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Tim
They only put in to sell half because 500,000 are free trading now and the other are restricted for 1 year. They are selling all they can and the when the year is up you will see the other 144.
Weo
As usual the purpose of these boards is wasted on you. Discuss the merits of a company and their current condition.
What happens if the debtholders do not accept the proposed settlement? More lawsuits....IMHO
A mind is a terible thing to waste
Weo
So if the CEO makes public statements that makes them facts? I don't think so - that's why there are disclaimers in every PR and CEO letter - "forward looking statements and my personal comments".
We could go through letters, con calls and many items in the past that have not come to fruition. Example company estimate 12/03 from the factsheet in the IHUB profile 2004 revenue $6.5M and $1.5M profit? Time will tell on that one huh?
The company would have loved to resolve the debt issue years ago and they have not been able to and it has grown higher. If resolved soon it will come at a price. Why would the debtholders settle on money they are owed? The company's only liquid asset is their stock and at this price - how much dilution will the settlement of $10M in debt @.30 create??? It seems the company has contracted with a debt mgmt firm and my opinion is they go to the debtholders and say the company is in no position to pay you in full - take 40% or ? as payment in full. Under my assumption that would mean $4M coverted to equity which is $13+M shares to the outstanding @ $.30 if agreed to and motivated sellers at that.
These are my personal comments to coin a phrase.
Other thoughts?
Headnorth
You have the right to hold mgmt responsible when they continue to underperform and miss their revenue and profit targets!!!
Don't let THE MAN keep you down!
Take care
Bylo
Weo
CDR said we do not qualify for the AMEX NOW - you quantify it by saying we qualify once the company resolves the almost $10M in debt. So CDR was right
That's one big IF and WHEN don't you think?
Take care
Bylo
Weo
What's wrong with making $$$ whether it's short term or not??? I thought that was the reason for investments - lol
And then there is Weo who is "married to VTSI" - willing to make $ long term or go down with the ship one of these days...
CDR
Sounds like a reverse split is needed. Has Kelly said categorically said NO to that option?
CDR
Weo posts very seldom but when he does he ususally attacks people when they express their opinion. Per weo it is ok to express your opinion as long as it agrees with his...
Weo and Greg - blind faith rules!!!
Be Well
Greg
lol - is that nervous laughter????
So if they convert $9M in debt to equity how many shares will that take?
Take care
Headnorth/Greg
Headnorth - please come down from the bridge - it will be ok.
Greg - holy shat that is quite an analysis. The ole MM conspiracy theory...the stock dropped because there is sell pressure from the Qtr report and someone does not have the patience or the confidence in the company anymore.
The stock needs support or buying pressure from the faithful to buy more which means dig deep at these "bargain" prices.
Take care
Bylo
Tim
The market did not have time to react to the results. Tomorrow is the day of reaction. The filing hit the wires at 2:45 EST and the PR with the results after the close at 4:06 EST.
Predictions
Closing price of the stock tommorrow?
$.20's or $.30's????
I vote $.20's and another buying opportunity
Domen
Agreed - the proposal may be to all the leaseholders holding the $90K obligation. And I am sure we only received a snipet of the status of the suit...
Here is the language from the filing:
"On May 17, 2004, suit was filed against us in cause no. 04CP402455, in the Fifth Judicial Circuit, State of South Carolina, County of Richland, in case styled Garland and Leota Slagle v. VirTra Systems, Inc. f/k/a GameCom, Inc. and Ferris Industries, Inc., seeking payment of the sum of $90,000 plus pre-judgment interest and costs, relating to equipment leases allegedly entered into between the Slagles and the former Ferris Productions, Inc, We have contested the allegations, and have advised counsel for the Slagles to expect a formal proposal to all the leaseholders to be tendered within the next 60 days."
Bylo
Domen
Reasonable but I have to believe the response to counsel had to be made prior to 90 days from the 5/17 suit file date. Bottom line the debtholders are running out of patience.
Looks like the unaudited qtr filing only has to provide info on new legal suits only and no updates on the other open suits from the year end filing which is more complete and audited.
Greg
I realize the company estimates for 2004 on 12/03 were:
Revenue $6.5M
Net Inc $1.5M
So you're saying these estimates are still expected????
When after the company attained the following for 6 mos:
Revenue $671K
Losses ($1.1M)
Greg
You're the best. You said: "with the 28 potential unit sales they announced in the filing there is nothing to worry about."
When will the company attain profitability and positive cash flow?
