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My guess is that sales will improve over the next year, but the share price will remain where it's at +/- $.0001-.0002. At that point, what will management do? Double down, blame sales, and gloss over the fact that the company just has way too many shares or actually fix the issues at hand so that the Whelan's and minority shareholders can mutually benefit?
Fortunately, I'm not holding my breath to any of it.
Genuine question: What is your plan to fix the sp issue? It's fine to disagree with his plan, but it's moot if there is no alternative proposal.
Simpsonly is offering viable solutions that will work and asking the questions that need to be asked instead of adhering to this blind leading the blind mantra that has plagued this company for years. We've taken one step forward and three steps back for the last eight years. As we've seen, the status quo is just not working.
I don't care about tweets of conjecture and hubris. I care about results and a recognition that the status quo needs to change. If those realizations occur, then can I earnestly trust that Bioelectronics Corp. is going to take off.
If it's just simple accounting, why are we unable to get any kind of momentum for this thing?
Bullshit or otherwise, 28bn shares is an absurdly high amount and there will come a point where the share structure will have to be seriously looked at. That day or reckoning will have to come sooner rather than later if this company has any intention or inclination to get out of the pink realm.
I'm right there with you, Steve. I need to see some kind of commitment to fixing the share structure debacle in addition to all of these deals and sexy hashtags.
I'll give the new regime the benefit of the doubt and give them their 180 days. If Day 181 comes and we're still swooning in mediocrity with no solutions in sight and still 20bn+ shares into it, I'll reevaluate to see if I should just cut my losses and move on.
Not even a RS is necessary, imo. I believe Simpson was onto something when he said that the Whelan's should acknowledge their hubris that has plagued this company and eat a large number of their shares fully knowing that they would still have an exceptionally large quantity thereafter.
Then again, all I would like at this point, is a change in attitude by the company (Paul Knopick included) towards us, non-Whelan shareholders. They need us a lot more than we need them.
I've been on board with this company for the last eight years and to say that it's been a frustrating experience is a gross understatement. While I still have serious reservations and concerns about the share structure, how new management sees non-Whelan shareholders, finances, and rectifying past killed deals, this is an important step towards regaining legitimacy in the eyes of shareholders and people who want an alternative to prescriptions. It is my sincere hope that this is just the first major, positive development we see this year and going forward.
It's been like this for the last eight years. I would expect nothing less at this point.
"...no mention of shareholders to whom she has a fiduciary duty..."
Yes, IBEX and St. John's have funded a majority of this company, whether legally or otherwise is moot at this point. However, the Whelan majority does not marginalize or devalue the money us commonfolk have invested-- a fact the Whelan's have forgotten.
Because we're too stupid to know better. KW just wants us to shut up and invest.
That speaks more volumes than the info put out yesterday.
Because a biweekly glossed email that has been fairly redundant over the last six month is so generous of them. Forgive me, for I have not appreciated the sheer benevolence of our Dear Corporation. How ungrateful of me...
I understand what NDAs are, thanks. I do remember some things from Business Law.
If this company "loves" its shareholders, then why are all of the company's actions 100% contradictory to that sentiment? They don't care about us, they care about themselves.
How? I'll be more than happy to forward you the proof.
You'll be happy to know that I got stonewalled by management... Not one of the issues I raised was even acknowledged. The disappointing part is that they stated that basically BioElectronics only answers to the Whelan's since they're the primary stockholder. !@#$ the rest of us "stupid" fools.
The full response:
"As in any public entity, the majority shareholders can also control the board. The Whelan family holds a majority of the stock.
Much of the work being done by management now is being conducted under NDA's with the entities we are working with..there is no ability to currently share.
Thank you for your interest in BIEL."
They don't give a shit about any of us. They only care about themselves. They couldn't care less about what little integrity they think they have. What's more angering is that I genuinely believed there was a chance that things would change... I guess not.
Thanks, Bobby. I feel like what I requested isn't too too difficult?
You do realize that everything I wrote to PK was also outlined in the Articles of Restatement as well and not just the original by-laws, right?
Sent this to PK... Here's to hoping there's transparency:
I am writing to you not to ask when a new Chairman will be named; rather, I am writing to you because after reading the by-laws, charter, and restatement of the company this past weekend, I have become increasingly angsty about where we, as a company, have been and where we are headed. This email is my way of requesting assurance that the by-laws that govern this company will be followed with the utmost integrity, stockholders will be heard by the next Board, and that there is an understanding that we, the stockholders, will hold everyone at Bioelectronics accountable as much as we expect the leaders of Bioelectronics to hold us accountable.
For as long as I can tell, BioElectronics has had one member on the Board where the by-laws explicitly state that there must be a minimum of three members on the Board. When did that occur, why was that, and who approved that? Yes, there is a caveat that there can be less IF all of the stock in the company has been sold, but there still cannot be one sole board member.
Additionally, I genuinely cannot recall the last time we had a Shareholder Meeting. We've received email updates, but nothing so far as a formal meeting. If there was, can you tell me when that was? Will there be an actual meeting once the Board has been organized? This company will not sustain itself if "working in the dark of the shareholders" becomes an acceptable modus operandi by anyone working at BioElectronics Corporation.
