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A good sign that we have a couple of bashers here on CYPW IMO.
I'm out. After losing just about all of my investment that I accumulated over the last few years I decided to take the tax write-off. I think this one is dead. It's too bad because it had so much potential. Good luck all! Quite a learning experience!
I emailed the company via their website today asking for an update and the mail bounced back as user unknown (updates@cytogenix.com). Looks like the shop is shutting down...
No scientists at the company (from 10Q):
Research and development expenses
decreased to $2,462 for the first quarter of 2009 as compared to $247,419 during
the same period in 2008 due to the Company not having any scientist working or
carrying on any significant R&D during the three months ended March 31, 2009.
FWIW, I've been in and out of this stock since before the ticker symbol changed. There have been ups and downs along the way to say the least. I personally still have confidence in the company and am picking up some shares at these current levels. If I remember correctly, this stock hit $.04 back when it was CYGS and ended up bouncing back nicely. I don't think that's out of the question to happen again IMO. I see them building a new HQ and moving the technology along as fast as they can - these as good things if you have the patience for them to pan out. Good luck all.
8K filed for CYGX:
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): September 6, 2007
CytoGenix, Inc. (Exact name of registrant as specified in its charter)
0-26807
(Commission File Number)
NEVADA 76-0484097 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
3100 Wilcrest Drive, Suite 140, Houston, Texas
77042
(Address of principal executive offices)
(Zip Code)
(713) 789-0070
Registrant's telephone number, including area code
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
ITEM 5.02
DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.
On August 31, 2007, CytoGenix's management appointed Greg S. Taylor as Chief Financial Officer and Vice President for Finance and Administration of CytoGenix Inc., effective September 1, 2007. Mr. Taylor will be the principal financial officer and principal accounting officer of CytoGenix.
Mr. Taylor, age 47, has served as Managing Director of Monterey Capital Partners, a private equity investment firm from 1996 to the present. From 2003 to 2005, Mr. Taylor was Vice President of Finance and Business Administration, Chief Financial Officer, at the College of Biblical Studies. Previously he served as a Vice President with the investment banking division of Sumitomo Trust and Banking and with Bunker Hill Associates, a merchant-banking firm. Mr. Taylor began his career as a CPA with Ernst and Whinney, a national public accounting firm and received a Bachelor of Business Administration and a Masters of Taxation both from Baylor University.
Effective as of September 1, 2007, Mr. Taylor and CytoGenix executed an employment letter (the "Employment Letter"). Under the terms of the Employment Letter, Mr. Taylor's employment will be at-will and the employment may be terminated at any time, with or without cause, by either Mr. Taylor or CytoGenix. Mr. Taylor will receive (i) an initial annual base salary of $180,000; (ii) a restricted stock grant to purchase 500,000 shares of CytoGenix's common stock at a purchase price of $0.001 per share; (iii) an option to purchase 3,400,000 shares of CytoGenix common stock at a price per share equal to the fair market value of CytoGenix's common stock at the date of grant, vesting over four years with 33.3% of such option shares vesting on the date of grant and thereafter 33.3% of such option shares vesting at the first and second anniversaries of the date of grant. Mr. Taylor will be entitled to a cash bonus of $50,000 if an agreement is executed by CytoGenix in the first year of his employment that provides for $10,000,000 or more to be paid for CytoGenix equity securities or a cash bonus of $75,000 if an agreement is executed by CytoGenix in the first year of his employment that provides for $20,000,000 or more to be paid for CytoGenix equity securities. Either bonus will be paid 1/2 by CytoGenix at consummation of the transaction with the remaining 1/2 to be paid on the first anniversary date of the consummation. Mr. Taylor will also receive certain other employee benefits available generally to all employees or specifically to executives of CytoGenix, including participation in CytoGenix's management incentive bonuses awarded by the board of directors. Under the terms of the Employment Letter, if Mr. Taylor is terminated by CytoGenix without cause, he will be entitled to (i) continued payment of his then base salary and provision of benefits for a period of one year. As a condition to employment, Mr. Taylor signed an Employee Confidentiality, Intellectual Property Assignment and Non-Compete Agreement, which prohibits Mr. Taylor from disclosing CytoGenix confidential information and trade secrets, assigns all intellectual property developed by him in the course of employment to CytoGenix and prohibits him from soliciting CytoGenix's employees [during the term of the agreement and for a period of one year following termination of the employment].
ITEM 9.01
FINANCIAL STATEMENTS AND EXHIBITS.
(c)
Exhibits.
