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So then. Anyone else care to relay the debunking as they remember it? Mide has left me hanging and I probably won't sleep for a week. In fact, I'll most likely go on a vodka-induced bender that might involve countries I've never visited.
Bagelboy? Can you help me out here? There's been so much said on this board, I feel like I need to know the story as told from management's side.
Thanks.
bank
Yeah, but I trust your accuracy.
bank
'Now to remove the bullets from the gun of disinformation blogs on the internet...'
OK. You've got me on the edge of my seat. Could you tell us everything you remember that Clark said in regards to this?
Thanks.
bank
Are you able to participate?
bank
typo correction - did NOT want to waste what precious shares were left.
bank
And, in regards to the zero warrants on the last raise, I believe Basis negotiated for their clients that the 6 month restriction be removed as a kind of trade-off. That might have also played into WSGI pulling the plug on the offering early, I don't know. I might add, that although the latest S-1 has been released, to date the SEC has not blessed those shares as being free trading yet. Still waiting. . .
bank
Mide - let me clarify. The one investor scenario is not necessarily related to the 8-9mm raise that management says is needed. I am only trying to put together the pieces and wondering if they are related. I didn't mean to infer one means the other. Actually, I am hoping they are not related. If VC is real, let it be at a much higher share price. In addition, who says there aren't muliple sources of funding being considered simultaneously. 8 or 9 million is a spit in the bucket. And if Clark wants to get involved with more of his own money, you can bet he will make the most of the opportunity as it relates to supporting the SP.
The Rodman discussion was mentioned to me a couple of months ago, but I have no idea how long management has been considering it an option. I suppose its always an option for any company who needs cash.
To me, the bottom line on this topic is this - our team is actively exploring multiple funding options and to date they have proven that they are careful, methodical and efficient in how they do things. I'm confident that they'll continue to secure the funding that we need in the same manner. As an example of this, one needs only to look at the last round with Basis. There were more shares available at .075 that were not sold. Why not? It wasn't for a lack of buyers at that price. Remember, market price at the time was in the .12 cent range. It was because management put the kabosh on letting those shares go. They had enough funding for what they needed at the time and did want to waste what precious shares were left.
bank
Mide, additional thoughts -
IF, and I say IF, they have contracts coming, as we've been hearing for some time now, they will need money to go into manufacturing right away. Maybe certain customers require they have cash on hand to assure that product can be delivered in a timely fashion. Sure we have some money in the account, but it's not nearly what we need to build 10 ships or something of that nature. No one, especially in this economy, is willing to fund a vendor's production cost and wait for product. As the old saying goes, it takes money to make money. Plus, they've stated that manufacturing will take place in 2 locations - FL and Easton. Ramping that up will require cash for sure.
In regards to Rodman - they are known to many as a Duey, Cheetem and Howe type of company, but certainly the benefits go to the client. Pumping and subsequent fundraising is what you get from them if you need cash as a company. The company benefits, the investor often does not unless he's very nimble. I believe our management has wrestled with utilizing their brand of business and my hope is that they find a better way.
Again, 100mm shares has been mentioned to a single purchaser. If it's at .08 or .09 in order to get to the $8 or $9mm figure, it better be a sure bet that contracts will come that puts us seriously on the map and gives us cause to forget the past.
bank
My fear is that they are one of the 3 who are being interviewed by management.
bank
I agree. eom
I agree. They will need many 10s of millions to perform on continuing R&D and production.
bank
fathem, with all due respect, I did not find it relevant. You may want to see what the company is doing in 2011, not 2006.
bank
I have also heard talk that there may be a company coming in to buy up to 100mm shares. I'm hoping this is major VC, although, it may well be they give away shares at .08 or .09. If so, I think it would be a travesty. I submit, however, that they know better than I.
