Since the week of RBC financing and Peter Allen's hiring, management has had a hard time meeting their financial obligations. It is truly amazing that the same banks who claim to have lost millions, are lined-up eagerly to give these same managers even more money !!!
(These severly undervalued assets must be very attractive for banks to secure !!!)
Too bad the VERSA deal won't close - UNLESS shareholders get paid.
There is absolutely no way that Peter Allen's numbers will be validated by an external audit.
There's no hearing booked yet - maybe they can "find" a few extra million to silence the objectors ?
Siskinds upcoming announcement might encourage them.
Here is the quick and easy way to close this deal:
110 million shares x .45 = $50 million
It all depends how bad Versa, Luxton, and Allen want this deal. I think they want it to close problem free, we'll see soon.
Allen-Vanguard is out of the running for this IED jammer contract (article below) - they were focused on being acquired for pennies on the dollar, rather than in product development for contracts worth multi-millions.
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Next-Generation Jamming System Aims to Protect Soldiers, Vehicles
By ANTONIE BOESSENKOOL, DEFENSE NEWS
Published: 7 Oct 18:07 EDT (22:07 GMT)
ITT is developing a new jamming system to protect vehicles, permanent structures and dismounted soldiers from radio-controlled improvised explosive devices, ITT executives said at AUSA.
The company last week won a $16 million contract to develop jamming capabilities for dismounted, mounted and fixed site assets of the Joint Counter Radio-Controlled Improvised Explosive Device (RCIED) Electronic Warfare (JCREW) 3.3 System of Systems. Northrop Grumman also won a $24 million contract to develop a system with the same capabilities. The development work for each team is expected to be completed by March.
"What CREW 3.3 is going to do is it's going to go from one-platform/one-box solution to attempting to network this stuff, networking sensors, being able to exchange data, being able to get a broader view," said John Dench of ITT's Integrated EW Systems segment.
Current jammers for IEDs are based on protecting vehicles, Dench said. The JCREW 3.3 development project is aiming to expand that protection to soldiers and ships, he said.
"Each of these systems are on a vehicle," Dench said, referring to the jammers ITT already has in the field, like the CREW Vehicle Receiver Jammer and Mobile Multi-Band Jammer 2.1. "They're pretty much protecting a convoy that's going through, jams all the IEDs. Counter-IED has been driven pretty much by vehicles. That's where they're planted and that's where the user of these IEDs is trying to do the damage.
"CREW 3.3 goes beyond that. It puts sensors on our soldiers. It puts sensors in vehicles. It puts sensors on air platforms, ship platforms. It's multi-platform, multi-sensor architecture … so that everybody is protected, not just the vehicle and the convoy."
One possibility, Dench said, is that ITT could develop a sensor a soldier would wear that sends out an active jamming signal.
ITT sees the system under development as the next step in the jammers it already has in the field.
"All of the stuff that we've done collectively in this field up to now has been focused on what I'll call a single-function box," said Paul Mueller, general manager of ITT Force Protection Systems. "As we move into 3.3, what we're starting to do is move into a more integrated multi-functional domain, so instead of being just a jammer, we're talking about expanding the network, adding command and control functionality and making the counter-RCIED technologies more robust."
defensenews.com |
