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Arguing with you obviously gets nowhere, you are correct in that. Your response has been "like it or sell" and then insult the intellect of the poster. You have not posted one shred of opinion based on fact or logic to support the RS, other than "management knows best".
In case you missed it, one of the arguments in the proxy in favor or reducing the required director number was that they may find it hard to obtain qualified directors, or did you miss that.
Just sayin,
Magic
Yum, got some more at .06
Magic
"...the reasoning(low stock price) behind other companies backing-out of $3M in international contracts. Its a flawed arguement."
Don did NOT say they "backed out", just that the .08 stock price may be an issue in those three potential bids. Big difference, speaking of "flawed arguements".
I think we all need to keep to the high road in this debate. As far as I know, we all agree that the company business is going very well in the right direction. The only issue is what is best for our investment in the company. On that question we can disagree without misrepresenting the facts and assertions, and certainly without derogatory personal comments that some have posted.
I am personally seriously PO'd about getting blindsided with this RS at this particular time, just when I was expecting a very nice run in the pps. But that does not give me a license to distort the facts, represent opinions as "facts", or call someone an idiot because they disagree with me.
jmo, Magic
You're welcome. I am trying to buy more and all I'm really doing is driving the bid up.
Magic
"Meaning, if the company wants to attract investors of large caliber the RS and uplisting need to occur."
It is the RS without the uplisting that is causing the rub!!
How about putting your three categories in a poll and let's see where we stand, just for s & g.
Magic
VW, very well stated. I am in the exact same boat. I bought this as a specultive play based on the excellent fundamentals, and I object to having my leverage taken away from me.
BTW, I am CFO of a privately held company larger than Virtra, and we have never lost a bid because we had no public stock price. On rare occassions, some large (NYSE) firms require proof of financial ability to perform the contract and service the warranty, but that is easy to prove with 40 years in business, strong financials, and a good record of service to our customers. We serve all levels of government as well.
Like I said, I'm bought in here for the big return on a hughly undervalued stock, and I feel that a RS without immediate uplist is taking much of that away from me. I will vote no on 1,3,4 & 5.
Magic
weo, I may well be joining you on the outside looking in before the shareholders meeting, as I do NOT want to be holding if the RS is approved.
As for those who say "trust management to do what's best for you or sell", well, history doesn't support the benevelant dictator scheme for any length of time. I hope ya'll don't wind up regretting your blind faith.
I will continue to watch this company and hope I can feel comfortable buying back in at some point (if I sell) because I think the products are really great and the market for them couldn't be much better. The stock performance? Not so much, and very likely to get worse before it gets better with a RS, no uplist or SEC compliance, and likely no independent director oversight.
No doubt some smarta$$ will reply with "good riddance" or some such.
I will vote No on 1,3,4 & 5, by the way.
Magic
Just so we're clear, there is no death spiral financing deal in place here. You have admitted that there are no onerous terms to the deal with D, just their reputation smells bad. In fact, you said the terms with D were quite good, so ya'll cease and desist with the "spiral" financing bullchit please.
Thanks, Magic
pmaher, thanks for your reply. I was looking it up as well after your prior post:
The Company is not aware of any present efforts or plans by any
person to undertake a hostile takeover of the Company.
In addition, the Reverse Stock Split is not intended as a "going private transaction," and it is not expected to
function unintentionally as one.
I missed these statements the first two times I read the proxy statement. This significantly reduces my concern about the possibility of malintent, tho I continue to believe the RS, etc will very definitely has a negative effect on the pps.
Thanks, Magic
Anyone, has there been a definitive statement by either Bob or Don that there is no intention whatsoever to take the company private or negotiate a sale of the company? I would feel better if there has been.
Disclaimer: While I believe the company has excellent products and management has been performing admirably thus far, I am here for major stock price appreciation only.
Magic
I dare say that any potential customer who was reluctant to do business with us because our stock price was 8 cents would be even more reluctant because of unaudited financials and pink sheet status. The only reason for hesitation on either count is whether we will be around to service our products, and sound audited financials would, imo, be the most critical test for me, as a person who actually purchases large dollar materials and systems for corportations.
