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I think he thought this would be his swan song.
Wrong guy for the job from the get-go. Who hired him? I can't believe it was just based on his JnJ connections.
By the way, is Paige still on the payroll and what does she do each day related to Titan? Isn't that a fair question when you are literally spending investment dollars. Similarly, may we have an accounting of the actual work that was done by Bertner? I do not recall EVER seeing one shred of information suggesting any concrete work done by either Paige or Bertner. Can anyone remember anything?
I would really like to know what work was actually performed by these two, and if it was insufficient given their work responsibilities, who decided to keep them employed? These are fair questions, aren't they?
Mr. Hargrove and and Mr. Randall, will you please reply to this?
It may be a soft way of preparing for a "respectful" change of leadership. I certainly HOPE that is the case. All in all this last PR is good news, but way too late, and at present without a change at the helm.
Don't know if any of this is going to pull us out of this low-on-funds nosedive. Franky, there are are plenty of startup surgical robotics companies who could care less about appropriating Titan's widgets at any cost; they have become start-ups because they have their own good ideas and would be happy to see Titan founder into the ash heap. It buys them a chance at the first-to-compete-with-ISRG table. So it we are going to get bought out it will likely be from someone big enough to pay (at firesale prices) and want to just jump into the game first. My hope is the firesale price breaks me even.
Sorry for all the posts but I feel like speaking out about this company. I think that we are probably getting some increased readership of this board, and invite any readers who have never or rarely posted to post here with just an acknowledgement that you follow this board. This helps all of us shareholders, especially since EVC has stated they follow it. Tons of information useful to Titan management and board, and SAB has been posted here over the years from all types of professions, private research and investigations, rumors of partnerships, comments about the competition, comments about potential partners, criticisms of the company and the product (much of it constructive, let me emphasize), general cheerleading and rally rousing about SPORT to help investors feel like investing, etc..
If management didn't read it, they were morons in my opinion. What better way to judge the concerns, sentiments, and advice from the shareholders, many of whom have great expertise and practical knowledge, technical, financial, sales, marketing, surgical, you name it.
It was/and still can be the best way of disseminating and sharing knowledge. Unfortunately and especially of late it has devolved into areas that probably aren't too pleasant for management to read, but if you want to be a big boy, grow a pair and listen to what people have to say. There is a shred of truth in everything.
That all being said, I am respectfully suggesting that J Hargrove resign, retire, or step into a simple board position. A parachute can be designed off the basis of future success for Titan, as far as I'm concerned.
As we should all understand by now, only Fowler, the IP creators, and Ximedica produced SPORT. The others are stuffed shirts.
Ask yourself, they hired Bertner, but did they have the balls to make her produce. They hired JH's daughter, but did she produce anything we know about? They allowed their once crappy website to represent the company for years. I now HONESTLY think JH did nothing but spin the windmills in his mind. WTF does that say about the board that would let him do this stuff for years? Oh yea, he was the chairman. SR is just a yes-man to JH, nothing more to say. RR MUST be literally out-to-lunch to allow this all to whither.
Only the Stockholders can force things to change. I think the letter was the friggin wake up call to all concerned. J H should retire now.
True. I told them 3 years ago that they needed an engineer in an executive position.
He has to do payroll for 4-6 people and himself. My corner grocery owner needed to do the same in 1965, without a computer. Swept the floor too.
If you really are R.R., tell me, what do you do for a living? I can't see that you practice surgery anymore. Is that correct?
Agree completely. You can try to start a bidding war and keep it going as long as the party's are willing to keep their hand in.
You could raise pps dramatically by just stating (with true intention) that you are just considering selling (to finish development, get the platform on the market, etc.)
You could say you are exploring selling. You can do a lot of things, but not talking to shareholders borders on criminal, IMO.
Is Amanda someone who cleans EVC's offices?
If what you are saying is not an exaggeration, then I must question their competence.
Who would not, given that they are not willing, allowed, or not able to address your questions, would not have at least bumped your call up to some higher in the chain? Or, told you they would get back to you.
I mean who the F*** operates like that? I meet people every day working in "ordinary" jobs that go out of the way to give me help an information. Case in point a tow-truck operator that helped me yesterday. Friendly, courteous, efficient, full of facts about dealing with breakdowns, etc.. I tipped the guy for sheer gratitude.
