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Yeah. I just happened to be watching it when it did that... was pondering it, thinking it was time to add a little more. Looks like the days of easy accumulation at lower prices are done for.
Didn't see any news or anything... and don't have L2 on it, but, it seems there must not be a whole lot of shares readily available now ?
Seems to me that when I first looked at the smaller scale retail distribution scheme they had arranged, I wasn't all that impressed with the "potential" of it... not nearly so much potential as there would be in selling large volumes of tags to implement many store or system wide installations for Staples. But, I did do a bit more looking around. It seemed to me then that the more gradual approach they were taking to "other" market introduction efforts then, even though they were small in initial market exposure, that they would be enough, if they only just sustained the initial interest... to enable them to reach profitability... oh, say, right about now... ???
Seems to me we'd heard a rumor about that happening a little while back ?
That was a while back, and I don't remember the specifics either of the retail distribution effort, or the reported achievement of the financial milestone...
Anyone got more current DD on either of those... ???
I think that they have a tag distribution deal with some smaller office supply outfit who was selling the tags at retail for use by smaller retail stores with a need to track one or a couple of higher value items. I wouldn't expect the tag price with retail markups to be the same price as that a larger customer would pay.
Do you think that Staples first testing and then USING them in their own operations... might eventually lead to Staples SELLING them... ??? Maybe for $14 each ? Hmmmmmm.
My guess is $8 since AbsoluteSky said it in it's press release, The $14 is quoted by others...
The tag is $14 and not $8 from the article!!!
Who is lying? Joe the plumber?
Now, the cost is a whooping 75% more!
Cramer touting SPLS hard right now...
"SPLS is the ONLY one in the space..."
Office depot is $900 million in debt... and can't count on a takeover since Office Depot and Office Max are debt ridden, and can't be taken over.
It is in everyone's interest to address the cost issues effectively. Obviously, to the degree ABSY and Fujitsu can lower the price barriers to accelerated adoption, while sustaining or expanding margins, the happier they and their customers will be. It would be interesting to know more about how various elements in the current cost structures might be addressed with change in the scale of the effort.
Good find. Thanks
Having a second retailer onboard would defiantly help. Right now Staples can pretty much call all the shots. They might be just dangling the carrot of nation wide rollout to get the cost, as he said, to come down a "little" bit. Still a very positive story. One would think other retailers have to be reading this stuff and gaining interest.
Great article. Thanks for posting it.
Cost issues ? A couple of aspects to it, likely ?
One might be a simple function of economies of scale. System wide deployment en masse on an accelerated schedule might enable some of the cost savings needed, compared to a more piecemeal deployment scheme that involves generating smaller numbers of devices over longer time frames with the same overhead. It might also mean that some of the "sales funnel" issues that we've pooh-poohed here for a year... contain solutions related to cost savings that can be gained from ramping-up to deploy in much larger numbers.
If there are firmly fixed costs related to production of specialized chips, you might still gain some cost savings from consolidation of functions... shortening the supply chain in production of the devices... but that also seems likely to create "chicken or the egg" type issues for ABSY... you can do it... but you need to pay for it out of sales, so you need the sales price/volume to support the cost of the current efforts plus the cost of the effort to reduce costs... so you come full circle back to ramp up and economy of scale issues.
Another answer might be had from the finance partner side of the equation... if there is a three year ROI you might use financing to better spread the cost over a longer time period, reducing the immediate obstacle of cost as a limit to making implementation decisions.
Otherwise, it becomes an investment issue, again, instead of a purchase finance issue, with a need for capital sufficient to enable bridging the gap in functions between current cost structures... and the necessary ability to support lower cost implementation on much larger scales. Sign the entire Staples system, Canada, U.S., Europe, and you need more capability to make it happen ? Sign Walmart, Costco, Best Buy, etc., too, and ??? Sales funnel vs. capability vs. finance vs. investment ? Of course, those are the sorts of problems you want to have... ???
Perhaps raises interesting questions, again, about the value of the business... and whether the needed cost saving benefits might be available from some particular business combination...
taking us full circle again back into finance issues.