bank
fathem,
As far as I know, the Basis shares are done, at least for now. Certainly, the .075 cent shares are history at this point. Management is fully aware that any future fundraisers are worth way more than that, and I think, begrudgingly, let the last couple of offerings go for that low. I'm fortunate to be one of the last to be able to take advantage of the .075 shares. As Mide pointed out from the shareholders meeting report, management is considering hiring a company to help promote and market. This could include additional offerings, especially with the additional 250mm shares available plus shares recouped with warrants not exercised. However, it is my opinion that management is more focused on large institutional investors that are willing to buy much bigger chunks than us "little guys". With their focus on getting the company listed on a major exchange, my bet would be that they find VC funding, as WW continues to hope for, which would provide major developmental/manufacturing money going forward for the next so many years. Up until now, the company has been focused on getting out of trouble and keeping the rent paid. We are CLEARY past that at this point and management can now comfortably move on to the next tier of product development and marketing.
Globalstar - ticker GSAT. They're in the $1.10-$1.20 per share area, hardly worthless.
bank
What happened to "I'm buying at .09?"
Bear, thanks for the followup and I appreciate you sharing your impressions.
bank
Mide - a couple of things -
My gut has always told me that they are ultimately aware of the impact of proper timing and maximum benefit of announcements, etc., probably to a fault.
I'm glad to hear that you feel they have no problem with hiring talent to fill in the gaps of their expertise. This will, in fact, require many hirings. That's a very good thing.
My concern in regards to their misunderstanding of the market is directly related to their inexperience in the OTC market. It's foreign to them and the learning curve on SP movement is way different from what they're used to. I believe Clark subconsciously expressed this in his letter to the shareholders when he apologized for the SP.
Lastly, I believe that Clark (and others) will start buying a ton of shares when the time is right to help increase SP movement as appropriate news is able to be released. My original premise is intact - they believe they have a winner and they're in it to win it.
bank
powerhouse outside marketing firm has been identified interviewed (3 are in running) and expect to launch a vigorous marketing and awareness publicity targeted campaign within 30-60 days.
This is of great interest to me. I have heard this song and dance repeated multiple times in the last 8 months. They keep saying they're going to start the campaign within 30 days, 45 days, etc. The last I heard was that Rodman and Renshaw had been signed on to start a new campaign mid-July-ish. None of this has happened to date. I'm on board with almost everything management is doing, but my biggest concern is that they don't know how to market our product or our company.
What is your confidence level on this topic after hearing them speak?
Thanks.
bank
Mide,
I echo other's thanks for your attention to detail and ability to report. Question - did Clark or anyone say what the "data package" actually sought to accomplish? Did they give any technical details?
bank
Oh, OK. Thanks for the clarification, Kreskin.
How's that remote viewing going? I'm anxious to know what's going on.
bank
That's my understanding. BTW, if you notice in the latest release, the reference they make
In October's test exercises, the Argus One is expected to be flown with a tracking and monitoring system provided by WSGI's wholly owned subsidiary, Global Telesat Corp ("GTC") which will process data collected through Globalstar Inc.'s low earth orbit satellite constellation utilizing GTC's proprietary web-based online platform.
seems to indicate that the goal is to provide persistent, uninterrupted transmissions via multiple links. Remember that normal satellite transmissions have short windows of opportunity before the change in orbit takes it out of sight. DoD, as well as commercial interests should be very interested in this 24/7 capability.
bank
Called it.
"In October's test exercises, the Argus One is expected to be flown with a tracking and monitoring system provided by WSGI's wholly owned subsidiary, Global Telesat Corp ("GTC") which will process data collected through Globalstar Inc.'s low earth orbit satellite constellation utilizing GTC's proprietary web-based online platform."
bank
I wish our delay was only 24 hours, too.
I have the same suspicions as everyone else.
Everyone else? Really, Jet? Have you seen the board light up with confirmations of your dour scenario? Maybe you inadvertantly left out the word "don't", as in, I DON'T have the same suspicions as everyone else.
Just a thought.
bank
Where did I say army?
I don't believe I said it was the army.
bank
Ha! Maybe he is. Give him a call and ask him.
