To: Richard Saunders who wrote (839 ) 12/19/1999 4:56:00 PM From: Ontopequity Read Replies (1) | Respond to
I don't know much about Peter G. but he seems to have a credible track record in promoting junior issuers and he will be directing the IR at UIC in the right direction I am sure. The fact that John Smyth is finally stepping aside after dragging this company through hell, is a good sign. There is only so long you can bang your head agaist the wall before you have to confess your skill set in a certain area. My skill set for instance, is better suited to marketing, promotion, and relationship building, than it is in managing details and putting in processes. If I were in charge of a junior company that grew too large, I would be useless and I know it. I am comfortable with start ups and getting the ball rolling, but I hate the tedium, the process, and the details. I know who I am and what I am capable of, regardless of what my dreams and aspirations may be. I think the smartest thing Smyth can do is step aside and let others have some control. Unitec International "Controls" Corp has been micromanaged by Smyth for too long. He is going to have to empower his human assets and change the way he operates.It looks to me as if this is finally happening. You will note that I made similar comments over a year ago to some investors like Chris Franiek and others who refused to heed my warnings. Investors who I introduced initially, plunged into further financings without insisting that management make the changes required. The time to force change is when you are handing out the cash. Bankers do it all the time. They want to see certain things in place or they will not back the company. Why is it that VSE investors will back anything without making demands on management? This is foolish. The market has finally sent a message to Smyth that he can not ignore: Change or perish. If I were a shareholder in UIC, I would drill down and see how deep and significant these changes really are. Cheers. ontopequity.com