There also might be other ways to extend the system functions to add additional value which might enable justifying the systems within current cost structures... or to simply generate greater recognition of additional value or potential value that exists but is not being considered...
Some of that comes from answering opportunity cost questions. If store management aren't required to focus as much effort on controlling inventory and shrinkage... what are they focusing on instead ? That likely explains why none of the stores opt to have the systems removed when asked... it frees management to focus effort on what they deem to be more important. Still, store priorities might not be those that most benefit the system wide bottom line which you need to justify the cost... so, there is a related systems management issue about how to optimize values that could be gained from the enabling efficiencies that are not being gained.
Similar potential, it seems, might be gained from integration of "other" chip functions... Poorly thought out, still, but might there be insurance cost reductions that could be made possible from some of the "other" functions... which would not reduce system costs, but would spread the cost into savings obtained from other areas ?
http://www.itworldcanada.com/a/Daily-News/0129f2e6-91be-4d62-b8b0-26c866b2c65f.html
page 2/3
Williams said that there’s a business case for eventually rolling the technology out to all the Canadian stores, but the company is hoping that the cost will come down a little before it does any mass deployment.
How long ??
I think that the specifics here will not just "spare" ABSY from the impact of a consumer pull back in a recession. I have been posting for some time that the unavoidable economic reality here, given what Staples says about the dramatic bottom line impact of the implementation on their business, is that a recession should in fact drive a dramatic acceleration in ABSY's business.
Recessions don't give management much latitude in altering product mix or in pricing more aggressively to gain competitive advantage... leaving only heightened interest in cost cutting and efficiency enhancement efforts as a source of containing the impact. ABSY products pay for themselves rapidly by limiting costs... while also enhancing efficiency by sustaining inventories in higher sales value products. The dual impact that matters most is, first, enabling the customer in better weathering the financial impact of the coming recession, and, second, allowing them to reach the end of the recession in better financial shape... with significant competitive advantages not shared by competitors going forward.
Notably, as sales begin to slack off, the more rapidly and the earlier implementations are begun, the more the immediate benefits accrue and the more a future competitive advantage is gained. More rapid implementation limits immediate damage in the downturn, and exaggerates benefits on the rebound.
I'm not saying I think a recession will be good for SPLS... although, relatively speaking, I do think it will be much harder on SPLS competitors. But, I do think recession will likely drive accelerations of ABSY implementations, which will help SPLS, and other customers, in limiting the impact of the recession, while positioning them to lead competitors on the way out of the recession on the other side: getting hurt less in the downturn, and benefiting more, earlier, in the upturn.
How will recession effect IT spending?
A little light reading here. Hopefully Staples US side will follow this logic.
http://storefrontbacktalk.com/story/103008economy
What I see is continued accumulation paired with gradually reduced volume over the last few months. Suggests the company isn't selling many shares, if any. Suggests cash flow is supporting ongoing operations now ? If they aren't profitable now, which they have already stated, it looks like they will be in a meaningful way with the next step in growing the SPLS operational installation in Canadian stores.
Market liked partner/customer SPLS today.
Agree. The critics here are wrong, in part. Right that this likely won't "make" the company, but they are wrong about the terms of the deal, and wrong about implications for ABSY survival... also wrong about what the impact of change in the payroll might mean.
It isn't a huge billions of $$$ deal for ABSY to do 10 stores... but, after cutting payroll, I bet they can make money on the 10 store deal done at market prices.
No matter what the sales funnel is... having them ALREADY making money even on the small scale introductory deals would be huge.
The way it was worded
I wasn't sure if they meant starting or finishing by the first week in December. Either way it is like you say a worthy performer in the long term. A few new things explained such as how the anti tampering works and a better idea of per store cost to Staples. Under 100,000 per store. We might be safe to assume then that it is somewhere between 50,000 - 100,000 per store total cost at present tagging numbers.
Ten more stores, done by the 1st of December.
I missed that on the first pass... Guess that means they have been busy and are going to keep busy for the next month or two ?
