Coop, did you actually talk to the IR firm hired by MXON? Do you have a name and number for them?
Reason I ask is because when Gifford and Rhonda "managed" Corporate Vision (CVIA), also in Tulsa, they looted the company coffers (and shareholders) through an IR scam.
During the second quarter of 1997, the Company incurred approximately $210,866 in expenses for its investor relations activities. Of such expenses, approximately $150,000 was for certain expenses paid by a non-affiliate shareholder on behalf of the Company and $52,000 was non-cash related, resulting from the amortization of investor relations services contracts.
In 1994, the Company retained the services of Investor Relations Corporation (IRC) to provide certain investor relations and consulting functions for the Company. The principal owners of IRC are Rhonda R. Vincent, an officer and director of the Company and Gifford M. Mabie, the spouse of the founder, President and Chief Executive Officer of the Company.
sec.gov
That same quarter they spent $210,866 in PR, the company had $86,972 in revenue! It was paid with stock dilution which ultimately drove CVIA in the pennies. When they left CVIA, they left it for dead. They all resigned and just walked away leaving a pharmacist as the sole BoD member responsible for all the incurred debt.
I fear the same story is being played out here. This thread header stated that there where 8,353,000 shares outstanding with a float of 475,000 with a share price: 5.25 - 5.50. That was May '97.
Year and a half later, you stated O/S is up to 12M (50% increase), float of 3.5-5M (10X increase) and price is down to $1.50 (70%+ loss).
It all just doesn't jive. I can understand the anticipation of the BIG meeting on Feb 4th and the chance of a buy out, but if y'all don't hear anything by then...I'd run.
I've lost money with these folks and if it wasn't for the concerted efforts of CVIA shareholders, I would have lost it all. CVIA is slowely coming back with strong leadership and a good business plan. If you live in Tulsa, consider visiting their offices or talking to their directors. Ask them about Gifford and Rhonda.
If fact, call Gifford and ask HIM if MXON will be getting the same quality PR/IR from IRC that CVIA got.
Remember, its always best to learn from other people's experiences than you own. I hope and pray you don't have to someday write a post like this on some other Mabie/Vincent company.
Good luck...
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