As has been pointed out many times, in this era of cost cutting, our more flexible, more deployable, cheaper alternative gives us a distinct leg up. Let's be careful not to compare apples with oranges here. Have you thought that maybe the reason they questioned the need for the other two is because we're in the game?
bank
What about them?
I hear ya.
Well, let's see. We got $200K from Space Florida for "data" at Yuma and we're not paying to use the test facility. That's a start. You're the one promising a contract this week from L3. Or was it this past week? But, I agree, it's time for a contract or three. I'm tired of my day job. Ha!
bank
At some point Clark and Estrella are going to have put up or shut up.
Shut up about what? What have they promised that hasn't happened? Are you blaming them for running their mouths? At worst, they don't give us shareholders enough information. But, certainly it would be crazy to accuse them of promising too much. And, haven't they been "putting up" ever since they were hired - SEC, capital raises including their own money, strategic partnerships, product development to the point of really being ready for demos in front of DOD? Not to mention, this delay is because of DOD, not because of management or Eastcor or anyone else. They were ready to demo with a surveillance package before the "change order" came in. My understanding is that they were asked to change the payload and there simply wasn't enough time at the 11th hour to prepare it for next week.
This kind of post traumatic stress disorder impatience is exactly what I'm talking about. Listen, I have nothing but admiration for those of you who have stuck it out through all of the various iterations and failures. I, for one, would have been gone long ago if I had to put up with what you have. But, seriously, do you really think that anyone could fix as broken a company as this in a year? And, how do you know that current management "doesn't get it"? Because Warp says so or anyone else on this board? I think they DO get it. And, I hope for all of us they prove it soon so the stress level amongst the really long longs can go down.
Best of luck. And I mean that.
bank
Sorry, one more thought. As I think about the applications here, I go back to the image of the Osama Bin Laden operation. This operation was viewed in real time. Our military wants real time surveillance everywhere it can get it. Our product would give them that ability in places they can't access presently. The ship flies and manuevers well, it has HD cameras and now a new communications package. We're in boys and girls.
bank
BTW, has anyone here connected the dots to GTC and its relationship with Globalstar (as well as other satellite companies) and its new fleet of second generation satellites that are presently going up? If you haven't, go read up on the free access GTC has to those data streams and its ability to sell that service to the DOD and corporations.
As Mide points out, the communications part of the payload is new. This is huge and ties in directly with our ability to take our data acquisition and send it up in real time around the world. Remember, the company name reflects our business model. And contrary to other opinions, I believe the Yuma rescheduling is great news, not the end.
bank
Look folks, the change in Yuma HAS come from a 500 lb. gorilla as Mide has hoped. Remember, the Yuma testing came from a DOD invitation and DOD can request changes when it is in their interest. Yes, our product is in their interest. Get it? Contrary to the "Holy Crap - another delay - we're all doomed" feeling that some have, we should see this for what it truly is - further development of our product as influenced by a very interested customer.
I realize it's hard to get the Huff post-traumatic stress disorder out of one's system, but don't let it get in the way of rational thinking.
bank
Those pesky DOD people - always asking us for changes and delaying our fortunes. Don't you just hate that?
bank
I apologize for replying to the wrong post.
Stocklearner - I just want to say that reading this board or any other discussion board has nothing to do with a pursuit of due diligence. These boards are simply a forum for open discussion. A member's time on a board, by itself, has no bearing, despite what others may suggest. Posters who accenuate their posts with multiple capital letters and excessive punctuations may or may not have an untoward agenda - caution is advised. Some posters believe that they can sway the opinion of stockholders or potential stockholders by their posts on these boards. This is far from the truth. There simply are not enough stockholders viewing these posts to make a difference in the collective shareholders' general opinion of a stock.
Investing in penny stock companies is not for the faint of heart, and, according to you, you have been unsuccessful to date. I would suggest that you not frequent these boards in pursuit of due diligence - it simply doesn't exist here. I would also suggest that you contact any companies that you may want to invest in and get a direct line of communication going. Relying on questionable internet board discussion is no way to validate your investment plan. Good luck to you.
bank
I'm bankin on it.