Hahahahaha
All 3 steps could probably be accomplished in the morning, followed by a nice lunch for the newly formed Board of Directors, then a quick final review and approval of the Press Release after the close of the markets announcing all 3 crucial steps. A productive day, many would say . . .
The Draft Press Release:
Quoting the current CEO, "If I were to become CEO of BioElectronics, for a day, and you were to call me, here’s what I would tell you":
DRAFT Press Release, Not for Release until approved.
The Board of Directors of BioElectronics Corporation, (the “Company”) manufacturers of ActiPatch, the FDA cleared, patented drug-free, side-effect free miniaturized pain device is pleased to announce the following;
Effective immediately, the Board of Directors of the Company welcomes the election and addition of 3 new Directors;
So and so . . . . .
So and so . . . . .
So and so . . . . ;
The Board of Directors of the Company also announces, effective immediately, the retirement of Mrs. Patricia Whelan, widow of the late Andrew Whelan, Founder and CEO of the Company. The Board and shareholders thank Mrs. Whelan for her service to the Company during the last few months of important transition. The changes to the Board of Directors increases the number of Directors to 5.
The Board of Directors is also pleased to announce the surrender and cancellation of certain Convertible Promissory Note – Common Stock debt instruments held by lenders related to the Whelan family and representing potentially 28 billion common shares of the Company, on conversion, and that the debt related to those Convertible Promissory Notes has been restructured to a more simplified debt format, that is unrelated to the issuance of common shares of the Company. This extremely significant and responsible change initiated by the Whelan family puts in place a more equitable situation for all shareholders and positions the Company in highly positive light to new, potential investors, moving forward.
The Board of Directors is also please to report that the company and all staff members continue to work diligently and to achieve significant and exciting progress in the area of New Business Development and will advise Shareholders as to progress in a timely manner and when appropriate.
The Board of Directors wishes to express its sincere appreciation to all Shareholders for their continuing support and loyalty to the company and its vision with respect to the development of marketing strategies of the ActiPatch family of products.
END OF DRAFT Press Release
Why 3 Steps? Great Question!
There are 3 issues; 3 tactics IMO.
1. Fixing the BoD by enlargement to get rid of the nepotism and improve governance substance;
2. Fix the absurd and corrupt Whelan benefitting share structure schemes by the former CEO; and
3. Make the deals necessary to realize sales and profitability.
Doing 1 and 2, before deals, assures a longer, stronger run with good sp sustainability. Everyone makes more, mostly the Whelan family.
Doing only 3 is to avoid fixing the share structure, in the hope that a modest sp increase when deals are announced, will cover-up the fact that doing all 3 is best. That, of course is greedy and shortsighted.
"If I can just hang on and not take the smart tactic to fix the share structure, then I'll keep all our shares and be more wealthy."
Laughably wrong, self-serving and in flagrant breach of fiduciary duty! So simple to manage with integrity. And so obvious when not. It has to do with character, but, in this case, the Whelan family will be much less wealthy, by NOT doing the right thing and managing effectively.