These next few weeks will be crucial. I have faith that the leaders of this company will find the right people to fill the vacancies and those people will succeed, but I'm weary considering where we have been.
Thank you for your time and consideration.
Because they're still under the impression that we don't have a clue as to what we're talking about...
Shut up and invest, right?
I think we all would have loved an announcement today. Hell, I'll be happy if we have an announcement anytime this month.
I also hope that someone in charge realizes that we are outlined to three directors, not one, like we've been led to believe. Knowledge is a dangerous thing, especially if you're trying to hide something.
You missed my point.
Look at the quality and quantity of the content in that group. I don't care about how many members there are; if whomever is in charge of social media isn't producing content of relevance, then those 3400 members (myself being one of them) aren't going to be inclined to share videos or anything like that.
Also, the Bioelectronics page on Facebook has hovered around 7,000 +/- 500 for the last year and a half without much tangible progress. Why? Because there is no content worth sharing or passing on to your friends, families, and coworkers. No one (or very, very few people) cares about a booth at some conference that very few of us have heard of.
People want to know why they should be interested in the product, what the product does for them, and how it can benefit them longterm.
The whole company is sorely lacking in any kind of a social media presence. Sporadic posts and haphazard tweets about things doesn't help anyone or the growth of the company. Posting about conventions and such is fine and all, but that doesn't appeal to the average person who is suffering from whatever ailment.
You could find a college intern to increase the presence without negatively affecting dollar one. BIEL needs a presence. At the absolute least, an updated, interactive website would be a good start (I would be willing to update it for 5 million shares, no money. Just shares).
Genuine Question: Considering that I'm both fiancially and emotionally invested in this company (and probably more emotionally than I really ought to be) and don't have "an in," what do I have to do to acquire a copy of the by-laws? Or rather, if I'm not allowed because I'm just some average guy who is supposed to "shut up and buy stocks," then what must one do to be able to obtain a copy of said by-laws?
My logic, as pragmatic and as lame as it sounds, is I need to have an understanding as to how the company is meant to be run, not how it's currently run or why we're treading the same water.
I think you hit the nail on the head: There is no BoD to at the very least be some form of checks and balances for her/the company. This doesn't even include her being in the SEC's doghouse.
While the thought of that doesn't sit well with me, I would be inclined to agree with you.
Great question, definitely afraid of the response we would get from Corporate, though. My guess is that it would say something like, "We began the introductory process months ago... waiting for ActiPatch... and maybe Easter."
Do you have actual proof that it was a bad deal or are you just saying it was a bad deal because AW said it was a bad deal?
I know AW acts like he is above the law sometimes, but a 100-1 reverse split is legally not possible:
"to effect a reverse stock split that results in a combination of shares of stock at a ratio of not more than 10 shares of stock into one share of stock in any 12-month period."
https://law.justia.com/codes/maryland/2013/article-gca/section-2-309/
That sounds exactly like what was said last May and then look what happened.
Genuine question: Are you (and your contacts) frustrated (like most of us here) with how AW is fumbling one thing after another? The issue I have is that if he continues to foil or renege on potential deals, there's no way our sales will remotely improve.
Copper, You know as well as I do to never let facts get in the way of a good AW burner account!
Where's your proof that Jimzin is wrong? And no, magic 8 balls don't count.
I've been a shareholder of this company for the better part of seven years. I know what I own; my/our holdings will continue to be hampered until AW gracefully exits. It's that simple. Until then, I'll just wait and hope more people will realize that he is becoming more of a detriment with each passing day.
Because 10 billion outstanding shares at $.0009 is great for stockholders... Right.
Even if reverse splitting was inevitable, IIRC, Maryland state law dictates you can only do a 10-1 max in a fiscal year. Could be wrong, though.
You mean 27 months isn't enough time? Hahaha
I think that's one of if not the most frustrating part-- the fact that the whole thing is pretty much out of our hands. Here's to hoping!!
I genuinely wish I had the same positive thought about this as you do, pin. I want to believe this is a genuine attempt at communicating with investors, but I earnestly believe that this is nothing more than a glorified attempt at throwing us non-Whalen Investors a bone so we'll shut up.
We've been hoping for positive news for many months now. Until there's tangible proof to these PR wires coming to fruition, I'm not putting much value in them.
I'm not suggesting or even hoping it resorts to legal action. If it did, that has ramifications that could dissolve the company entirely and none of us want that. I was defending the anti-AW rhetoric many of us have been stating for a while. That isn't to discredit what he did to get the company off the ground, but over the last 30 months, it hasn't been promising to say the least.
If it's not true, then explain to me why are all tangible pieces of evidence indicating that the front office is in shambles? Why are we still at a whopping $.0008/share? Why was the 510k for general musculoskeletal pain voluntarily revoked? Sales and marketing haven't been great. Most of us have been here 5+ years if not longer with these false promises of "soon." Well, how soon is soon? We've been patiently (some more than others) waiting for this to take off. It hasn't happened yet. You know it. I know it. Everyone here except the few who have their head buried in AW's lap knows it.
First it was supposed to come with full FDA approval in Feb 17. That didn't happen. Then it was the agreements with Boots, CVS, etc. Those fell apart. Why?
FTR: I'm still in it for the long haul, but am fully aware that nothing is going to improve until there's a major shake up in upper management.