Bioelectronics Corp (BIEL)

[4toSchool]

All I know is that if the company had been competently run, it would have been profitable many years ago. This would have negated the need for billions of shares on the OS, and tens of billions more shares created by the convertible notes.

Letting the CE Mark expire is one such example of the type of ongoing incompetence that nearly bankrupt BIEL.

Here is a shortlist of management failures that have harmed our investment in BIEL and are REASONS that I'd prefer that the Whelan family set away from the company.

REASONS:

REASON #1. The Whelans had an FDA cleared device all the way back to 2003, two more added in 2017, another in 2019 and declining sales

REASON #2. The CE Mark expired due to incompetence

REASON #3. Declining sales figures year-over-year for at least the past 3-years.

REASON #4. SEC judged that the Whelan’s were guilty of insider dealings and that their family pocketed millions of dollars in what the SEC labeled ill-gotten gains. Read SEC documents here . What success could BIEL have achieved if the $4,643,462.70 of SEC deemed "ill-gotten gains" had been used for sales and marketing of BIEL products, and not moved to the Whelan family?

REASON #5. BIEL needs more investors, not less. Yet when asked "how will stockholders be treated from this day forward?" Kelly’s answer is consistent and clear

"Pick a phone up & call me. 301 874 4890. This is what I’ll tell you. I’m not surrendering shares & I’m not hiring a new CEO. Don’t like how the Company is managed? Sell your shares. No one made you invest & no one is making you stay."
#nanecallingisjuvenile #upfront #likeitis

REASON #6. Whelan's operate with little, or no transparency and too often with twisted truth, see REASON #14 below and her tweet to the stockholders that ask her for more transparency of her dealings

"BIEL is not an SEC reporting company, it trades on the OTC market. "

REASON #7. Kelly "ill-gotten gains" Whelan was given the Canadian territory and yielded nearly zero revenue for Bioelectronics, yet she is now in charge of the entire world, well except for the entire HealFast Therapy for pets line of products.

REASON #8. Andy announced deals with CVS, B.Braun, Boots, KT Tape, Dr. Scholl's, Protex, and then killed them, or never closed them.

REASON #9. Andy sold ActiPatch products before their FDA approval, and until the FDA shut it down. Remember in 2011 when ActiPatch was featured on the Dr. Oz Show and sales went through the roof? Well, at least they did until the cease and desist letter arrived at BIEL HQ.

REASON #10. HealFast Therapy for Pets was given to the Whelan family. That product line has produced close to nothing for BIEL. See the revenue figures

REASON #11. Either KW screwed her dad and BIEL over, worked in collusion with him to have all BIEL assets put up for collateral to her IBEX, LLC, or Andy violated his fiduciary responsibility to BIEL in allowing it to happen. There was no need for Andy to collateralize all BIEL assets to his daughter who served as merely a money conduit, and a self-named “friendly lender”.

REASON #12. Kelly "ill-gotten gain" Whelan has no successful track record in building a billion-dollar enterprise. BIEL investors are betting on a rookie. A rookie that has been caught with her fingers in the company till. See REASON #3 above.

REASON #13. BIEL products work.

REASON # 14. Patricia and Kelly appointed themselves as Chairman of the Board and CEO, respectively, but have not provided any evidence that they controlled more than 50% of the OS at the time of their takeover.

REASON #15. BIEL shareholders have not been given their right to vote on board members as is prescribed in the corporate by-laws.

ARTICLE III

Section 10. Vacancies. "The stockholders may elect a successor to fill a vacancy on the Board of Directors that results from the removal of a director."

the answer I received was

No Board members were removed.

The response was telling:

Sir, When management owns more than 50 percent of the stock, in my experience, they can do what they want

I subsequently change my line of inquiry to what proof has been provided that "Management" owns a majority share of BIEL. I analyzed the most recent financial report filed by BIEL found here. The filing indicates that "Management" owns approximately 10.8% of the Company, being 2,471,572,721 of 22,917,518,736 outstanding. The response was

Please read the e-mail I sent to you carefully. It doesn't entirely answer your question but it provides everything I can on this issue

REASON #16 Andy had no succession plan

REASON #17. Andy fell for the Joe Noel & Company scam

REASON #18. BIEL Performance over 6-years
BIEL longs are suffering -78% ROI
Gross Revenue: -72%
Market Cap: unchanged
OS grew by 19,470,255,610 shares, or a 665% increase


REASON #19. BIEL PPS fell 22% from Andy’s passing to the PR of Kelly “ill-gotten gains” Whelan self-appointment to CEO / President / Treasurer / Executive Board Member, and Patricia Whelan’s self-appointment to Chairman of the Board. OPINION: Investors did not like what happened. IMO, investors were hoping for a CEO without the “Whelan baggage”, one that had a proven track record of building a successful billion-dollar company, one that could maximize shareholder value.

REASON #20. As far back as IHUB reports, BIEL’s PPS peaked at $1.05 on April 13, 2004. Under the Whelan Family’s management, BIEL as lost 99.924% of its value through 2-14-2020

NOW THOSE ARE 20 REASONS WHY I DON'T TRUST THE WHELAN FAMILY TO RUN BIEL TO THE BENEFIT OF CONSUMERS OR SHAREHOLDERS!