Whilst I have quite an optimistic outlook and belief in the products the founders of Smartmetric state they have developed, which of course are yet to be seen, I now have no levity left what so ever as previously suggested we should maintain in previous posts. At this point it is merely contempt which remains for the management team at SMME.
To begin with the company’s founder and CEO Chaya Hendrick. She is a self-proclaimed pioneer of the internet and yet manages to (after $18 million plus in investment) maintain one of the worst websites I have come across. This doesn’t strike me as someone who knows very much about the internet at all. Yes, I understand I am being finicky, childish in fact, however, this is still fact.
Her claims to have returned considerable sums in the past are rather deluded. This statement is based purely on her current track record with SMME. I have not taken the time to investigate her claims of running successful businesses to prior to SMME.
Further to the above, exactly how much is Chaya, Needleman, Sleep and Ryba fleecing from the company via “other general and administrative” expenses? I’m rather curious to understand what portion of these funds (as at last SEC filing $1,945,214) end up back in their pockets for their tremendous ability to consult to the business?
Anyone that heard the recording from the last appeal, would surely be of the opinion that our lawyer was ill prepared. I am not sure whether they were of the belief that they had this “in the bag,” but the arguments put to the judges, the lack of foresight displayed in his retorts to the judges refutations is borderline negligent. I expected more when considering he was being paid on a successful outcome only.
All that aside the court case was only ever going to be a flash in the pan, albeit a considerable flash. The real value was always going to be and still is in the ongoing revenue stream these cards have the ability to generate.
The shareholders of SMME but also SMME itself deserves considerably more from the management team.
The shareholders of SMME deserve considerably better than the constant reworking of the same PR releases.
The shareholders of SMME also deserve the truth from the management team. There have been far too many lies and broken promises to date.
All that said, I honestly do hope that SMME turns this around and does so quickly. There is considerable value in this product. The newer mobile/electronic payment technologies are at least a decade away from making any type of real impact on the card market.
Finally, I am also more than happy for the management team to prove me wrong. Sadly, I don’t see this happening any time soon.
