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Yes, whenever they start selling machines, it should be good to go. The big question is whether they stick with the plan!
IITF, was that the day that they lost a bunch of money by ditching the milestones? If so, then the 4m would have been mainly in sales, right?
We should be. But, we should have been before. It depends on whether these guys stick to the published schedule and whether they get good help from this new firm. They were up at $2.50 a while back, then completely destroyed momentum by going off the rails. There's no good reason this stock doesn't take off. So far, Titan has been its own (and our own) worst enemy. This thing can be and should be huge.
People who've been around here for a while - has Titan ever broken 1 million in volume before?
I agree that it will probably be over $1 soon again. But, that's the problem - it has been over $1, and even $2 in the last couple of years. What we really need is for management to push forward with plans and to hold to the milestones this time. Until commercialization or some serious outside interest, this stock is going to continue to fluctuate.
EVC, if you're reading this, welcome to Titan Medical! Aside from getting to work on bringing in earnings, I have a suggestion. A few years back, many of us bought into TITXF based on representations by this company that it had a certain set timeline. This timeline would have had the product commercialized by now. In other words, we would be earning on sales by now. Out of nowhere and with no warning, Titan completely changed the timeline, pushing commercialization back by years. The stated reason for this was to make a better product. This is a fine goal, however, many of us bought in based on the company's representations. Such a major change in strategy would be fine for a privately-held interest. But, for a company that is in the research phase, that has relied on private investors to bankroll its research and development, and that has promised a certain set schedule, this is not ok in the slightest. In fact, it gets really close to fraud. Anyone who bought in when I did lost money based on Titan's decisions over the last few years, decisions which, as I've stated, diverged fundamentally from the representations that induced me to invest in the first place. That is, had Titan put its cards on the table up front, I'm not so sure I would have invested. Of course, if they stick the current timeline and this product delivers as we all hope it will, the wait will have been worth it. But, my trust and confidence in Titan's management team is virtually nil. They've been operating with no consideration for investors. And yet, somehow, we are basically their bosses. That's an odd relationship. Long story short, please deal with this. Please turn it around. Thanks.
They will learn about their fiduciary duties to investors either from a trusted and knowledgable advisor (if they have/get one) or through the legal system when they are sued for breaching them and committing fraud by inducing investments through phoney information (e.g. the "milestones" they so brazenly threw to the wind).
The silent approach also won't help management any more than the "corporate veil." That is, when the corporate veil is pierced in court during a shareholders' lawsuit for breach of fiduciary duty and fraud (related to the bait and switch approach when the milestones changed). This management needs to start showing a return for investors.
What is everyone upset about? Is there something wrong with telling the public you're planning on following a specific timeline, getting them to invest in that plan, totally changing that plan, and ignoring their requests for information? It's not like there's a fiduciary duty, right?
What did we expect? I, for one, expected they'd stick with the timeline that convinced me to invest. This is no different than ordering a car with certain features and receiving a different, less valuable car. I might give it a spin and see how it goes, but ultimately, I'll get the benefit of the bargain one way or the other. Right now, I'm waiting for these guys to launch this product. Any more nonsense, and I'm hiring a lawyer to sue them for misrepresenting their plans. As far as I can tell (due to zero reliable information from this company) the goal was to induce investment before changing the public strategy. I think the facts will not bode well for these guys unless they start to produce results for the investors.
Thing is this shouldn't be a puzzle. These guys put out information for public consumption and sold stocks to the public based on this company's representations. There's no reading between the lines when a company takes that combination of actions. This is akin to walking into a store and ordering a certain product based on certain specifications only to later be told that the specifications have been changed but being stuck with the bill. It's false advertising. Guess what - I wouldn't have forked over money if these guys had been honest about their plans. Why not? Because I don't have any confidence in their actual plans. Their little fantasy version they floated 1-2 years ago was great. Hopefully We will all break even and the proper authorities will investigate how this company induced us all to invest.
The clown show is setting itself up for a serious investigation and lawsuit. These clowns induced people to invest thousands based on false representations.
