Late Tuesday afternoon, I finally got ahold of IR at at Compression.
Ken Digweed is now in charge of IR, taking over for Randy Pointkosky. He is also now the CEO/President of the company, a change which occurred two weeks ago. Former CEO/Pres Gary Hamilton now takes on the title of Vice President of Development. This is all part of an internal restructuring.
Randy is currently engaged in some sort of development with Paradyne in Florida at the present time. They have completed Phase I of their Warp IV product (original fully-developed box that accomplishes T1 speeds), and are working on a Phase II of the product with Paradyne, ultimately yielding two marketable products. Phase II is expected to take about 4 months to complete. (I am just araphrasing what I was told -- I am not clear about what all this means.)
Mr. Digweed was brought aboard the company in mid-February to help re-structure and re-focus. He apparently brings with him 25 years in the communications field, having held the title of VP at EdTel (the phone company in Edmonton, Alberta until last year) and being CEO of Bloodtrends(?), a software company, before joining CYH. It sounds like he is a good addition to the company, and is easier to talk to and understand (from an investor's viewpoint) than Randy was.
The recent office relocation was done primarily to accommodate three new development people and sales personel, as well as to furnish a conference area for meeting of clients, suppliers, etc. Sounds like a small-scale expansion, if you will.
As you know, the company has been very quiet and the company shares have been hibernating. Digweed admits that things have been slow and that sales have been very low (he said it was less than $100K for the last two quarters). His main objective now is to re-focus the company to place more emphasis on direct and distributor sales. Gary Hamilton originally had too much on his plate, being in charge of both sales and development, so this division of objectives is a good move.
There was little to be learned about the January 31st AGM, although the agenda was pretty boring anyway.
Expect a news release on company updates, etc. within two weeks. I hope this is indeed the case, because I am still holding, and will hold Mr. Digweed's words to it. He also told me that Shiela has been working hard at putting together a shareholder's information package on the company, and that this may be expected in a few weeks.
I encourage all readers and shareholders to call the company at 1-800-661-9277, and press 103 to reach Ken. He said he really wants to hear from shareholders and interact with us directly so that he knows what we want. Office hours are about 8:30 - 4:00 Mountain Time, Mon-Fri. ASK QUESTIONS! I tried to cover much ground which I was curious about, but I have undoubtedly missed many important points which I should have inquired about.
Ben |
