Friday, July 13, 2007 6:36:56 PM
Fleming got $150K up front in cash, gets another $100K, $50K of it in 2 months, and the remaining $50K next March (for a sub-total of a quarter million) in exchange for what?
IMO it's a glorified (rented) garage, with meager (if any) growth prospects and more shareholder money down the Ft. Myers "retrofit" sink hole.
plus he gets this (IMO) 3 year "sweetheart deal" for another $225K, and options and bonuses:
In addition, on March 16, 2007, Altronics entered into an Employment Agreement (the “Employment Agreement”) with Alfred Fleming under which the Company will employ Mr. Fleming as a Vice President for a period of 3 years commencing March 16, 2007 and ending on March 15, 2010 which will be automatically renewed for successive 1 year periods until 30 days prior written notice not to renew is delivered by either the Company or Mr. Fleming. Mr. Fleming will be paid a monthly salary of $6,250, or $75,000 per annum, and shall be issued stock options in accordance with Altronics’ executive level option schedule, which will vest over the 3 year term of the Employment Agreement. Further, Mr. Fleming may be eligible for Altronics’ employee bonus program, to be determined by the Board of Directors of Altronics based on meeting performance objectives and bonus criteria. During the term of his employment and for a period thereafter, Mr. Fleming will be subject to confidentiality and non-competition provisions, subject to standard exceptions.
http://www.sec.gov/Archives/edgar/data/1156784/000114420407013790/v068956_8-k.htm
that garage generated a whopping $19,854 (2.96% of total revs) in the last Q. although it wasn't part of company for the full Q (actually only a couple weeks or so). but even so, let's extrapolate (or more like excrapolate) that to $40K monthly, and $120K quarterly in revs (and who knows if there will ever be any profit?). still totally unimpressive IMO.
and what exactly is the growth rate of this supposed wonder garage? oh right, the 1200 or so in supposed worldwide customer "accounts"?
http://www.sec.gov/Archives/edgar/data/1156784/000114420407027737/v076125_10qsb.htm
http://www.marketwire.com/2.0/release.do?id=728168
http://www.marketwire.com/2.0/release.do?id=721540
http://www.marketwire.com/2.0/release.do?id=737543
http://www.marketwire.com/2.0/release.do?id=738039
what exactly do we own chunga?
who got hosed?
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