Sweet.
We're up to "an extremely compelling ROI" and confirmation that "Staples is paying for all costs now." That article had a lot of really good news for ABSY in a concise little package. You have to love it when a little company like this has a supportive customer like Staples.
Store wide roll out in Canada would be 300 stores... I'm still looking for the global number, more, now, with the acquisition.
I think it will likely prove to be the case that I'm ALSO right about a couple other things:
The impact of having a bevy of orders in hand with a timely reduction in the payroll. This is a pretty small company, and it won't take a whole lot of change on either side of the page to push the ledger into the black. I think if they run a lean operation, they can be profitable with Staples as their sole customer... and making that happen will help to get other customers more interested in the products.
Survival isn't the issue. The key issue is the time line to ramping up for larger order volumes. That has required a lot of patience up until now. Recession WILL drive this company into an accelerating sales pattern as their customers start looking for ways that spending a little can help save a lot. The ugly market conditions we are seeing, that scare the crap out of their customers, are the best thing that could happen for ABSY. The next six months should see a pretty good change in the market for counter-cyclic solution providers like ABSY.
The Zen of ABSY... Ommmmmm!!!
As before, I'll continue to be as patient as necessary with ABSY, and I'll wait for it to develop at the organic pace it does. This isn't likely to soon be a momo penny stock you should expect to ride hard and put away wet in a few days of frenzied action. It isn't a rocket sitting on the launch pad... ripe for the touts to blow in for the pump and dump... It is a boring, but solid small business with some great opportunities that will require some patience to develop... and it should prove to be a VERY worthy performer in the long term... without having predictable displays of fireworks.
I'll be more than happy to have them turning a profit now on a steady pace in low volume sales, more so than I would be having them ramping up in sales a little bit faster while also pairing the pace with a much higher cost structure needed to "push" the differential in sales. Let them come to you... keep costs down... turn a profit...
Looks to me like they have it on the right course now... and have reduced the risks pretty substantively in the current period. :)
I'm not hawking for news on this tiny company every day. I've tucked it away and don't mind letting it gather a little dust... and it is gratifying to pull it out and dust it off once in a while, and find that it has improved since the last look... even if not everyone sees here what I do.
More info on additional 10 store expansion
http://www.storefrontbacktalk.com/story/100908staplesrfid
Here's something on the recent SPLS acquisition:
http://library.corporate-ir.net/library/96/962/96244/items/304857/Staples_CXP_Integration%20Strategy-Press%20Release.pdf
I started looking around a bit to see what sort of impact the acquisition would have. Found store numbers for Canada on the Staples Canada web page, where it says they have over 300 stores. Then noted that the acquisition also includes stores in Canada, so that number will likely go up. Couldn't find store numbers for the U.S. or in global presence, where they talk about sales $$$ rather than store numbers. Saw elsewhere that the acquisition in Europe has an impact that might be as much as 20% of sales ?
Best news from the last blurb were the bits on the fast pay back period from implementation... which labor cost savings will do... and that the U.S. was watching the results closely. I would guess that the pay back period might get a bit more attention going forward, as they look to find ways to accelerate benefits from integration.
That, and Staples probably isn't the only customer they'll ever have ? Still, not a bad thing, either, to have Staples proving out that the system they are using IS living up to the promises, which has ABSY looking like it is doing a whole lot better than what is reported by others from the systems they have tried ???
I don't expect or want to see any hockey sticks on the sales projections here. I'd rather have them take it slow, work with their customers, and continue to get THAT right... and if that takes time, that is fine with me. If that means growing at the pace Staples chooses... and ABSY can survive on that business and whatever else is in the order flow, great. I'll be patient with the growth curve and support them in doing what they need to do to survive... while having faith in the product... when Staples and Fujitsu are telling me I should.
