Honeycomb - I agree with most all of your suggestions. Unfortunately, I made most of these suggestions to Hargrove in mid-November after Titan tanked. I sent a very lengthy email to JH on November 17 titled "Constructive Criticism." Here are the edited comments of part of what I told JH. Read the message below. I'll tell all of you in advance that I did receive a reply that said simply "Thank You" but as of this date, none of these suggestions have been implemented. I had hoped that selling from 2014 would subside but here we are one week into 2015 and the selling continues. Just my personal opinion, but things do not look good going forward.
PART OF MY MESSAGE TO JH ON 11/17/2014..... "As a way to shore up investor confidence in Titan Medical, I urge you not to follow this path. The best way that I can think of to shore up investor discontent with Titan is to immediately announce new employee options at a strike price well out of the money - $2.50 or $3.00. This will prove to the investment community that you are confident about the future success of your company.
Shareholders have a problem with the compensation package of your daughter. While she just received almost a 50% pay raise, Titan shareholders - at least on paper - lost millions of dollars yesterday. While I am sure your daughter is well qualified, this doesn't send a good message to shareholders. I mention this because in our conversation of yesterday you talked about potentially hiring more industry professionals who you said "wouldn't be cheap." It is my STRONG suggestion not to go down this path at this time, as once again it will send the wrong message to your shareholders. You have to always keep in mind that we are the ones who are paying your compensation. Once you've proved to the investment community that you are a viable and going concern and have the cash from revenues - hire whoever you wish!
There shouldn't be any pay raises going forward. If anything, employees should be working for less until you prove to shareholders you are truly on the road to success. And in that regard, in my opinion, other than meeting your milestones on time, the primary focus of you company should be an uplisting from the OTC Bulletin Board to a major U.S. Exchange. You've already uplisted to the TSE and for that feat, I say congratulations! However, investors will not take Titan seriously until you are listed on either the NYSE, NASDAQ or AMEX.
On Bertner Advisors, the $20k monthly compensation being paid to Bertner is excessive for a developmental stage company. Finally, if you recall, I warned you for weeks that if your stock closed below the 200-Day Moving Average at $1.95 that you were vulnerable to the $1.00 level. From an investor who has seen all there is to see, immediate implementation of any of my above suggestions would go a very long way to shore up investor confidence in Titan Medical. Hopefully, you're listening!!
