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Activist Shareholder Details to Tapinator Management "What Should You do for Us?"
Wednesday, September 23, 2020 4:00 PM
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Topic: Company Update
GREAT BARRINGTON, MA / ACCESSWIRE / September 23, 2020 / To the Management of Tapinator and its One Board Member;
In my last two releases, I asked the questions, "What have you done for us"? and "What have you done to us"?
Now I am going to outline "What Should you Do for Us"?
As a 40+ year veteran of owning, investing in and operating companies, I have substantial experience in what to do for your investors.
I will say that I have learned a lot from having tremendous successes as well as some failures. As some of us who have done this for a long time, we learn more from our failures.
As you know, I tried in MANY ways for more than 2 years to try and help this company. To my knowledge, I made the single largest investment in this company of any shareholder, ever. I set up more than a dozen meetings with various individuals and companies that could have helped the company to grow. I am also the only person to financially help this company launch a new product that could have been a BIG business that in my opinion, management FAILED badly with the operations of.
So here goes my list of ALL THE THINGS THAT Tapinator Management and its one Board member should now do (in no particular order):
1) Get audited financial statements.
2) Relist the Company on an established exchange.
3) Reduce Management and the Board Members annual compensation. Using your excess compensation to buy shares on the open market, does not help anyone but yourselves. It could also be construed as insider trading which could result in you spending time in prison. We would not want that, would we?
4) Reinstate the Audit Committee.
5) Reinstate the Compensation Committee.
6) Reinstate the Oversight Committee.
7) Add at least 2 independent Board members who will invest substantial money, (more than $120,000) directly in the company (like I did), as well as spend substantial time and effort into helping the company grow the business.
8) Reinstate the Bylaws of the company that were in place when the $3 million was invested in the company.
9) Communicate more with all of the shareholders. Sending a press release once a quarter is not going to get the attention the company needs to get the attention of current and future investors.
10) Have substantially more game launches.
11) Stop praising the Company's performance when it is NOT warranted. Having a company that has lower revenue year over year cannot be hidden. Investors in micro-cap companies might not have Harvard MBAs or Wharton Degrees but they are usually very smart and can easily do the math.
12) Hire an investment banker who should look into M and A opportunities as well as potential selling the Company.
There are many more items but I have no faith that you will do any of these. Any financially savvy person looking at the financial statements of this company will see that Management is running this company for their own financial gain. The fact that the post overhead cash flow is de minimis compared to the pre-overhead operating cash flow is proof. The fact that the Company used more than $3 million of equity and has been used to pay management compensation and has not improved operating results tells the story.
So now I have outlined what you, the Management of Tapinator and its one Shareholder Should Do for Us, the Shareholders, who own approximately 80% of the company.
Hopefully you will heed my advice.
Yours truly,
David Unger
Tapinator shareholder with 21,875 shares.
