles, CA July 17, 2008 (Analyst Note) – Newly re-organized management at AmeriChip International Inc.’s (OTC:BB – ACII) is gaining traction with customers and is also controlling operating costs.
DEMAND INCREASING
The demand for AmeriChip’s service is increasing as the company reorganizes the management team and focuses on undercutting the competition through the use of its proprietary LACC (laser assisted chip control) process internally to grow the business. The company is able to gain and increase business because it can undercut the traditional costs of machining using the LACC technology that it owns.
FINANCING OBTAINED
AmeriChip raised over of $400,000 in financing during the month of June.
MONTHLY OPERATING COSTS CUT OVER 35%
From June 1 to July 15 AmeriChip’s sales, general and administrative costs were $367,000 excluding accounting and legal fees. Over 35% lower than the February 2008 quarter
. A monthly run rate of $241,000. Cut from a run rate of $400,000 for the February 2008 quarter and $300,000 for the November 2008 quarter.
. Further reductions are expected.
Management was re-organized May 27, 2008 and an independent board member was added July 2, 2008, allowing financial controls to be put in place.
Marc Walther, former CEO and later Chief Technical Officer "resigned" as an employee and is no longer on the AmeriChip payroll. He remains a board member.
SHAREHOLDER DERIVATIVE SUIT
Based on mounting evidence, shareholders initiated a shareholder derivative lawsuit against three individuals who were on the board of directors for the November 2007, February 2008 and May 2008 quarters. It is a joint and several $10 million damage suit alleging mismanagement, carelessness, mistreatment of funds, etc. The legal action is on behalf of AmeriChip and is not directed at the company. The purpose is to benefit AmeriChip.
The objective of the legal action appears to be to
(a) Encourage the removal of Mr. Walther from the board based on malfeasance, the basis for current legal action. (Malfeasance: the performance by a public official of an act that is legally unjustified, harmful, or contrary to law; wrongdoing)
(b) Return all three of the defendant’s AmeriChip stock to the company treasury, up to 50 million shares.
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