Agree. ABSY is more or less performing in line with the market, now... which isn't saying a lot that is good or particularly useful. Market reality... that the market is STILL not dealing with... is that there are a whole lot of companies that are NOT going to survive the current financial crisis. I haven't really yet seen much of a division forming between that class of companies that have a built in heavy need for cash as a drain, and that are swimming in debt... and those that have low overhead with no debt and are generating cash beyond that needed just to survive. It may be that the two groups won't have really obviously different market performance that is apparent now, in the early stages of the market decline, maybe not for another week or two, yet... but, one group will likely survive, and the other likely won't.
Look at companies that have been recent darlings of the Wall Street moguls, like SIRI or CHTR... and predict their survival potential while looking at their debt loads ? CHTR, maybe... looking at it as a utility provider. SIRI ? ABSY likely has a vastly better potential to survive and prosper than SIRI, given the market turmoil ? Canning a couple of suits now might make a whole lot of financial sense for ABSY, too... conserving cash, and with orders in hand, maybe getting them beyond the point of balancing income with outgo, without having much impact at all on the future potential. I doubt CHTR can turn a similar corner on profitability by dropping 20 to 30% of the payroll in a few days. ABSY is a small business... and the flexibility to make those sorts of changes can be a real difference maker.
SPLS might have some issues with the price they paid for recent acquisitions, now that the markets are tanking, but there seems not to be any question that they can and will generate cash and make money on the deal even in the short term... and, for ABSY, SPLS recent expansion into Europe isn't exactly bad news ???
All time low < 0.55 cent.
ABSY hits all time low today and close at all time low of 1.9 cents!
Good news! bad news! they mean nothing now!
Point by point...
"I still believe the 10 additional stores only allows them to survive a bit longer. Its not huge news."
Agree. That is probably why it wasn't floated out by the company as huge news. I don't even see that they put out a PR on it. It isn't huge news... but it also isn't bad news rather than good news. It is good news.
"Ask yourselves why: 1. The stock is not moving. Why hasn't it doubled with this news?"
Well, asked and answered ? The news is good news, not huge news, and the company hasn't been pushing it as huge news. The stock is not moving... because it hasn't been pushed, and not many are paying attention anyway, and otherwise, in this market, it is stupid to ask why it isn't moving up ?
"2. Why did two key people just leave? Do you think egrey is kicking himself down the block because he left just before the big news? Not likely. Same for the product manager. They know more than we do."
Probably they do know more than we do. I also don't work for the companies I used to work for... and know a lot about them... which doesn't make my moving on and up into a statement about their continued viability ?
"In terms of revenue, I am sure Staples has a sweet deal being the pilot site. Software 5k*10= 50k? Support 9k/yr
Training is probably being done by Staples themselves. Still not a big deal."
Agree that additional consideration doesn't make news that is not huge news into huge news, but it also doesn't make good news into bad news. I am sure Staples DID have a sweetheart deal for the pilot site. I doubt this expansion of use into operations is considered a part of the pilot project.
"No my friends, this is not what you think it is."
I think it is EXACTLY what I think it is... a very small company with important big company partner support... and don't see any evidence at all to the contrary... see nothing to suggest Staples is lying about their experience, and, although I do see an effort to bash it which seems "timely" if based purely on innuendo, I don't see that the story or the potential or the value that I see here has changed at all.
I still believe the 10 additional stores only allows them to survive a bit longer. Its not huge news. Ask yourselves why:
1. The stock is not moving. Why hasn't it doubled with this news?
2. Why did two key people just leave? Do you think egrey is kicking himself down the block because he left just before the big news? Not likely. Same for the product manager. They know more than we do.
In terms of revenue, I am sure Staples has a sweet deal being the pilot site.
Software 5k*10= 50k?
Support 9k/yr
Training is probably being done by Staples themselves.
Still not a big deal
No my friends, this is not what you think it is. If only Egrey were talking! Anyone have a way to contact him?
J
Yeah. That, and, we can Thank God they didn't put out yet another useless and pointless message on how the "sales funnel" has been growing... Probably, since they stopped posting news about that, we can just assume that when they stopped talking about the sales funnel, they also stopped trying to sell tags to anyone other than Staples ???
