To: Jeffrey A. Brommer who wrote (766 ) 3/5/1998 7:20:00 PM From: Psycho Killer Respond to of 2232
Jeff -- I really appreciate your decision to post here. (Especially since it means you're reading our posts!) I've posted some messages that have been either critical or skeptical of HNLY, and these posts reflect my honest views, based on what I know. Probably the most frustrating thing, from my perspective, if how little hard information the company has put out in public releases. I don't doubt that you will give information to investors who call if it's OK with the company for you to talk about it. But, without meaning any insult to you or anyone at HNLY, I have a lot more confidence (and I think a lot of investors also have more confidence) when I see it in a written, public form. At the moment, the capital structure of HNLY is a mystery to me. I know that HNLY has announced some "cash and stock" acquisitions -- there have been press releases on that -- but I don't know how much cash or how much stock. I can understand that some things may need to wait until HNLY's formal SEC filings, but I can't see why the basic contours of such fundamental transactions can't be disclosed right now. And the HNLY website, if it talks about such things at all, should not give an outstanding share figure of about 8 million if a done deal will change that number. I've also raised concerns about the track record of HNLY's management. Mr. Swarzman -- and perhaps other members of the HNLY management team -- ran a predecessor company called Advent Technologies, Inc. (AVTI). AVTI put out some pretty optimistic press releases, but eventually faded from view. I would really appreciate any insights you could offer about what happened to AVTI, and how HNLY is a different story. I'm certainly not suggesting there was anything crooked about AVTI -- rather, its growth through acquisition strategy looks a lot like that of HNLY, and I'd like to understand why HNLY will succeed where AVTI appears not to have succeeded. Thanks for any information and insight you can offer on these issues! -- Jim