As a speculative investor, which most of us probably are given the pink sheet status of the company, I strongly feel that the likelyhood of getting a multibagger return here is much better at 8 cents than at 8 dollars. I can easily see this stock going to 50 cents or even a dollar on the GM deal alone. I cannot envision the stock going from $8 to $50 no matter what happens. Penny players will run this up, but the RS will eliminate the vast majority of penny players from even looking at the company, and the pink sheet status will be a brick wall for most of the non-penny players.
I am in this stock for a 5x to 10x return, not for a long term 10% yield. The RS would run off the penny players without being able to replace them with big board investors due to the listing. Thus, the stock price will fall dramatically, no matter the good intentions, integrity, etc of Ferris, et al. I really like the company, their products, and the recent results and expect them to be very successful. But I, as a stockholder, will lose the leverage of my penny play if the RS is approved and will be forced to take my marbles elsewhere.
Magic
I've got a bridge I want to talk to you about.
Magic
If anyone thinks the intent of the RS is to uplist, then they should absolutely vote against the reduction in the directors, since at least two independant directors are required for any uplist. Kinda makes you wonder about the quality of advice they are getting, to say the least.
I'll reserve final judgment for a bit, but if I had to vote right now it would be NO across the board. I bought this as an Apple, and I am unpursuaded to agree to change it to an orange or banana. Just doesn't pass the smell test to me yet.
I can't get past wondering what the real reasons for the changes might be, since the stated ones are clearly bogus.
Magic
So I take it no one has any reasonable explanation for the proposed changes, other than taking out us non-insider shareholders at the least possible cost?????
I couldn't think of any other reason either.
Magic
Someone, anyone, give me a good reason for the RS and the accompanying reduction in shareholder rights please.
And don't even start with the "appeal to larger investor base" crap, cause that dog won't hunt a lick without audited financials and an uplist.
Anyone??
Magic
My guess would be that he is part of the buyout team and will gain a much larger share of ownership at these grossly undervalued prices.
Don't lose sight of the $100MM potential revenues from GM in the near future. Also that just the airing of this proposal has trimmed over a million dollars from the market cap already. One of the questions that should be asked today is for info on the GM deal and just what its value may be to the company going forward. I'm no insider, but I beleieve I could put together a deal to buy this company if I had assurance of a full GM deployment over the next 3-4 years, along with the other business that we have going regularly.
The only hitch in that plan is that I would certainly expect a major shareholder lawsuit if it went down that way.
The lack of an uplist plan sure makes this all smell to high heaven tho.
Magic
bill, thanks for the attribution!!
Here's one of the things that really bother me: higher level exchanges require independant directors on boards. We are being asked to authorize a reduction in the board to less than three members, which could and likely would eliminate any independent directors. Thus, it would appear that there is no intent to uplist.
Along with the drastic cut in the number shareholder votes required to elect a director, and the reduction in number of shares represented to have a quorum, it appears that minority shareholders are being stripped of any ability to have any oversight/effective input into the company's direction.
I am beginning to smell a plan to take this company private or sell out to a friendly party at the expense of the small shareholders, including ME!!
I have really liked this company for a good while, have continued to hold shares, and have promoted this company to other investors, all based on a great product line and good management. Am I now going to get screwed out of my just desserts??
Can anyone refute my first point?????
Magic
I agree LeGoose. The proxy document shows it was signed over a week ago, so there is no excuse for how badly this is being handled. No wire PR, no prior notice, conflicting time posted, etc. Doesn't exactly instill confidence in management to me.
No uplist plan, no Reverse Split!
No uplist plan, no Reverse Split!
No uplist plan, no Reverse Split!
No uplist plan, no Reverse Split!
Magic
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
No uplist plan, no Reverse Split!!
Enough said, for now!!
