NEWS FLASH >>>>>
Good Morning Stonemoney,
This might help you better understand the ONOV story:
"I have resigned my position as the sole “independent" member of the board of BioNovelus, Inc. I am now writing in my individual capacity to make sure you are aware of the very serious concerns which have predicated my decision. For clarity, I will have no further interest or dealings on any matters whatsoever with the Ekobos or the company including my final decision to reject their offer of 50,000 shares of restricted common stock. The company’s outside PR counsel resigned in November.
In my previous capacity as designated BioNovelus CIO, I was not employed, I dealt with many of their shareholders who hold the company in enormous disregard and contempt. For the most part their concern and anger is well warranted. Information has been released with stock manipulation implications, management has exhibited an extraordinary inability to understand basic financial matters or practice rudimentary accounting protocol, general business acumen is woefully inadequate, ethical conduct is absent, and the gift of 10M ONOV shares to Meroe for nothing in return is tantamount to the dissipation of corporate assets. The new relationship with Meroe itself is highly suspect as that firm has 1 employee ( a former NYC Police officer), a store front “office" in NYC, a San Diego gallery of dubious and unknown association and no experience in running/managing anything….. and sadly, neither do Jean or Nathalie.
There is no operational business or financial plan to speak of and cash flow forecasting indicates the company is bankrupt and operating without the ability to pay its bills. The manner being discussed in regard to substituting a new formulation of their own making for the CR-10 which they have licensed from Canadian interests is unusual and their ability to proceed without a significant cash infusion and competent industry specific management is simply not possible. "
With that in mind, it does not mean that there is no hope. Many start ups have succeeded with less.