99.1
Employment Letter of Greg S. Taylor dated August 31, 2007
--------------------------------------------------------------------------------
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 6, 2007 CytoGenix, Inc. By /s/ Malcolm H. Skolnick Malcolm H. Skolnick, Chief Executive Officer
August 31, 2007
Dear Greg:
CytoGenix, Inc. is pleased to confirm the offer extended to you to join CytoGenix in the position of Chief Financial Officer, Vice President of Finance and Administration, and Treasurer of the Company reporting to the Chief Executive Officer (CEO). Your employment with CytoGenix will begin on or after September 1, 2007.
You will be compensated with an annual salary of $180,000 per year subject to normal withholdings. Additional raises and bonuses will be granted subject to merit and discretion of board. Payroll dates are the 15th and last day of every month. You will receive an initial grant to purchase section 144 restricted common stock of 500,000 shares at $.001; You will also receive a stock option award of Initial grant of options of 3,400,000 shares from the 2003 CytoGenix, Inc. Employee Stock Option Plan set with a strike price equal to the opening price on the effective date of this letter, August 31, 2007 with 1,133,333 shares to vest upon execution of the employment contract and an additional 1,133,333 shares to vest on each successive anniversary of the employment contract. This award is subject to the terms and conditions of the Cytogenix, Inc. Employee Stock Option Plan. As a key employee, you will participate in this and future ESOP plans.
In addition, from time to time, the Board of Directors authorizes payment of a bonus of cash or company stock to reward individuals and group performance. Specific bonuses will include a cash bonus of $50,000 for an agreement executed in the first year of your employment which provides for $10,000,000 or more in capital or a cash bonus of $75,000 for an agreement executed in the first year of your employment which provides for $20,000,000 or more in capital. Either bonus will be paid 1/2 at execution of any such equity agreement(s) and 1/2 at the first anniversary of the execution date.
As an employee of CytoGenix, you will receive a copy of the CytoGenix Employee Manual, and insurance booklets that outline our personnel policies and benefits programs. After the required 30-day waiting period, you and your dependents will be eligible to enroll in the company medical, dental and flex spending plans. You will be eligible for 15 days of vacation and 5 days of sick leave per year. You may utilize paid administrative leave at the discretion of the CEO.
--------------------------------------------------------------------------------
If you choose to accept this offer, please understand that, initially, your employment is "at-will," voluntarily entered into and is for no specific period. As a result, you are free to resign at any time, or for any reason or for no reason. Similarly, CytoGenix is free to conclude its at-will employment relationship with you at any time, with or without cause. The Company will execute a mutually agreeable employment agreement with you prior to September 30, 2007 which incorporates the terms of this letter agreement and will provide for one (1) year of severance payments if you are terminated without cause, as well as, compensation for unused vacation and COBRA benefits.
As a condition of employment, you will be requested to sign an Employee Confidentiality, Intellectual Property Assignment and Non-Compete Agreement. You should also note that by Federal statutes, you would be required to show proof of citizenship, permanent residency in the U.S., or authorization to work in the U.S. within three business days of your date of hire.
To indicate your acceptance of this offer, please sign below. Keep one copy for your files and return one copy to me. This letter along with the CytoGenix Employee Manual sets forth the terms of your employment with CytoGenix, Inc. and supersedes any prior representations or agreements, whether written or oral. This letter may only be modified by a written agreement signed by you and an appropriate officer of CytoGenix.
Sincerely,
Malcolm Skolnick
President/CEO
____________________________
Greg S. Taylor
Date Accepted
Sep 06, 2007
(c) 1995-2007 Cybernet Data Systems, Inc. All Rights Reserved
end2war - look at the board info. Orange is the moderator of this board. He took over for Penny a while back.
Orange,
You without question have a negative stance on this board. In my opinion, a moderator should be neutral. I had to put you on ignore at one point because you repost your same statements continuously.
BTW - I am still accumulating CTKH, especially at these prices. I plan on holding for a long time, so it remains to be seen if it's a mistake or not.
Good luck,
-Dave
Orange - as 'moderator', you may want to at least take a more neutral stance with CTKH. You're not making this board a very open discussion by shooting everyone down. You should consider selling and moving on if you are that unhappy.
Just a thought...
Nice trading volume yesterday - highest we've seen since March 27th.
The maturity level here is disappointing. No wonder Fayiz is so tight lipped. He's probably embarassed at what he has for shareholders...
Orange - take a look at WP's 2/23 press release. I wonder who made the ceramic heat exchanger...
Bigcue - You buy shares of CTKH, yet critcize FH at the same time? What kind of message does that send?
Give it a rest Orange - you sound like a broken record. I thought you were a shareholder? If CTKH makes you so upset, why don't you sell and move on? You have to admit, the latest rumors do spark interest...
I'll take a stab at it:
http://www.fuelcellmarkets.com
To be honest Orange, I don't believe anything that is posted on any of these boards. I pay attention and keep things in the back of my mind, but that's about it. I base my play investments on my own hunches.