Magic
Without a definitive uplisting plan, I will vote against any reverse split. The potential percentage gain is much greater at our present pps than at 100x our current pps, given the very good company performance I am expecting. I will also vote against removing the 3 director minimum and the majority vote to elect directors change. Those provisions are exactly how the common shareholders lose control of a company to a clique of insider officers/directors who become totally unresponsive to minority shareholders.
Magic
I live in bfe, so will probably have mine when I get home. LOL
Magic
I'm betting this is a proposal to AUTHORIZE the board to effect the RS of up to 100-1 at some point in the future if they so choose. I'd also bet that they will say they do NOT intend to do it right away, only for an uplist in the future.
jmo, Magic
I am also very curious about the sales price. I'm sure there are some options, and multiple lanes would be cheaper per lane than a single, but I have no idea of the cost of a single lane or dual lane setup. Gotta be more than 10k, but how much? At 10k, I could sell a hundred of them this week!!!
Magic
And Recon4 has just claimed one of those three.
You might notice that those 3 trades were an uptick from the last several posted for the day. Typically t trades are just out of sequence.
Time Price Volume Exchange
16:01:01 0.065 50000 OBB
16:01:01 0.065 625 OBB
16:00:08 0.065 50000 OBB
15:57:52 0.064 25000 OBB
15:56:14 0.064 2500 OBB
15:50:23 0.064 5000 OBB
15:47:46 0.064 5000 OBB
15:41:14 0.064 5000 OBB
14:28:20 0.064 20000 OBB
14:18:22 0.064 22000 OBB
14:14:45 0.064 10000 OBB
14:12:37 0.064 4900 OBB
you need a better quote feed!!
VTSI continuing to set new 52 wk highs, and hasn't even started to run yet.
Magic
You think revenue potential of $100MM is minor??? For a company with a market cap of $16MM???
Magic
By the same token , people who own less that one tenth of one percent of the outstanding shares do not have a reasonable expectation of getting much attention to their demands about changing company policy, practice, plans, etc, and certainly not being fully informed of each and every detail of operations, etc.
The key word being "reasonable".
Magic
Do you happen to recall who the land owner was? My recollection is that it was an LLC that Bob owned, but I've slept since then. Point being that if so, it would be a very easy and quick transaction to cancel the prior purchase contract.
Let us not ever forget that the GM deal could be worth $100MM.
Magic
I really like this company, especially with their new deal with Gander Mountain, which I value at @ $100MM.
jmo, Magic
VirTra Systems Becomes Debt-Free Company
Virtra Systems (USOTC:VTSI)
Intraday Stock Chart
Today : Wednesday 2 March 2011
Bob Ferris, VirTra Systems' CEO (PINKSHEETS: VTSI), today announced that VirTra is now a debt-free company.
VirTra has paid $121,254.17 to the IRS, which is the final payment needed to eliminate that liability. As of today, in all accounts both past and present, VirTra is in good standing with the IRS.
In addition, VirTra announced today that they have sold back the land to the original landowner. The land was purchased to permit expected expansion, however, the unexpected Gander Mountain Academy rollout required VirTra to obtain a larger facility in a short period of time, rather than having time to build on the land. VirTra no longer has the liability or asset associated with the land.
When new management took control of the company in 2008, VirTra had liabilities that totaled approximately $4.645 million, today the company is completely without debt after strategically and systematically eliminating IRS, Dutchess and all other previous debts from VirTra's path forward.
Bob Ferris, VirTra Systems' CEO, said, "While VirTra is best known for unparalleled realism and quality in the market of firearms training simulators, it is a real blessing to add financial strength to our corporate resume."
About VirTra Systems
VirTra Systems, Inc. offers the world's most realistic firearms training simulators for Military and Law Enforcement customers around the globe. VirTra is the highest standard in simulation, offering a full range of the finest firearms training systems to fit any budget, the world's best simulated recoil systems, and the ability to add and measure real stress during training with the Threat-Fireâ„¢ return fire system (patent pending). www.virtra.com.
Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events.
VirTra and the VirTra logo are trademarks of VirTra Systems, Inc.
Contact:
Jed Wallace
Street Relations, Inc.