Be well
Bylo
Domen
The suit was filed on 5/17/04 seeking payment of $90,000. The company's reply was "we have contested the allegations, and have advised counsel to expect a prosposal to all leaseholders to be tendered within the next 60 days"
Today is 8/16 - 90 days later. Questions: What was the proposal? Did leaseholders accept the settlement? How will it be paid?
Just some random thoughts
Tim
Unfortunately the numbers are still in brackets and very little revenue to offset the expense line. The increase in negative cash flow is especially troubling.
6 Month revenue $671K
12/03 Company estimate for all of 2004 - $6.5M
2004
2003
Net loss for the six months ended June 30
$ (1,058,372)
$ (848,244)
Negative cash flows from operations
$ (577,033 )
$ (320,182 )
Negative working capital
$ (9,543,932 )
$ (9,192,113 )
Accumulated deficit
$(14,378,279 )
$(13,319,907 )
Stockholders’ deficit
$ (9,250,844 )
$ (8,902,317 )
Everyone make your own assessments
Take care
Greg
Yes EOM
GB
Some ceos are more forthcoming than others - Kelly is very open and most ceos don't have the time to write a pr and a personalized letter with every pr.
Be well
Bylo
George
I have not had the pleasure of speaking with Kelly Jones to date...
Kelly is very forthcoming with his upbeat and positive letters with most every PR issued plus Greg and others post many of Kelly's emails and a synopsis of their numerous contacts with the company.
Is the SEC filing considered late if not filed today?
Bylo
George
You asked:
So you called George Woods "once a qtr or so" ?
Yes
Why was that ? I called him to attempt to check on the status of the company and my investment
Are you telling the truth here ?
Yes
And the issue with that?
Next question counselor?
Greg
Wow...you really are defensive. I used to call George Woods once a qtr or so...you are wrong regarding posting of conversations.
Is everything ok? Hang in there
Bylo
Greg
How do you know what I did or didn't do everyday with the stocks in my portfolio??? Kind of personal. ETPI failed like many small companies - such is life. I don't suppose you want me to track some of your other investments in the BB world for losses or gains? Talk about the merits of the company like I do!
Take care
Greg
It wasn't ETPI - others... "Vitra made it" all in how you define made it - lol. A billion $ K would change my opinion - lol. You mentioned in a previous post "my so called facts" - if they were not facts then you would have called me to task by now. I guess you cannot handle the truth!
"The best training products in the world" - quite a statement -then the billion $ contract should not be far behind!!! Buy Buy Buy
Take care
Sir
It tells me you have patience - maybe too much. I learned the hard way not to get married to stocks or a companies.
Good luck
Bylo
Sir
Now if I said this I would get ripped "I thought the same thing of GAMZ when they switched from brewing beer to making video arcade kiosks." and then to virtual reality training....quite a transition. lol
Greg
I already have the reply in Kelly's email to Sir Felix saying he was unprepared for the interview:
"There I was, totally cold. And then he starts off with the "tell me your vision" question while my brain was still gearing up. He wasn't the best of interviewers, I was mentally unprepared, and it never got off the ground."
http://www.investorshub.com/boards/read_msg.asp?message_id=3782603
Take care
Bylo
Greg
The payment is immateral (some are only $295) and not a reason for not being prepared for an interview that is being released as a press release IMHO.
Take care
Bylo
Greg
Well it may have been FREE to Vitra BUT someone paid for it and if you notice on the site:
Digital Wall Street has been compensated by one or more third parties on behalf of the companies listed.
I know you can't be saying the Wallst did it for free?
Take care
http://www.wallst.net/compdisclaimer.asp
http://www.wallst.net/disclaimer.asp
Greg
So much for the purpose of this board - a discussion. Paul comes with info and you drive him away?
This is what you want right?
Go VTSI
Kelly is great
New Standard - Amazing products!
The company is going to meet their $6.5M revenue target and $1.5M Net Income for 2004 - do you agree?
Stock is going to be a $1 by Dec!
I posted facts and you did not come back with replies on how they would meet their targets...
Good luck and take care
Bylo
Greg
Why did you delete post 8734 dissing Simutron?
Just the facts - no reason to hide from them is there?
Looks like others will be reviewing the filing vs just KP and myself this qtr.
Take care
Bylo
Greg
Why so defensive? People make valid points and you fail to give them any merit and dis them. Paul did research and brings something to the table yet you make statements with no basis or backup.
From your post:
The market for video-based law enforcement systems is about $10 million per year. FATS and AIS together have about 90% of that.
