To All:
I had an excellent conversation with Randy Malinoff, president of Firamada, on Friday while he was at his CA office. Some key points from the conversation:
1) The company has signed on with a new SEC law firm in CA, that is both widely recognized and highly respected. Mr. Malinoff feels that having this firm on board will lend much credibility to FAMH.
2)Thursday night, Mr. Malinoff and Mr.Adam narrowed their CFO list to one person and have tendered an offer to him. This person comes from a big 6 firm, and if he accepts, will be a tremendous addition to the management team.
3) They will not be disclosing any information about any processes until they are complete and not until every "i" is dotted and every "t" crossed. Regarding the financials: Corso's firm is doing it the right and necessary way. Regarding the contract mentioned 2 CC's ago, they will not announce any infor until the deal is signed, although he wanted to. The contract is currently under review by their prospective client's attornies.
4)An executive committee is being formed to clarify and improve shareholder relations and to help bring value back to the company's stock. Issues to be discussed by the committee include shareholder relations, an annual report, shareholder's meetings, and the outstanding share count.
5)Mr.Malinoff stressed the importance of the minority shareholders in the company and their need for correct information and involvement on material concerns. He mentioned that there is no need to waste the shareholder's money, and that their current vision and focus is on maximizing the benefits of the Myriad acquisition by increasing and spreading their service line across all of their offices.
Conclusion:(my own take on the conversation and the implications thereof)
I have never been more confident in the actions that are taking place within the company, and their future. I am more comfortable now than I ever have been. They are taking the necessary steps, that may at times be painful initially, but will reap great rewards in the end. The ship has been righted, and the internal machinations of the company are in line with what they should have been doing all along: acting like the $70MM+ company that they are.
Jin. Off to watch the NBA. I apologize for the slowness in responding to PM's.
ps: LE I will respond to every single one of your ridiculous posts in due order and will eagerly await your speculative responses. I issue the challenge now: CALL RANDY MALINOFF, DO THE DD, THEN GET BACK TO THE BOARD, OTHERWISE YOU ARE LIKE THE BEAUTY SHOP BIG MOUTH WHO GETS THEIR CURRENT EVENT INFO FROM THE WEEKLY WORLD NEWS |