Actually, when you tell someone you're going to do x, y, and z with their money, then completely change your tune, you're on the hook.
If you induced someone to act based on false information, you open yourself up to civil liability. When someone invests in a publicly-held company, that company incurs a fiduciary duty towards that investor. Fiduciary duty is, as it sounds, a duty. Titan has a heightened duty to its investors.
Which facts are wrong? Have you ever heard of fiduciary duty to shareholders? What about the clear inducement to invest based on what is appearing more and more to be false information? That's not looking so good for Titan.
Actually, this company induced many people to invest by representing that it intended to follow a set of milestones. Approximately one year ago, and without warning, this company chose to go back on this timeline, thereby resulting in a significant loss to investors. The company made no effort to mend this. Yet, investors continued to hope that the company would make good on its initial promise. Today's agm marked a little over a year since the company violated its investors' trust. I believe that the "whining" (some might call it legitimate outrage at being fleeced) is because investors have lost patience with this company's a. duplicity or b. incompetence. Either way, investors are done being jerked around. Titan should be focusing on getting its investors a return on their investment, not hooking its management up with options. Titan's priorities are out of whack, and likely to a level that should result in legal action. So, this isn't about no bad news and whining. It's about people feeling like they've been robbed and quickly losing hope that a legitimate explanation/solution exists through this company. That is frustrating.
Yup. They stopped answering my direct questions a long time ago. Time for a lawsuit and investigation. Something is not adding up.
Indeed. Check my latest message. It's time for a lawsuit and investigation into possible wrongdoing.
CUIN, you are right, as always. Except, I'd interject that the management's "strategy" is *seeming* (and, transparency and actions matching words would go a long way towards curing this) more and more like duplicity, if not something worse. I've been hesitating to label this company's actions with the stronger words I've been thinking, simply because I have been hoping they'd take a definitive step in the right direction. However, they have today done the opposite. Today, they took a gigantic step in the direction of patting themselves on the back and taking undue compensation. With all this said, here are some key points:
1. Until approximately one year ago, Titan represented to the public that it intended to progress along a certain series of "milestones."
2. This timeline induced numerous investors to invest thousands of dollars.
3. With no warning to investors, Titan completely changed its timeline, thereby vitiating stock value. Titan offered investors no opportunity to mitigate the resultant loss.
4. It was apparent to investors that Titan must have had advance notice of this changed timeline, but Titan did not provide an opportunity to mitigate the eventual loss.
5. At around the same time, Titan retained a firm to handle "investor relations." This firm made little (or no) effort to communicate with investors. This firm is receiving tens of thousands of (investor) dollars and has yet to show any value added - to shareholders.
6. Throughout the following year, shareholders speculated as to what Titan was doing (with their money), suggesting that Titan was likely in the process of being bought out.
7. Several months before the annual general meeting, Titan promulgated a shareholder rights plan that addressed shareholder rights in the event of a takeover.
8. At the much-anticipated annual general meeting, Titan announced it was offering its own leadership and associates over 600,000 options. Titan did not address its shareholders at all. Titan offered no further insight to those who have invested in the company.
9. Like any publicly-held company, Titan has a fiduciary duty to its shareholders.
10. Titan has continued to operate like a privately-held company - variously indifferent and contemptuous of those who have helped to keep it afloat and trusted it to make good on the promises that induced their investment.
I believe it is time for shareholders to sue this company. I also believe the Canadian version of the SEC should begin to look into potential wrongdoing. The change in timeline combined with the subsequent failure to rectify the situation is essentially a breach of Titan's fiduciary duty. This company does not seem to want to have this duty. However, it took it on when it chose to go public and to represent/induce through that timeline. Now that Titan's leadership has decided to focus on paying itself before shareholders, I believe it has crossed a line in the sand showing that Titan management does not have any concern for its obligations towards shareholders. This should result in shareholders taking legal action.
