MCLN Update from CEO/President…
Earlier within the day, late afternoon, I spoke to Scott Grisanti who is the President and CEO of MCLN. I asked him about the earlier PR this year about them getting approved to perform medical waste disposal services in the state of New Jersey. I told him that I understand that it must have been a big announcement for the company as it was following a joint authorization issued by the state Department of Environmental Protection and Department of Health and Senior Services. I stated to him that being approved to proceed with your sales and installation efforts in the state of New Jersey is a big thing from reading that announcement, but then I asked… What about the other states who are in need of your medical waste services?
He then told me that they have been approved for all 50 states. He told me that they have been approved to provide services to all 50 states. He said that the state of New Jersey was just the last one to come on board to approve them. He said that they were the most difficult out of all of the states.
I told him that I think that is pretty big for his shareholders to know and he told me that they have a few updates to announce coming up here shortly starting next week with their third quarter results from their financials. I asked him if we should be expecting some good announcements from these financials and he then stated that he and the company are very pleased with the results. He told me that they must be released by 16 Nov, but that he is expecting theirs to be out sometime next week. He asked that I please understand that to keep from getting into trouble, him stating to me that he and the company being very pleased with what’s coming out in their upcoming financials should only be taken as him only giving me his opinion and should be only considered fact after they are released. I told him that I understand.
I asked him again about putting out some kind of a shareholder update. He then reiterated that they will be releasing some other press releases of some of the company’s developments to accompany their filings, but not until they release their filings which will be out next week. He is expecting these upcoming filings to be what will turn the company in the right direction for good.
I asked him about the company approving a reverse split a while back and what was that all about if you truly have no plans of hurting your shareholders (as he stated). He told me that they have been approved to do a reverse split, but will not do one unless they are fully prepared to get to the next exchange. Since MCLN is currently on the OTCBB, when he mentioned ”next exchange” in or conversation, I felt it safe to presume that he was referring to a higher exchange such as NASDAQ, AMEX, NYSE, etc. I didn’t feel the need to ask to narrow it down as either of those exchanges would be fine with me. He stated that a higher share price would not only be a requirement for going to the next exchange, but would also be a must for attracting certain investors that are aligned to buy in the dollars versus buying in the pennies. This is how those investors would want it he said.
He assured me that he and the company understands that a reverse split done for any other reason would destroy investor sentiment. He said that the company understands that doing a reverse split would hurt the stock as the price would eventually decline if their goals were to do a reverse split and still remain in the penny stock market. He even started stating certain failure percentages to further explain to me how those stocks that have done reverse splits in the past to remain in the penny stock world have hurt themselves, their stock, and their shareholders. He assured me that we don’t have to worry about that here with them. He reiterated again that he would only do one if it was required for them to get to the “next exchange” beyond the penny stock market.
I ask that anyone wanting to speak to the MCLN CEO to confirm what I have posted to please call him at the number I posted in the MCLN IBox to contact the company at 203-798-1080. I don’t remember the extension I used, but it was not hard to figure it out.
MCLN is on a list of stocks I own that is supposed to be releasing solid financials and other company developments. So far, some of you are aware of one that I have recently mentioned that had gone from .003 to .29 over a four day time frame from the announcement of their financials which came about with other news of substance released along with that company’s financials. I have been told by the MCLN CEO to expect the same thing (positive announcements) here with MCLN providing other updates as news of substance along with the release of their filings next week. I’m not saying that MCLN is going to hit .29 per share as the likes of that other company I am invested into that released very solid financials just recently, but I think trading somewhere in the pennies is a very fair presumption.
v/r
Sterling