Your reply: "Even if those numbers are accurate IMO most of the new system orders will be going to Virtra." Wishful thinking?
The trend is towards interaction with the scenarios (decision-directed video branching), not the visual element.
Your reply: "This is why Virtra is the new standard for law enforcement." The new standard? Based on what - proof from the industry?
This last would explain the apparent lack of competition for VTSI in multi-screen systems. I'm not certain about VirTra's patent or how it relates to the training products. Can anyone explain that to me?
Your reply: "The patent protects the company from other companies like Fats copying their technology. Their competitors will need to find another method/approach to duplicate Virtra's amazing product." Vitra's amazing product? Per what - Kelly's letters?
Others seem to think you drank the kool-aid too and need to look at things with a more unbiased view. I have posted facts for discussion and others agree and you just dismiss other views that disagree with yours....
Why do you take posts so personally?
Take care
Bylo
Weo
I guess you just can't handle the truth. I have posted facts and based opinions on them. Sorry I don't think things are rosy - feel free to reply to my facts with facts of your own. I do agree all stocks are valued on future potential BUT no company can continue to overcome negative cash flow, losses and negative net worth.
I have stated if sales take off and the above is corrected the stock will take off. The stock reacted positively with the few sales PR's.
Oh and "the story will be told in the 10Q" - your man Kelly refers to it in every letter to the shareholders - they are the facts whether you care to admit them or not. We agree to disagree nothing wrong with that.
Take care and good luck
Bylo
Spice
I was being kind on the "pass" comment and if you read the rest of my post it clearly states he should have been prepared for the reasons mentioned. They did pay something for the interview. The main page had many companies that had interviews you could listen to and some real players - NYSE, NASDAQ, BB, etc. See link below. Nothing is free as we all know. And some eyes and ears heard him for the first time
http://www.wallst.net/
All
http://www.wallst.net/disclaimer.asp
The company paid wallst net for the interview - not sure how much, but usually the questions are provided in advance. The company knew this interview was going to end up being a PR to attempt to show the company in a good light and bring in more investors. I say give him a pass but preparation and awareness of the call coming is an attribute of good mgmt IMO.
How often are PR's with interviews released - once a quarter?
Question: "I've never been more bullish about the company, and we've never had a better week than last week."
How many times in the last 3 - 4 years have you read this statement.
Just another reinforcement of my previous post of the vested interest statement. Does anyone know when the Q2 #'s are to be released?
Spice
Well selling their stock (agree their major liquid asset) is what they are using to generate working capital so until the sales of the product generate profits and positive cash flow then the stock selling is not a good thing.
Market acceptance and appeal of the products will happen when profits appear...
IMHO
Sir
I said 250,000 shares based on you saying 100X Tim's 2500 but you do have a "vested" interest here.
You said: "My point was that the owned amount of shares says something about an investor's opinion of the stock. Wouldn't you agree? How much credit would you give an investor's opinion of a stock if he/she did not own any shares?
If Kelly did not own 6M+ shares of his own company, would you read his shareholder letters differently?"
The opposing view states that when someone owns many shares of a company or a CEO who owns 10 to 15% of a company their "interest in the company" will give them a biased opinion.
There is no way Kelly will say things are not going well if they aren't because the stock would dive on his comments. I have spoken to many ceo's of small companies and they will be positive right to the end.
The proof is in the SEC filings and what mgmt does against their revenue and profit estimates. An excellent example is the Investor Fact Sheet dated 12/1/03 - Corporate Snapshot and posted by Greg 1/8
http://www.investorshub.com/boards/read_msg.asp?message_id=2062830
I assume the company provided estimates of revenue and profit for 2004 in the document. As a shareholder or a potential shareholder you would think the company would come close to them and base purchases on them. The estimates for 2004 were: $6.5M revenue and Net Inc of $1.5M. 2004 is not over but the first 3 Mos Rev was $297K with a loss of ($523K).
Looking forward to Q2.
GSA direct contract is a positive and hopefully they get some of bid awards to get the revenue going. Bottom line they need to generate positive cash flow to fund the business to slow the dilution of the stock - their major asset at this point.
My $.02 for what it is worth
Take care
JPTC
This MM did this for an OTCBB I owned previously. They were the vehicle for the company to sell stock to raise working capital - dilution - dilution - dilution....time will tell
Head
Not my intention to pick on you. Just don't want to see you lose the gains you made on all the other stocks. Sounds like you thought this was a sure thing and put many of the eggs in this basket. No sure things on the NYSE nevermind the OTCBB
Good luck
Bylo