When I bought into this company, I did so based on very specific representations, representations that this company has outright gone back on. Now, they are holding meetings at which they announce nothing good for us investors while simultaneously giving themselves a major perk? That is in my view disdain towards investors. I continue to hope that they somehow make good on the representations that induced me and others like me to hand over money. But, every indication is otherwise. All their actions after "revising" the timeline will make compelling evidence of and when the time comes.
I should add that we should not be having to read tea leaves, await news, or wonder. We were sold a specific plan of action, a plan thjs group has failed to execute. And, now It appears as though they are directing benefits to themselves. This is extremely disconcerting.
Absolute disdain towards investors.
I think we would have if the company's management hadn't played games with the timeline. I'm still hoping they make good on this "revised" timeline, but very skeptical. It definitely feels like we are being taken for a ride. Hopefully they prove me wrong.
That makes sense. Does anyone else on here have any idea how to prompt an article in a mainstream publication? Apparently titan management and the team we are paying dont. It would be great to see this stock's price go up three to four times its current value.
If it's the second answer, and barring any significant updates on progress/development prior to any potential m&a, I'd throw out $30 per share as a number that would assuage investors. If, however, there have been developments we are not aware of or any developments occur prior to any potential deal, I'd revise that number depending on the facts.
Of course a higher share price would be great. I think the big question is whether titan management purposely or willfully extended the timeline to allow a sweetheart deal for a prospective buyer. If this was done, after inducing investors to invest based on the initial timeline, that would be a major problem - whether or not shareholders end up having a nominal say in the sale that was a foregone conclusion. Doesnt look or sound right. If this was just a set up for whoever's buying, not good. If they sell soon and the price isn't right, it will take some convincing that we wouldn't have been better off under that original timeline - that timeline that I consider to be the offer I acvepted when I handed over thousands to these guys.
Well put.
Thanks, Rocko. That all makes sense. The bottom line for me is that I believed what they said up front and they didn't do it. If they do what they said they'll do in the expanded timeline, that is ok with me. Again, I hope I'm wrong. The change and subsequent drop plus lack of transparency just has me really wondering. You make good points. If your hunches are right, we will all be happy. You being right is much better than me being right on this.
Saveferris, scalpel, thanks for the perspective. Let me be clear - I hope my feeling is wrong. If they are on track and are sneaking for competitive advantage, great. But, if they convinced me to give them money based on bogus expectations, not ok. The problem is that it is impossible to know from where I stand and, even though these guys say some stuff, theyre not doing anything concrete. The public would give the benefit of doubt up to a point, but changing the timeline the way they did undermined confidence. So, that leaves guys like me wondering whether we've been conned. Again, I hope I'm wrong about that and right about my initial instinct to buy titan. Hopefully they will give us something concrete to judge by sooner than later.
Once again, this is not about the risk in the market. When you buy any stock, you are taking a risk about how it will fare in the market. If it doesn't do well, absent negligent decisions by management, you just chalk it up to a risky investment and decide how to proceed. But, again, here what we are dealing with is not the inherent risk of the market but the abject failure of this company to do exactly what it said it would do. And, thst thing it said it was going to do is exactly what prompted many of us to invest. Again, market risk=acceptable risk. A company inducing me to invest based on false promises=unacceptable. This attitude that investors (who *own* the company) should somehow be quiet and move on if they're not happy with the way the company is being run or not say something when they've rather clearly been manipulated is preposterous. Anyone who's been led to believe their money is going to be used a certain way only to find its being used a different way has every right to say something and there are laws in place that validate this point. The question that remains is whether this company backs up and fulfills the promises it made to its investors or continues to play games with their money. And, again, I do not feel any investor should simply walk if he or she is unhappy. We have a right to demand accountability from this company that asked for our investments.
I respect and agree with your sentiments as regards someone who is complaining of not getting the sort of return on investment he or she expected or wanted. Except that this isn't a question of not being happy with the return on investment. And, it's not a question off the company behaving how I want it to behave. Rather, it is the company not behaving exactly how it represented it would. That representation induced reliance and action by investors. And, I'd like to state very clearly that as a shareholder, I have every right to stick it out and demand that the company whose shares I *own* do as it told me it would.
