"For the letter"
Welcome back Mustang! A few points for possible inclusion in a letter to Mr. McNally:
1. Fiscal Strategy - Obviously he can't show us all of his cards, however some small inklings that at the very least he is not going to further dilute us into oblivion would be a most welcome reassurance. Dilution is not the end of the world, as long as it is not the ONLY strategy. Is he still considering Longtai at present?
2. Dead brush and job clarity. Personnel overhauls need to be an immediate priority. If we are 2-3 years away from commercialization, why do we have Paige Hargrove etc still on the payroll. Why is Stephen Randall still on the payroll - if he was not the architect of the past fiscal strategy,then he at the very least signed off on the resulting approach and the results are disastrously obvious.
3. President of the Company. 2 CEO's and still the same President, not to mention the same BOD (Dr. Wolffe aside) for how many years!? A President should lead no!? Not be window dressing hoping not to get noticed. With due respect to Dr. Rayman's current financial investment in the company (and present significant loss) he of all people should be rooting for Titan to pull through here. That means taking one for the team and throwing himself on his on him metaphorical sword and stepping aside for someone who actually knows the daily grind duties of a President (fundraising, promoting your company both publicly and privately, and relentlessly milking those inside connections etc).
As an aside I have emailed the BOD on several occasions to replace Dr. Rayman at least on an interim basis with Mr. Barker - who I think all would agree at the very least holds some respect with shareholders these days. With his indepth dissection of the companies finances of late, he would not need a lot of on the job training. Mr. Barker has confirmed to me that he is not interested in the job, however, I think he is first and foremost being political and could be persuaded.
4. PR. Between our VP of Marketing, our two high priced contacts at EVC, and I guess our principle contact (from Titan's website - info@titanmedicalinc.com - our illustrious secretary Susan Wilkenson, it appears as if no-one has yet figured out how to update a web-site, let alone formulate a coherent and consistent PR strategy. Why are there not more PR videos from the most recent round of studies? I have all but given up on the Dr. Larson collorectal video which was taken down some months back now.
OR
How about some updates on the 2 (I believe) medical gatherings at which Titan appeared or was featured since the summer? Mazor, Transenterix etc all feature their BOTS on the home page of their site - we get an actor with admittedly great teeth. Why does the SPORT featured in the subsequent pages of Titan's web-site not at all look like the SPORT featured in Ximedica's page on SPORT.
5. What is the status of the project insofar as Plexus is concerned? Are we still working with Plexus or did that get canned when Dr. Fowler resigned?
6. When can we expect to hear about an new VP of engineering. Until this occurs, what serious work is really going on at Ximedica?
7. When can investors expect to see a revised timeline? How many quarters did last summers delay push the timeline down the road.
8. Is Titan still on the FDA panel on surgical robotics as it was last year?
Okay, that gets the ball rolling. Hope it helps and in the meantime my best wishes to you all for the week-end and thanks once again Mustang for your Herculean efforts here.