One of my prior posts here was slammed by a critic because they saw my post as "touting" this stock. I pointed out that if my post was a "tout" it wasn't ME touting, since all I had done was post what their key customer had said, and if the biggest problem they have is their primary customers are continually "touting" them, you could obviously do a lot worse than that ???
Other criticisms were that the systems were too expensive, so they clearly made no economic sense and purchases could not be justified. I posted that I expected Staples, and not ABSY critics, probably knew more about what made the best economic sense FOR THEM ??? And, expensive or not, you have to upgrade outdated store systems to remain competitive. The decision isn't about whether or not to upgrade, it is about when to upgrade and what to choose when you do ??
I thought the key financial advantage would be much better inventory management which would help keep the hottest products in stock, delivering higher value from high volume turnover in hot products. Also, a major reduction in labor costs for inventory, and a big impact on reducing shrinkage of high value items, all three of which would be hugely and disproportionately beneficial in an recessionary environment. I also noted I thought roll out would accelerate with recession... for both $$$ impact on the bottom line and for emergent competitive reasons ?
So, what does the customer have to say now ? Hmmmm ???
--------------------------------------------
There were even more benefits that Staples realized, including almost fully eradicated shrink and a drop in return-to-vendor dollars, but the labor savings and increased gross margins achieved ROI by themselves. "When you look at those two alone, the system pays for itself very quickly."
The strong results mean Staples will push ahead with deployment of RFID in other locations. "We've done five stores, and we're going to double that with another ten, and just keep seeing if the numbers prove out." Soares said that Staples US is watching very closely to see if the technology should also be adopted Stateside.
When asked how Staples was able to achieve such positive results and strong ROI, while other retailers struggle with gaining benefit from RFID, Soares answered that their approach had been to identify pain points first, then attack them with the technology. Soares identified cycle counting as just such a pain point. "Cycle counting is not productive; it's a waste of time and money," he said. "The approach I took is, 'How can I save the business some labor dollars?'" Does he think other retailers could see the same ROI? "For whomever does cycle counts, yes, there is no question about it."
than i don't get it. they don't do manufacturing so if there selling for $8 and making at leastv 50% profit, who is selling them the tags for $4. and if they don't do anything else but tags, why not staples just buy the tags direct from the manufacturer? they must make money on software and services. how could they afford all the people. where are the US sstores any way? at 0.025 cents friday are you really happy you bought at 0.022? is this a long hold?
Too bad selling tags is their only source of income. Of course they wouldn't dream of charging anything for installation, software, supplying readers, support, training and that sort of thing...
LOL! Big Deal!
2000 items * 10 stores = 20,000 tags * $8 = $160,000 * 50% margin = $80K will not be enough for ABSY to last for another 4 months waiting for another trial/pilot!
Wow. Thanks for posting that
I missed that one. Think we're going to hear a new name soon now that Staples has put their seal of approval on this. If this expands to the US we are in for a sweet ride. Was a little hesitant buying at .022 recently but glad I did now.
10 more stores.....
Staples Achieves Great ROI, Expands RFID Deployment
RFID Update today spoke with Joe Soares, the director of process engineering at Staples Canada, about the success of the office supply retailer's five-store RFID pilot. Soares was extremely pleased by the pilot, which has yielded a "very, very satisfying return on investment." The company will now roll the pilot out to ten more stores in the hopes of achieving similarly positive results, and assuming that it does, will continue to expand the implementation more widely.
Staples is tagging about 2,000 of the 7,500 SKUs that each pilot store carries. Most of the items are high-value, high-theft products and capital goods like computers, MP3 players, and other electronics. The tags are fully active, which enables the system with real-time location capabilities. There are seven readers hung from the ceiling at points around the store, each of which designate a particular zone for locating products within their range. The deployment is purely in-store; there is no supply chain component. The tags are attached when items are received at the store, then removed when the product is purchased. The price of the tags "isn't cheap", said Soreas, but because they are used over and over, the per-use cost falls to 8 cents.
The solution is the intelliTRACKER inventory tracking system from Montreal-based AbsoluteSKY and was deployed by Fujitsu Transaction Solutions.
