Viscount Systems (VSYS)

[nynewbie]

As an FYI about boards of directors I was told last year and never posted that Pineau got the boot, not because of anything he did wrong but because he chose the wrong board. The recent ouster of the CEO of IMSC and the Liscouski announcement brought this to mind since the companies share a similar financing history.

It went something like this. In 2011 Viscount wanted to raise cash and hired the Secure Strategy Group to do the deal. Scott Greiper (who had been doing Viscount IR until recently) and Bob Liscouski were the partners at SSG. SSG tells Viscount they need a more impressive board to help raise money.

So Liscouski gets a seat on the Viscount Board. The other new members become Raefield, Goldenberg, and Brisgone.

A check on the SSG website shows that Brisgone, Raefield and the new board guy Siegel are all SSG advisors. So including Liscouski that's basically the board, so Pineau handed over the company to SSG and if things don't work out any better than they are currently shame on him.

As for IMSC, they hired SSG to raise money a few years ago so Liscouski and Howard Safir (SSG guys) ended up on the IMSC board. The long standing CEO of IMSC just got the boot so he must have been as naive as Pineau.

The guy who is not on the SSG team Paul Goldenberg runs a company called Cardinal Point Strategies. But their advisors include Brisgone and Liscouski so this seems to be all a cosy club.

Basically, Pineau, for good intentions, set himself up for ouster since at some point he apparently had a disagreement with SSG so out he went. Hopefully this ultimately works out for us but this board seems to be more of a clique than independent and SSG related people seem to run the show even though none of these guys seem to own any real shares. IMO