I believe that doing right by investors is called fiduciary duty, right? There's a whole area of law on shareholders' rights, isn't there?
I feel very strongly as though Titan duped me by promising a certain course of events, only to change course once they had my money. Specifically, they laid out a concrete timeline and said to potential investors, "please help bankroll this process." Then, they changed that timeline *signficantly*. How is this different from a breach of contract? In my mind, if their timeline does not materialize this time, I will say this is moving perilously close to fraud. Again, I hope they do make good on the potential which many have been willing to back. But, this is a two-way street. When you compel others to act through specific representations, you are beholden to act as you said you would.
Let's be very clear. The *investment* is speculative. That is, whether I will earn anything on the money I invest on an unproven untested product is speculative. But, whether the company that told me it would do a certain thing with my money will do as it represented is not speculative. That's not how it goes. There are other words for that. I will hold off on definitively applying those labels until we see how this plays out. But, again, Titan's choices this far have, quite to my dismay, brought those words to mind.
Look, I am heavily invested in this company and want them to succeed. But, if titan is not going to do right by me by even moving in the direction it said it would when it induced me to fork over my money, then yes, I will threaten litigation and also other legal action. Titan's management needs to understand that investors are not here just to give money, and certainly not on misrepresentations. I am watching carefully to see what they do next. If they correct course and stick with the timeline this time, ok. If not, it is very likely they will see formal complaints - if not from me then from other investors who don't appreciate being taken for a ride. This is simply to say this company needs to start doing what it told people it would do before they bought in. Titan's other option would have been to simply not go publc up front. If you're not publicly-held, you don't owe investors any duty. But, once you take money from people, especially if you say you're going to do certain things, You are required to do right by your investors. Titan has fallen way short in that area so far. I hope they turn it around.
This poster is being realistic. I am outraged by Titan's handling of my thousands of dollars. More than that, I continue to feel as though they duped me into investing by putting forth a timeline that claimed they would be very far along towards commercialization by now. Only once they had secured funds from many, many investors did they "adjust the timeline" by several years. I shelled out thousands in good faith based on their representations.
Now, I believe that the product this company claims to be developing has great potential - that's why I invested in the first place. But, the way this company has taken my money and thus far failed to provide any return on investment at all and failed to keep me as an investor in the loop on what it is actually doing with my money, much less merely attempted to stick to the stated goals that convinced me to invest (and that I would be happy to swear convinced me to invest in a court of law), that is inexcusable.
The main reason I have not either sold my shares or filed a formal complaint with the SEC, its Canadian equivalent, or any other investigative agency is that this company still has the *potential* to do what it said it would and that has the potential to give me a good return on investment. I am watching closely. If this company plays another game like its timeline shift, I will commence legal action. As far as paying this outside firm, that's garbage. My investment has gone down thousands of dollars since they retained that firm.
Bottom line - there's great potential here, but as far as I can tell, titan is starting to look like a not so honest broker. Knowing what I know today, I would tell potential investors to steer clear unless the company starts to produce tangible results and completely readjusts the way it deals with its investors. After all, as this company seems to forgot or simply not care about, investors are paying your salary!!!
I'm not surprised. So far, this company has excelled at: grand ideas and keeping investors in the dark!
I'd be willing to bet that most of us invested based on the company's representations. I know I did. And so did the people I told about this stock. Without knowing what was going on behind closed doors at titan, I can't say they intended to scam investors. But, I don't know how else to interpret the course of events. I tried several times to get information from this company. Instead of providing any information, they refered me to their website (when they actually responded). What's that tell you? They continued to refer to the same timeline. Did this change of course come out of the blue? No way. So, for at least some time, titan continued to allow investors to believe the timeline was in place. If I had known they were about to push back production by months or years, I would not have invested as heavily. Without being inside titan, there is no way to know who knew what when. Part of what was attractive about this stock was the fact that it was so cheap and that commercialization was just around the corner. Add to this mess the fact that there is no way to know whether they will actually make good on their latest representations. I hope that my investment (and all of yours) returns a profit in the long-term. But, at this point, I have little confidence in this company. I'd love to be proven wrong. I'm torn between waiting it out and suing. At least I'd break even in a lawsuit.