Among its many benefits, Soares indicated that the labor savings was paramount. Each store used to conduct cycle counts (inventory) once every two weeks, a laborious and time-consuming process. With the RFID system, all tagged items are constantly beaconing their presence, which enables the stores to monitor inventory in essentially real time. "Now the store managers can just go to the server, click a button, and all the inventory exceptions are on there. It takes only about 15 minutes."
The manual inventorying was also error-prone. "Very often inventory is wrong," Soares explained. "What happens when inventory is off or wrong is that you have to constantly make adjustments to it so that your replenishment system kicks in correctly." And now that the RFID system is in place? "What we're finding is that our inventory is 100% accurate."
Another major benefit Staples realized as a result of the system was increased gross margins. Thanks to the RTLS capabilities, staff can locate inventory throughout the store, inventory that might otherwise be difficult to find and therefore sit unsold. A common problem in retail, explained Soares, is that a store might have a single unit of a desired product in stock but because there is just one left it is difficult or impossible to find. The last computer of a certain model, for example, might be hidden behind the boxes of other computer models. That computer will eventually be found and more prominently displayed, but by that time it might have had its price reduced. The ability to locate all inventory solves this problem. "Because you can find the stuff, you can sell it sooner," said Soares. "We find and sell the product before markdowns are taken on it." The result is increased margins across the board.
There were even more benefits that Staples realized, including almost fully eradicated shrink and a drop in return-to-vendor dollars, but the labor savings and increased gross margins achieved ROI by themselves. "When you look at those two alone, the system pays for itself very quickly."
The strong results mean Staples will push ahead with deployment of RFID in other locations. "We've done five stores, and we're going to double that with another ten, and just keep seeing if the numbers prove out." Soares said that Staples US is watching very closely to see if the technology should also be adopted Stateside.
When asked how Staples was able to achieve such positive results and strong ROI, while other retailers struggle with gaining benefit from RFID, Soares answered that their approach had been to identify pain points first, then attack them with the technology. Soares identified cycle counting as just such a pain point. "Cycle counting is not productive; it's a waste of time and money," he said. "The approach I took is, 'How can I save the business some labor dollars?'" Does he think other retailers could see the same ROI? "For whomever does cycle counts, yes, there is no question about it."
Totally!!!!
They fool no one
J
"another profitable quarter"? i think gregsaba = absolutesky
Latest news: more stores (no number given) but no full deployment!!! ABSY needs full deployment to survive!
=====================
Staples Business Depot Completes RFID Inventory Tracking Pilot and expands to Additional Stores
Last update: 12:21 p.m. EDT Sept. 30, 2008
TORONTO, Sep 30, 2008 (BUSINESS WIRE) -- Fujitsu Transaction Solutions Inc. today announced that Staples Business Depot will install additional stores with AbsoluteSKY's (ABSY) intelliTRACKER(TM) inventory tracking system. The announcement comes on the heels of strong results from an initial five-store pilot of the system.
During the pilot, the intelliTRACKER system proved more accurate than physical counts, and shrinkage for the tagged inventory was eradicated. The system also allowed for quick balancing of Staples' master inventory system, while becoming a critical tool for locating merchandise.
"Results from the five-store pilot confirm the positive outcomes we witnessed during our proof-of-concept phase," said Joe Soares, director of process engineering at Staples Business Depot. "Supported by broader data collection and intense scrutiny, we again experienced 100 percent inventory accuracy, reduced shrink, and increased sales and reduced store labor costs -- all against an extremely compelling ROI."
Working with Fujitsu, Staples Business Depot, Canada's largest supplier of office supplies, deployed AbsoluteSKY's real-time, long range inventory tracking system in five stores in early 2008. The business relationship began with a proof-of-concept test in early 2007.
"Staples has seen how the intelliTRACKER system can significantly benefit their business plan, and has asked us to help them press forward with this strategic initiative," said Peter Sciberras, general manager and vice president of sales, Canada, for Fujitsu Transaction Solutions. "The pilot results are conclusive and encouraging, and we're excited to roll this system out to additional locations."
