To: Fang Li who wrote (15830 ) 4/22/1998 4:13:00 AM From: Kerry Lee Read Replies (1) | Respond to
Yes, I have reviewed the Proxy. Nothing earthshattering. Current/old employee stock option plan was awful, Senior Mgmt horded most of the options to themselves. Also, the increase in share authorization probably also covers the dilutive impact of Reg D's as well as future common stock offerings. I would expect that IF they are successful in closing 1-3 OEM's, they will probably require more cash to fund the ramp-up. It is no wonder why Ancor in the past had difficulty attracting good talent with their Mickey Mouse employee stock option plan. BTW, the new VP Worldwide sales has an impressive track record, including building revenues to approx $300 million via many, many OEM's. The OEM's included the likes of Cisco, Bay, etc, etc. The question I have is whether he did his own thorough due diligence before joining Ancor and what he saw in the Company ( besides probably a boatload of stock options )to entice him to join. If you look at the old Zitec press releases, he was promoted to VP Worldwide Sales at Zitec in Nov/97 and the press release talks about his track record/accomplishments at Zitec.The VP Int'l Sales ( Belzer ) and the 4 area sales directors domestic all report to new VP Pasqua. As I mentioned earlier the previous VP Domestic Sales ( Hermanson) was moved to Area Sales Director Central Region.
