VOTE NO ON THE REAL TIME SALE AND LIQUIDATION PROXY. The sale and liquidation makes no economic sense and provides no benefit for the common shareholders. I urge you to oppose another of the many self-serving acts benefiting GOULD and JAPAN ENERGY at the common shareholder's expense.
Last year before the SUN proxy came out, I was told by management that they could not understand why the stock was trading so low. They told me that the net cash balance, free and clear of liabilities including and obligations to GOULD, was going to be greater than $1 per share. When the proxy came out, there was $.06 per share of cash and the shares were diluted to 67.4 million. After the Sun proxy came out, but before the vote, management at ENCORE called and asked that I quit putting negative articles on the internet trying to block the SUN deal. At that time, management told me that the real time business was going to be profitable and the NT product they were working on was revolutionary and had great revenue potential. They then dumped the "supposedly great" NT product 2 months after the vote and are now dumping the real time business. Now they are saying that the sale of the real time business and liquidation of the company is in the best interest of the common shareholders. How does spending over $9 million to make $3 million make any sense? How can we trust them?
First and foremost, it is the responsibility of ENCORE'S management and board of directors to maximize shareholder value and all they have done is lined their own pockets at the common shareholder's expense.
The GOULD directors, who control the whole show, have no apparent interest in the common shareholders well being. They are so busy getting the bone out of JAPAN ENERGY'S throat that they have neglected the common shareholders who should be their first priority.
If ENCORE had focused on doing an OEM deal like they told us they were going to do, instead of selling the storage technology, the company would be profitable. The company would be using its accumulated operating losses to offset future income taxes and share value would be soaring. Instead, GOULD who was only interested in getting the bone out of JAPAN ENERGY'S throat as quickly as possible, had no consideration whatsoever for the damage they knew the SUN transaction would inflict on shareholders.
And how about those "retention bonuses" paid to management and key employees? Since it is apparent that they never had any intention of building the company it appears that they were merely cash payoffs to get management and employee shareholders to vote for the SUN deal.
FOR NOW, IT APPEARS THAT GOULD AND JAPAN ENERGY HAVE DISLODGED THE BONE IN THEIR THROAT, BUT THIS MATTER IS FAR FROM RESOLVED.
WHEN THIS GOES TO COURT AND AN IMPARTIAL JUDGE AND JURY HEAR ALL OF THE MISREPRESENTATIONS AND SELF DEALINGS THAT HAVE BEEN PERPETRATED BY GOULD AND ENCORE'S MANAGEMENT, THE BONE IN JAPAN ENERGY'S THROAT IS GOING TO FEEL LIKE A BOWLING BALL.
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