The problem with what this company did is that they induced a lot of people to invest a lot of money based on what has turned out to be false information. The problem is not that they simply changed course after heading in one direction and their change of course is not analogous to a company with a product already on the market changing strategy. The problem is that all they had was investors and the promise of following this strategy (milestones). In public disclosures and when they bothered to respond to investors, they repeatedly represented that they were on track with this milestones. At a certain point, they stopped responding to investors, leaving their funders to draw their own conclusions based on previous assurances and the continued presence of the milestones on the titan site. However, titan changed its plan, all the while keeping investors under the impression that the milestones remained, and these investors would finally get the chance to see whether the company they'd invested in would do what they hoped when its product hit the market within a year. At this point titan changed the entire script. This is the problem. People kept investing based on repeated assurances that they would have a chance to see whether this company was profitable only to be told late in the game after months/years of misinformation that the information was false. If this is not deception, I don't know what is. Investors had a right to expect the milestones would be followed. That was a central aspect of the bargain they entered into with titan.
Thank you for posting this. I have to say that I'm disgusted by this company's treatment of and attitude towards shareholders. Yes, a privately-held company can do what it wants, regardless of public opinion. However, these people are running a publicly-held company. So, they have an obligation, obligation (not kind-of, sort-of, would be nice to...) to do right by shareholders. This includes keeping them informed so they can make educated decisions and endeavoring to get them a return on their investment. In addition to this obligation, they are also required to act in good faith and they are prohibited from deceiving shareholders and potential shareholders. This includes making good on representations that compelled/induced shareholders to buy shares. So, there is a really big question as to whether this company has met its obligations and whether it has acted in a way that at least borders on deception. Beyond this question, the detached and indifferent attitude towards shareholders is particularly troubling because it seems, from the lack of information and the sporadic dismissive statements, that this company's leadership sees shareholders simply as a source of funding. That us, their indifference is limited to after folks hand over their money. Prior to that point, the company communicates certain things such as the milestones we are all familiar with.
Thanks again to those who responded. Your thoughts make sense. Of course, I truly hope that what we've seen was not planned for a long time and that this investment does end up producing a return (or at least breaking even). We will see. Happy holidays.
Thanks for all the straight up reponses. Just to clarify, I absolutely understand the inherent risk in investing in a tech start up. And, I do not feel entitled to make money. I have also never sued anyone for anything. However, in this situation, while I expected risk in the sense that no one knew how the market would respond to this company's product, I did not expect that the company would simply change its plans after convincing me through those plans to invest my money. I do feel entitled to have this company act in good faith towards me as an investor. That's what I expect. Changing the plans after convincing so many people to invest with a reasonable expectation of a return on that investment within 12-18 months is shady. The grounds for a suit would be be something along the lines of fraud. Continuing to attract investors based on information that was overly optimistic, refusing to answer investor inquiries, and repeatedly insisting that titan was on track to meet the milestones, taken together, lead me to the belief that we have all been ripped off. Given the absolute lack of information, actually, the insistence that titan was on track to meet its milestones, only to have the entire thing change with no warning seems very strange. Again, one expects risk in the marketplace, not from the people who owe investors a fiduciary duty. I personally requested information from this company several times so as to make the best decisions I could. They did not provide that information. Investing is very different from walking into a casino. In a casino, you really are gambling. When you are told by an apparently repitable company that your money will go to a specific purpose, your money should go to that purpose. The only gaming you're doing is on whether that purpose will result in a profit, not whether the company will do what it said it will do wth your money.
Class action. Does anyone else feel extremely duped with this new timeline? We were told one thing, invested heavily based on that, then, after months of silence from this company, including failure to answer direct questions, we are told the timeline is totally different. This is the old bait and switch. Are there any good shareholder lawyers on this board? Anyone else want to sue?