Orange,
Read my post - I never said you misled anyone. I know you state the negative facts. However, the way you exhaustively post them makes me question your motives.
I am well aware of Richard's background. In my eyes, he was your opposite on these boards. Some of his methods were not professional IMO, though.
I came on board after the DisplayTek issues, so that does not impact me in any way and I do not care what happened with it. I did not take that into account when purchasing CTKH.
I am most disappointed in Hilal's decision to not get listed this year. If he wants CTKH's stock price to truly reflect its value (as he stated in a PR a while back) that should be his #1 first priority. Otherwise, the numbers he quotes in his PRs mean nothing. I believe the public agrees since the stock price doesn't budge with the PRs.
Since I only have play money invested here, I'm willing to ride this roller coaster for a while longer...
Good luck,
-Dave
Orange, Miami - how soon before you accumulate CTKH? Price is getting attractive these days. Perhaps your posts are finally convincing some people to sell?
It is a good sign Miami here IMO. Folks will see he and Orange will post negatively about CTKH (Orange has been doing so for some time now), hoping to shake out the loose hands and drive the price down so they can buy low before the spike. Welcome aboard!
Folks should sell if they are not happy with the company. It's that simple. Forcing Halil to do something that may or may not be in his business plan is only going to make him angry. CTKH is a pink sheet sub-penny stock. We should be happy with what we get for information now. It's more than most companies in similar situations provide.
Long term shareholders take note - what Richard and other swing traders are proposing will only cause a spike in the stock price IMO. The short timers will sell and move on while long timers are left with a PO'd CEO.
Richard - you really should bury this personal vendetta you have with Halil and move on. You held CTKH for a period of time and it didn't work out for you. Don't pull other shareholders into your world of frustration.
PennyFever - c'mon. Force CTKH to do anything? I personally would rather sit back and let Fayiz execute his plan. Based on the PRs, he is making progress, however slow it is. I still believe he will attempt to be a reporting company by the end of this year. In fact, it annoys me as a shareholder that other shareholders would want to force Fayiz to do something he has already publicly stated he will work on. If you have no trust in the CEO, maybe this isn't the stock to invest in?
-Dave
Hi Ceteksevenmillion,
The only point we differ on is #1. Until I see the $$ figures in writing, the % increases do not mean much to me. The mere fact that Fayiz only reports %, and those % figures are unusually rounded (i.e. 25%, 50%, etc.), make me a bit skeptical.
I have not gone back through all of the PRs to see what the last publicized $$ figure was prior to the string of reported % increases. How do we know revenues didn't drop to $1.00 before the continually reported % increases began? Worse yet, what if CTKH was in the red? There appear to be quiet periods with the company in the past that lead me to believe business was not so good with CTKH during those times.
I guess this is all part of the risk (and fun) of investing in a pink sheet stock!
Good luck,
-Dave
Dunkj - "Any rush to leave the pinks could be counter productive"??? IMO, getting off the pinks is the best thing this company can do. There's an investment community out there that won't even look at pink sheet stocks. Getting relisted increases the company's exposure to the public, which is what we need. To my knowledge, our marketing plan right now consists of a website and a few links to that website on other websites. Fayiz needs to start the relisting process now as it can take several months to finally complete, and his goal is year end.
I spoke too soon - looks like Monday will be very interesting. Just read a few posts over on RB and a company called Hybrid-Tek appears to be the acquisition we've been waiting for.
I agree with you, Orange, on the website debacle. The whole process of bringing it up then down hurt the company more than helped it IMO. What's that saying about the cart before the horse...
Anyways, it is obvious that something IS happening behind the scenes. Even though the website is still down, the 'under construction' screen has changed.
Hi Chucker. Based on what I've read of Orange's posts, I'm guessing he purchased CTKH shares based partly on opinions posted by Richard/Round at a much higher price than what the stock is at now. He's obviously irked and lost patience, which is fine. Now he's probably too far in the hole to take the loss.
What some people don't realize is that investing in a sub-penny pink sheet stock is about as risky as you can get. Most of these companies fizzle, but a few actually make something of themselves. I believe CTKH will be successful, but it will take at least a year before we even break 1 cent (IMO). I only invest play money in penny stocks and can wait as long as it takes for CTKH to either fizzle or explode.
Good luck,
-Dave
Orange - read the 12/31/04 PR. I personally believe the relisting process will start this year, but I don't expect us to get relisted until next year based on how long it took another Pink Sheet stock I was in to get relisted. Excerpt from PR below:
Fayiz Hilal, president of Cetek Technologies, stated: "We at Cetek have positioned ourselves to accelerate our national roll-out at a pace faster than forecast, due to a genuine and sincere increase in interest from recent new customers and affiliations. Our original business plan's objective was to become a fully reporting public company as revenue growth dictated. It would be likely that we will see this objective met by the end of 2005. And, based on this and other anticipated developments in the new year, it would be reasonable to begin seeing Cetek's stock prices realize its rightful pricing, based on our fundamentals and based on simple audited performance."
