#MYDX #CANNABISGROUP.... THIS TOO WAS COVERED UP …
My2b
Wednesday, 11/08/17 09:35:04 PM
Re: hydromike post# 53573
0
Post # of 80643
Sanzeri from what is quoted in Lawsuit was not handling the finances well and was on a spending spree as Daniel Yazbeck was seeing Company Money evidently disappearing monthly at an alarming rate! Where this leads I believe we will find out once all the evidence is laid out in court. This is what is Quoted.
Quote:
Between 2014 and 2015, Skip Sanzeri was the Chief Operating Officer of MYDX and,during this tenure, he became increasingly combative with Mr. Yazbeck, because of Mr. Yazbeck’s outspoken position to the Company’s Board of Directors about Sanzeri’s egregious spending and poor allocation of corporate funds. More specifically, Mr. Yazbeck feared that Sanzeri’s, among others executive’s, outflow of cash, which approximated $400,000 per month, would leave the Company without funds to establish “My Diagnostics” (MyDx); and thereby commercializing the science and technology that he had left his 9-year post at Panasonic to commercialize. Sanzeri,through various tactics and false promises, successfully organized a coup of MYDX resulting in Sanzeri’s promotion to President and the termination of Mr. Yazbeck by the then Board of Directors, relegating him to Chief Innovation Officer. Mr. Yazbeck’s fears of losing and the substantial risk of a total loss of his initial and subsequent investments motivated him to further support operations financially (Mr. Yazbeck’s investment totals over $500,000). Mr. Yazbeck’s investment along with an investment of $6.8 million dollars secured from Paulson Investment Company (a well-known and broker dealer established in 1970 and regulated by the Financial Industry Regulatory Authority (FINRA)) were at risk of total loss. It was only shortly thereafter that Mr. Yazbeck, among others, learned of Sanzeri’s interactions with stock trader and investor Jerome Dewald and their scheme to hijack the Company. In an email to Mr. Yazbeck, Dewald addressed Sanzeri’s management coup by stating, “So I guess they fired your ass.” (Please see true and correct copy of “Defendant Dewald’s Response to Company Reorganization” dated August 10, 2015, attached hereto as exhibit “C”.)4. On or about August 2015, Sanzeri orchestrated his resignation with the then acting Chief Executive Officer, Thomas Gruber, and then started a company, Alersense,which manufactures a product in direct competition to MyDx’s product, the AeroDx sensor.
On or about August 2015, Mr. Yazbeck was reinstated as the Chief Executive Officerby the Board of Directors and was left with limited operating capital to execute and commercialize the first-of-its-kind handheld chemical analyzer, MYDX. MYDXleverages technology developed by the Jet Propulsion Laboratory, protected by 30 patents, and put to practical use by NASA. Prior to and since the time of his reinstatement as Chief Executive Officer, the Company has completed testing with a global leader in product testing and safety procedures, Nemko USA, Inc. and conducted baseline programing of its device with leading Cannabis Testing laboratories that include but are not limited to SC Labs, SD Pharm Labs, and the general cannabis community. To date, the Company has sold approximately $1,500,000 in worldwide sales of the MyDx Handheld Chemical Analyzer along with the CannaDx Sensor. The device has generated over 40,000 data points in the field and supports a community of users that track various results.
This IMO is what has been the set back for the company since 2015 and Daniel is still trying to get back on his planned roll out of products and services. And doing a good job considering All The circumstances and unforgiving forces I see at work against MYDX!
Just My 2 Bits
AI