What the hell is this EVC outfit, anyway? Just another of Titan's incompetent consultant picks? Maybe EVC is waiting to get paid too; that could explain it.
From what I'm reading, Ximedica is going gangbusters right now as a company. I think the Titan work is a very proud feather in their cap and they would love to continue it. I do think they are in a position of such growth now that it really did boil down to the requirement that Titan be able to pay their bills (current and projected)as a requirement for Ximedica (to commit the resources)to push this through. In other words, Titan needs Ximedica 110%; Ximedica at the end of the day does not need Titan. I don't think there are any grand conspiracies against Titan coming from Ximed, just a 'shit or get off the pot'. Fowler may have pushed them a bit too far in committing to more and more work. They finally said no; pay first. Then he split.
Titan, if it is going to succeed at all, MUST get Ximed committing again to the project. Taking it elsewhere will be the end.
Every day that passes without hearing that Ximed has resumed work at full power for Titan tells me we are toast. With this last round of financing completed, this information about our relationship with Ximed MUST be forthcoming from management. If Ximed is only going to get paid enough to keep the project file dusted off, also toast.
IMHO
Agree, except that they also realize they themselves are not up to the task. I agree with Cuin that they are just trying to hold on to their jobs for now. Why such silence; no defense or acknowledgement of the difficult situation? Like I said, if no acknowledgement (at all) to this letter by friday I'd say JH, SR, and RR don't have a freak'in idea what to do next? Well, RR never did anyway.
That is a possibility, and a nightmare.
An competent CEO would be calling the Wall Street Journal and asking why they did not include Titan in the robotic surgery article, and even possibly, ask for a mention in a Corrections or Addendum to the article.
This is why these boobs needed to be called out with a mass-mailed letter.
A H.S. marketing class could do better. Where is EVC?
He says he's a high wealth money manager for small caps.
Then he says OTCs fail 9/10; you just bet on 1 making it.
So, when you use his services, it's just the same as him gambling your money; he places 10 bets.
So, what do you need his services for?
Well, I hope JH and crew are sitting there just thinking "when these guys find out the big news they will all look like fools and crybabies. We'll be heroes; boy was it hard staying dark for so long."
I hope that is happening, but I don't get that sense.
No. Some don't perform and I understand why. That it will change or not you can apply some reasoning to and make adjustments accordingly.
Never felt that way with Titan; never.
Please suggest your 'better ways' than making a lot of people in and outside the company question what the hell is going on?
This stock has defied reasoned assessment for the last few years. It doesn't exist in an alternative universe. Management has not come through on attracting funding for what should be an easy pitch. The physical work on the device and the IP look superb given the potential and needs of the market, and the accolades of the surgeons and technologists who have seen it.
Management has no face, except for Fowler (now gone for reasons unknown); that is not good. I repeat: that is not good. Especially for a company trying to develop breakthrough technology in a wanting market.
Communication to stockholders is minimal at best, maybe even flippant or misleading at times; therefore rumors and speculation take over. Investors can not make reasoned decisions as a result, nor can the potential market be cultivated.
I don't care who this letter shakes up; it deserves to be heard. Any focus put on Titan is useful in that it draws attention to the potential of the SPORT device, and the investment opportunity.
He wanted to spend more time with the grandkids, supposedly a paraphrase directly from CFO Randall. Oh, and his part n development was completed.
If Titan would like to provide an honest answer, I'd love to hear it.
If a communication of at minimum the acknowledgement of this letter, the consideration of the information in this letter, and a pledge of substantive action relating to this letter is not officially provided by Titan management WITHIN ONE WEEK, then I would say this company is officially toast.
IMO, at this point WHAT EVER brings any attention to Titan is a positive.
You said 'negations' when you wanted to say 'negotiations'. You are actually correct with your mistake as far as I see it.
WHAT NEGOTIATIONS???? We would not be at 33 pennies if there were any negotiations.
At least these emails might light some small fires. God knows they are needed.
Sorry man; pulled the trigger a bit early but Titan has driven me to the ragged edge. Ups and downs and bad luck I can put up with but this death by a thousand cuts with no explanation is too much to take.
At least we will be heard.