Fujitsu and AbsoluteSKY formed their strategic relationship in 2006 to help retailers get the right product, to the right place, at the right time. The intelliTRACKER system uses radio frequency identification (RFID) to accurately track inventory to the item level in real-time, while providing an extensive range of customer benefits that includes increased inventory turns; elimination of missed sales as a result of out-of-stocks; reduction of in store operating costs; and extensive control over loss prevention.
.....
http://www.marketwatch.com/news/story/staples-business-depot-completes-rfid/story.aspx?guid={73FB6C2B-BE28-44A7-AC29-94D84675C908}&dist=hppr
Not all negative at all. Friend told me about recent news on this Board(rarely catch boards) - hold far bit of this stock. Can usually get good info from info@. Good size order in house. Funding is onside. Seems will be another profitable quarter. They are quite busy. PR should be out shortly (bad timing for any good news in the market this week). Many large sales leads. Seems matter of timing. Egry out bec of big offer he got in large co. No impact on business (sales, supply, etc.) He was not chief eng at all. Sit tight. I have full confidence. (see for yourself with mail to info@)
Many thanks for the info Organo
Especially since it's so hard to come by.
ok. so i had my mountreal Canada IR friend who knows the company a little bit call them up. He talked to there marketing chief Tammy Ann. She said egry had left also with the product director and field engineer because of no money. they are all engineers (frobisile isnt an engineer but does some programming!)and but they still have 2 or 3 programmers left. they have like 6 or 8 employes. but she says they have some work until they get some big orders. he doesnt no who is buying and selling so i'm lost on this one
Robert Egery is not a technical guy, you are right, he was hired to do sales & marketing and looked into military application due to his previous employment at Lockheed.
He brought in Gary C-Cook as the CFO who followed him in many previous failed ventures (CDI, CNC)
Patrick Charbonneau was also brought in as product director with a lot of fanfare and PR about potential military contracts who also left the company. The PR link about this guy was removed at the same time when Robert E. departed.
They both failed since military applications need a better range than 100m.
The future of this franchise looks bleak, Staples for sure cannot do a full deployment under the current economics environment and ABSY will run out of cash soon.
LOL! Can they still afford a receptionist from the 5 mentioned?
Sure haven't I would not be surprised at this point if they don't even have someone checking the inbox any longer
I played with phone system, and found 5 employees and that includes the receptionist.
Thats it.
I think Farbasile is Engineer, sales guy, finance guru and head developer.
Anyone heard any news on Staples? Would Egry leave if Staples was going to happen? I wouldnt. I would wait around for the 65 million in follow up sales.
Anyone know the expression about spots on a leopard?
The milion in shares is probably execs taking out as much money from company as possible as quickly as possible before nothing is left.
J
Maybe Robert Egery was IR. lol
I've sent 3 emails over 2 weeks time to investor relations asking about the management change and got no response. Have you received a response yet?
whose doing the buying and selling if there is no news. what i can see on egry, he was a senior exec at major international companies if you look at the filings and has a lot of education. so whose there engineer chief now? how many people are in the company anyway?
They made no official announcement of the COO and it is now subjected to bad speculation. It is also very unprofessional to their clients, suppliers, etc..
Did anybody notice last week that almost 1M shares traded between 2 to 2.8 cents. Do they sell more shares?
Post Unavailable
If Egry is gone, what does that say about his confidence in the future of this company.
if egery is gone it means truble for sure. he's there most senior exec with a clean work history and education. have you seen frabisiles profile? all small stuff and no education. looks very shady. the cfo is all small companiy's that don't exist. does anybody know how many shares are issued?
I GUESS THERE IS A LIMIT TO HOW LONG SOMEONE CAN GO WITHOUT A SALARY
J
Send their investor relations an email and see what they say.
Chief Operating Officer, Robert Egery
Used to be on this page,
http://www.absolutesky.ca/leadership.shtml?currentMenu=Menu2_2
Check out a cached google page and you'll still see him there.
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