Hi Il Padrino - a stock sure can rise astronomically on hype alone. Check the range over the past 5 or 6 years for NSCT. It traded from something like 8 cents to over 19 dollars with basically NO REVENUE! It was all based on hype for one of their new products that never even went to market!
Crossing my fingers for a quarterly report next week....
-Dave
PennyWorld - there was reference to that issue in the last quarterly report:
"We are indeed continuing to qualify and negotiate with candidate companies, and will strive to accomplish such suitable objectives as quickly as possible, without jeopardizing any particular opportunity by announcing prematurely any specific information in this regard."
A poster over on Raging Bull received a reply from Jim Stock that CTKH has been buying back shares over the last 3 months. That may explain part of the sustained PPS increase we're seeing. I'm anxious to see the upcoming quarterly report, hopefully early next month.
Good luck to everyone,
-Dave
Any word on the new "Ceramic Store" website that was referenced in the last quarterly update? They had expected it to be up this year (2004). TIA -Dave
Fleur - the ask was higher than the last trade price. Raise your order by .0001 and it should go through next time. No one is playing games with your order - the ask is typically higher than the last trade.
-Dave
CTKH also needs to update their website. One of the first pages that potential investors would visit has been under contruction since its inception over the summer.
http://www.cetektechnologies.com/news.html
Hi brg88tx,
I only believe some employees are at least partially compensated with stock. It doesn't make sense to use stock to pay lower wage workers.
This is in fact a common practice for companies trying to get off the ground - using stock as compensation. It allows cash to be spent on equipment, R&D, etc. Based on the number of outstanding shares, I don't see how this is NOT possible.
Just my opinion. I enjoy the discussion here.
Hi brg88tx,
Unless the salaries are posted (I haven't looked yet), many employees are likely compensated with stock. However, I agree with you on the facilities rental.
Still, I don't believe CTKH is in as good of financial shape as the quarterly posts lead folks to believe. I am obviously a risk taker to be invested in CTKH, but I need to see real numbers before I add significantly to my position.
I have high hopes for this company, but I believe it will be several years before the PPS is > $.01 (barring any reverse splits). All of this is just my opinion.
IMO no fund will invest in Cetek while on the pinks. Cetek needs to get re-listed and post some actual dollar figures before we see any real movement. Posting percentages without the dollar figures to back it up is weak and tells me revenues are very, very low.
To go from $1,000 in revenue to, say, $1,500 sounds like a great percentage increase, but is still next to nothing. Again, IMO, it will be several years (if this company even survives) before we break out of sub-penny land.
Patiently waiting,
-Dave
Nice strong close today (and the past couple of days). Looks like some sort of news is on the horizon...
There were several sells today - folks looking to take some profits. More folks bought in at these higher levels, which should strengthen our base.
Looking forward to a Sox win tonight and a strong CTEK run the rest of the week!
-Dave
PennyWorld - How can you be certain CTKH is even profitable? There is no official documentation to prove it. That is the beauty (or horror) of being on the pink sheets - you're not required to tell the truth. The fact that CTKH holds shareholder's meetings is a BIG plus. We're lucky we have that IMO.
-Dave
More news:
bellwetherreport.com: CytoGenix Sparks the Interest of the Bellwether Report
03:34 a.m. 10/01/2004 Provided by
Oct 01, 2004 (M2 PRESSWIRE via COMTEX) -- The Bellwether Report, has initiated coverage on CytoGenix Inc (CYGX), a Houston-based biopharmaceutical company that develops and markets innovative products and services based on its proprietary ssDNA expression technology.
CytoGenix announced the filing on Sept. 28, 2004, of a patent application with the U.S. Patent and Trademark Office for an invention titled A Novel Genomic Approach Identifies Bacterial DNA-Dependent RNA Polymerase as the Target of an Antibacterial Oligodeoxynucleotide, RBL1.
The urgent need for new classes of antimicrobial compounds with entirely new mechanisms of action, has given CytoGenix an opportunity to progress further into this industry, and hopefully soon begin utilizing their technology.
BWR will be keeping a close eye on CytoGenix to see how the markets react to this fresh corporate development.
The Bellwether Report, will continue researching this new development with CytoGenix Inc, if you would like to receive all corporate updates on the company feel free to visit, www.bellwetherreport.com .
The Bellwether Report, will continue scanning the markets for true emerging growth opportunities that will show subscribers optimal entry points with profitable exit points. If you are interested in receiving more information on the above mentioned companies feel free to sign up for a 3 month complimentary subscription to the #1 online investment resource www.bellwetherreport.com .