I sent the following letter to Andy Whelan today at 11:55 am. I then received his reply at 1:51 pm and have posted that e-mail below my letter and my comments below that.
From: xxxxxx@aol.com>
Sent: Friday, July 12, 2019 11:55 AM
To: awhelan@bielcorp.com
Subject: Note from Loyal Shareholder.
Dear Andy,
My name is Xxx Xxxxxx and I have been a loyal and patient shareholder since 2006 and have added to my BIEL investment regularly for the past 13 years with purchases in the many thousands of dollars. My journey has been almost as long as yours in obtaining the coveted FDA clearances and I always thought those prized clearances would be the driving catalyst to ramp up the share price in the most profound manner possible, here at home, the largest global pain market.
You and I have only seen the share price plummet since the clearances a couple of years ago, to the most recent clearance of RecoveryRX on July 1st. The RX clearance has barely budged the share price upward, since the huge announcement. This is deeply troubling, since FDA clearances are the Holy Grail for getting great deals signed up and subsequently generating big sales. But, none has come to fruition for the foot, the knee or now the RecoveryRx and this is very disappointing and discouraging.
I knew and had great hopes that potential deals with both CVS and Dr. Scholl’s would have been home runs, with eye-catching sales and profits reported in the Quarterly Reports. I have only seen a vast regression in sales since that time, as no deals have transpired. Something is radically wrong. Every month we lose a step..
My father, Chester Xxxxxx, was a WWII Marine and he used ActiPatch with tremendous results, until his passing three yeas ago. He also followed BIEL, along with me, and strongly felt ActiPatch was a miracle device and that FDA clearances would allow the share price to skyrocket. The clearances have come and the share price has obviously tanked. Clearly, many issues are behind this deeply sub-optimal performance. My Dad, being a WWII Marine, always taught me that leaders must take full responsibility and accountability for either excellent results or poor results under their watch.
BIEL, it seems to me, is at a pivotal moment right now for its very survival, not just is potential future growth. The shareholders are your soldiers and you absolutely must do what is best for them. Being a Marine, you understand this code of leadership. You also understand disappointment and you are obligated to be wise.
You have served your troops, the BIEL shareholders, valiantly, Andy, throughout the years and have so much to be proud of. You know they have appreciated you too, with all the support they have given you throughout those many years. We have all stayed the course, fought many great battles together, but now the mission must move forward with new leadership.
Every great leader, if he remains true and honest within himself, knows exactly when it is time to retire with dignity and respect, to preserve a great legacy, one which is yours Andy and which you have certainly earned. Sadly, many leaders stay on too long, to prove things that actually don't matter; ego, deceased parents, personal desperation, arrogance, notwithstanding that it is time to go and staying too long is never worth the risks of abysmal defeat and the shame of failure and disgrace.
I feel very strongly, having listened often to your many interviews over the years and observing developments since 2015 that a change in leadership is paramount right now and it seems clear that an honorable retirement is for the greatest and highest good of all, most especially, for you.
My Dad saluted you Andy, while he lived, and now from above, for your service and doing what is best for your troops, as they move forward in the BIEL journey. ActiPatch must succeed, your risk of failure by staying on, in your many current roles, is not an option and you deserve to bask in its success as BIEL's Founder.
Your Loyal Shareholder,
Xxx Xxxxxx
Attached: Picture of my father during a Memorial Day Parade…….he passed on shortly thereafter.....he was 91 and I was his full time daily caregiver for over 5 years. An honor for me to serve him, in his greatest time of need, as his son.
Exact and full reply from Andy Whelan:
"Fri, Jul 12, 2019 1:51 pm
awhelan awhelan@bielcorp.com
' @aol.com'
Xxx,
The CVS and Dr. School’s were stupid deals and so are the people touting that we should have accepted them. Why don’t you tell us why we should have accepted them?
Andy"
My comments to my fellow BIEL stockholders:
It is blatantly simple to determine the sum total of what Andy Whelan intellectually internalized from my well-meaning letter, by his lightweight and disrespectful reply. No excuses, no misunderstandings, no explanations, no wiggle room.
Is there one iota of remaining doubt by anyone that the hundreds of claims that Andy Whelan, the BIEL CBO, CEO, has truly and arrogantly believed for many years that he is always the smartest person in the room AND has constantly, for years, verbally referred to and treated regulators, suppliers, potential customers huge and small, BIEL employees, ActiPatch users, and, most of all, we stockholders, as "stupid", were accurate? No honest person can doubt those claims now, no one.
Those who took the time to find the truth for us were accurately quoting the CBO, CEO of BIEL, who I now see, with irrefutable truth and clarity, is 100% solely and directly responsible for the failed discussions with Dr. Scholl's, KT Tape, CVS and the CE Mark catastrophe. He alone is responsible for the failure of the company to date. It's not ActiPatch or the customers or regulators or employees or stockholders; sadly, for all of us, it's Andy Whalen. Can anyone refute the need for positive change, now?