(310) 403-0559
Email Contact
VTSI looking good today:
VirTra Systems Becomes Debt-Free Company
Virtra Systems (USOTC:VTSI)
Intraday Stock Chart
Today : Wednesday 2 March 2011
Bob Ferris, VirTra Systems' CEO (PINKSHEETS: VTSI), today announced that VirTra is now a debt-free company.
VirTra has paid $121,254.17 to the IRS, which is the final payment needed to eliminate that liability. As of today, in all accounts both past and present, VirTra is in good standing with the IRS.
In addition, VirTra announced today that they have sold back the land to the original landowner. The land was purchased to permit expected expansion, however, the unexpected Gander Mountain Academy rollout required VirTra to obtain a larger facility in a short period of time, rather than having time to build on the land. VirTra no longer has the liability or asset associated with the land.
When new management took control of the company in 2008, VirTra had liabilities that totaled approximately $4.645 million, today the company is completely without debt after strategically and systematically eliminating IRS, Dutchess and all other previous debts from VirTra's path forward.
Bob Ferris, VirTra Systems' CEO, said, "While VirTra is best known for unparalleled realism and quality in the market of firearms training simulators, it is a real blessing to add financial strength to our corporate resume."
About VirTra Systems
VirTra Systems, Inc. offers the world's most realistic firearms training simulators for Military and Law Enforcement customers around the globe. VirTra is the highest standard in simulation, offering a full range of the finest firearms training systems to fit any budget, the world's best simulated recoil systems, and the ability to add and measure real stress during training with the Threat-Fireâ„¢ return fire system (patent pending). www.virtra.com.
Comments are based on current management expectations, and are considered "forward-looking statements," generally preceded by words such as "plans," "expects," "believes," "anticipates," or "intends." We cannot promise future returns. Our statements reflect our best judgment at the time they are issued, and we disclaim any obligation to update or alter forward-looking statements as the result of new information or future events.
VirTra and the VirTra logo are trademarks of VirTra Systems, Inc.
Contact:
Jed Wallace
Street Relations, Inc.
(310) 403-0559
Email Contact
under $2.
Magic
"The terms of the D deal for MMRF really are pretty good. Very good actually. And if the same deal was made with lets say a private investor, the deal would be looked at as a GOOD thing imo and people would probably buy because of it."
And then you turn around and start bashing it again.
Does the term bi-polar mean anything to you?
Magic
gimesum and threeflight, please explain the financing agreement with Duchess, in particular what about it is "toxic" and the "death spiral" nature of it. I don't think either of you know the actual terms of the financing agreement. Yes, I do know that Duchess has a history of such deals, but that does NOT mean that the arrangement with MMRF is automatically such an agreement. So please enlighten us about the terms of the actual deal. You seem so sure that it is a huge weight on the share price, so educate the rest of us.
Magic
Excellent article, thanks.
Magic
Red, it is a little more direct (Premier purchase). The business was owned by Heartland insiders and was purchased with treasury shares and cash. With no disclosure whatsoever of the financial information regarding Premier's business, one could more easily than not believe that this transaction was much more beneficial to the prior owners/insiders than to the minority Hearland shareholders. This situation highlights the problem with lack of communication from management. Anytime that the details of the company business are hidden from us without any obvious or stated reason, it is natural to assume that something devious is taking place. Just because the insiders own over 50% of the stock, they are not thus relieved of their fiduciary duty to the minority shareholders, nor does it eliminate their obligation to inform all shareholders of all material events. If fact, I would argue that owning a controlling interest would increase managements duty to inform, especially when engaging in transactions with insiders such as the Premier Homes deal that could very easily be construed as a conflict of interest, at best.
JMO, Magic
The old addage, "Be careful what you ask for" comes rapidly to mind!!!
Magic
Side, that one scares me, been watching it for years. Been looking at puts for a while now, but have no position. Good luck to you tho.
Magic
The "government" has not had an official budget for two years. DOD is justifiably expecting cuts to its budget, which we will find out some about today. I expect they are not entering into optional contracts pending the budget results.
JMO, Magic