Just sent the letter to Titan, included all of the addresses I have so far.
I'll send more to others as I get addresses.
Thank you for this fine letter and the chance to show these people I'm out here... even if they just delete it, they will read it at least once.
It should also be published on the Titan LinkedIn page.
I don't care if it bothers the cheerleaders; we shouldn't need cheerleaders with this technology, if it was managed properly.
I now agree with you.
We can badger them individually at will.
A concerted email as you propose is the loudest message.
Can't believe it is necessary. I think Hargrove is hiding somewhere. I am serious.
Got the feeling he will be out real soon. Hope Randall is out too.
I think this is a very good idea. And, the petitions are indeed well written.
If they are emailed by individual shareholders they can be edited with specfic content, but keep the general boilerplate text of the original.
I think this is much more likely to generate many emails rather than one multi-endorsed one; not sure how that would work either.
Look, Hargrove seems to be at the root of all the downsides with Titan. I can't see it any other way. I have never heard anything otherwise from any direct or indirect source. IMO this company will go down as a disaster if he doesn't get replaced, and I suspect Randall is nothing more than his side kick.
I hate to say this but I can't see it any other way. Who the heck is letting him kill this company? I seriously must question whether he has his wits about him. It's a legitimate question.
It is unlikely in the extreme that common heat shrink tubing will be used for covering the flexible tools arms. These will need to be specially made, affixed, and sealed. Made of biocompatible elastomer, able to be disinfected and sterilized, if re-useable.
Hey! Isn't Hargrove from JnJ?
Maybe he should get in on the conversation???
Great, no mention of Titan, only special purpose robots like Mazor and Mako, that DON'T DO GENERAL SURGERY!!!!
Good PR for JNJ, GOOGLE, and VERB.
Hargrove, you a**hole!
Hey EVC, lunch hour over yet? MAYBE YOU COULD CALL FOXBUSINESS AND SET UP A FOLLOWUP ARTICLE!!?? Entitle it "Small companies also innovating for Surgical Robotics", or something like that. You can mention Titan and SPORT, OK? You have an account with them, right!!???
I can't F*'in believe the sh*t I've gone through for the past 2 years with this clown show.
You are not crazy.
So we have EVC in our pocket evaluating shareholder sentiment; I'm glad they do but it doesn't seem to lead to anything, just like Bertner. Pure silence. Maybe EVC hasn't gotten paid.
In any event, I'm waiting day-by-day for any official information to come from Hargrove. I'd say Titan, but honestly, is Titan really a company or just Hargrove, two other clowns, and a secretary that sends the email? I'm dead serious; what makes Titan a company (a public one at that)? Nothing that I can see.
No reason to believe anything other than a fire sale is the likely outcome. They should hire an outside firm of repute to put a price on Titan, which is actually only SPORT and IP, subtract the debts, calculate parachutes for "management", and put it up for sale. Maybe at least we would get a bidding war going. I am dead serious. I think there would be enough interest to pull us out of the nosedive for a dollar or two. In other words, sell it now, before you are literally forced to.
If that's not a good idea Hargrove, then tell us WHY NOT?
The software component alone, even if they were funded as they planned, would seem to me to be a project of a couple years.
Am I incorrect in thinking their milestones so far seemed way too optimistic?
I agree the SPORT would be a logical non-Verb development platform for Verb's intended "software" product. Seems like a no-brainer for both companies. But how far along is Verb themselves?
Will we get a comprehensive statement soon about Titan's current position and plans?
Well they may already have basic manual control of the tools, image, lighting, etc..
But there has to be software to mark the case with patient information, real time stamping, personnel stamping, recording and playback of image, databases for the same, maintenance and tool replacement scheduling, safety controls on cautery and tool motion, emergency removal of tools, repositioning of tools, adjustments to hand/tool motion, safety reminders for infection control, electronic medical record interfacing, tool motion recording for debugging, integration with training modules, service and repair utilities, automatic warnings and alarms, internal diagnostics, etc..
They may be WAY SHORT on that part of the software that they refer to a "core functionality" or whatever they termed it.
Well, the message as I understand it then is that this newest round of funding will be used to complete the EV5 (which will not have "core system and functionality" software.
Next, an EV6 iteration will need to be created (still without "core system and functionality" software) {presumably by a next round of funding}
Next, "core system and functionality" software will need to be created. (my guess is that this gets us to Design Freeze and into FDA/CE evaluation territory.
So there are at least two more rounds of funding likely given the current low demand for the stock.
We are in for a continued long haul. I'd guess nothing short of 2-3 years until first units could be going on sale. Not being negative here, just realistic.
If they don't issue a statement to the effect that development work will restart and when; they are fools and negligent stewards of this public entity. It should come out not a minute after they are certain they are running again.
The engineering verification unit should be called out in the statement as the "design freeze" and it must be stated that will enable them to push forth the FDA and/or CE process. If they do not state that they are fools and negligent stewards of this public entity.
Exactly!!!!
If you know anything about the medical world, the surgeons, doctors, techs, nurses, CEOs, CFOs, and medical device procurement people and hospital managers, will generally sit on their butts forever when it comes to actively getting excited about or lobbying for a new widget. They are too busy doing their everyday jobs. To this day in my STELLAR academic medical center I have NEVER heard Titan or SPORT mentioned, never.
Showing off SPORT at medical conferences is crucial but only 1/2 the picture. Fowler; take note! All these docs on the SAB; I never heard one of them promote SPORT or Titan.
YOU MUST ENGAGE THE INTEREST OF INVESTING POWERS THAT BE TO RAISE MONEY!!! That means the wealthy people and financial companies that want to make money and don't care whether you've got a life saving vaccine or the next big thing in fashion boots.
For the life of me, that should have been Bertner's EASIEST job EVER! She must be OUTSTANDINGLY INCOMPETENT to have done nothing.
Three years ago I said Titan acted like they were a company being run out of someone's garage, and I don't mean like Apple was.
Pops Hargrove has been a NONEXISTENT face for this company, NONEXISTENT.
Reiza is LITERALLY NONEXISTENT!
XIMEDICA created SPORT as Fowler's wishlist. The guys creating the continuing innovative IP deserve to be recognized.
Hargrove, Randall, and whats-his-name were worthless. Realize, as I have mentioned for years, Titan has no named engineer, programmer, or technologist in its management. How the F could three incompetents and a doctor create SPORT? That's the entire company, correct? That is really not a tech company, folks, that can create hardware and software. Again, Ximedica created SPORT.
And here we are at $0.39/sh begging for money for what should HAVE BEEN the next (and very well designed) surgical system to come on line is APPALLING management.
What kills me is that the organic interest and excitement for SPORT should have inflated pps a long time ago. Then money would have been much easier to raise. Remember, we all thought TITAN was the ISRG alternative for the surgical market. Like Boeing deciding to stick to conventional sized jets while Airbus built the giants. The shit OTC exchange this trades on was the down fall IMO, along with a CEO who looked and sounded like Jed Clampett, worthless picks for PR/IR firms, JV websites, and no attempt to communicate the revolution was here for this market. JH was 25 years behind the curve for the times. And if Fowler was the visionary unfortunately he wasn't a salesman. My wife will kill me but from now on I'm mentally just training myself to accept this as a total loss. Anything better than that will be a win for me. It was the best investment gamble I was ever able to make. I'm not making any more.
That is EXACTLY the read I make on this.
Reiza is an A**hole in my estimation, SOLELY because he never issues statements of any sort. For F'ing God's sake, can't he even issue a one sentence statement in conjunction with Pops Fudd's inanity. I wouldn't even care how lame it is; say something you smiling nitwit. I don't care if he has a degree in biophysics, etc..; he didn't appear to do 1% of what Fowler did. I don't think he is in active practice either. Probably washed out.
I am convinced now Fowler threw in the towel in disgust, although he did not help natters by treating Titan like a lab project.
And Pops Fudd, what an absolute f'ing twit. Your Goddamn company is twisting in the wind and NO PR, NO cheerleading, NO positives, NO anything.
Which brings up an important question: what the hell does their PR company do every day. Apparently nothing.
I hate this company. I'd like to get out without loss, that's all.
I honestly think Pops Fudd has cognitive issues, and Randall couldn't find a sweeter deal than he has now, being incompetent.
I want them to settle for $1.87 or a few nickles less.
Then I'm outta here!