A little light on the subject
I’m limited as to what I can say. So let me give you as much information as I can. It’s easy to jump to conclusions. About all that’s left in my case is the jail sentence. That too is probably already posted somewhere.
I was not aware until yesterday that the unpaid balance of the PP would be listed as a receivable. This however is the proper way to do it. The actual dilution can only be determined when the participants pay. If I choose to spend my funds elsewhere then the receivable comes off the books, thus no dilution from me.
Think a little about financing. Let me put it in terms of buying a car. If at the beginning of the year I qualified for 3.2% financing. Then I had several lawsuits filed against me, a DUI arrest, and my motorcycle repossessed, what would my terms be now. No loan at all or perhaps pay as you go and 25% interest?
The fact that management wants to put in hard earned cash is a statement in itself about the company. If management wants to increase its position in stock ownership there are plenty of common ways to do it without spending a nickel.
The existence of the loans was never kept secret. The first loan was repaid in days. Some would have you believe that just after Christmas I wrote myself a check for $500,000 dollars and the balance in the account was $541,000 dollars.
This is pure fiction! The records do not show that.
Lets talk about loans to officers. This is not some hidden secret plan and it is quite common. I have been paid probably less than $35,000 during the years I ran and built the company. I’m certainly not on the payroll now and have not been for sometime. They have been in many filings!
This rumor mill that I’m broke and the company was left broke is just that, vicious rumors. The company is dept free except for normal trade payables. We could have long-term dept and have the banks knocking on the door each month, we don't.
The plans that were made last year are beginning to happen. We were called liars and lies were spread that we did not have a real product, no UL, no GSA, and we would never build or sell SecureView. I think those rumors are history.
Looking at the 10Q I see some major achievements by the management team. I think we should support them. I did not plan or direct this PP.
I will look into the repayment of my $500,000 dollar loan. Part of it was paid with stock. I will move forward in the proper procedures to change this to cash. For those of you who will immediately say, “so he says” I would like to remind you that indeed I did pay personally for the Spring shares that have been gifted by me to the company. I have re-paid my debt to the company and don’t be surprised if more rumors become dismissed for what they are, lies.
No one has more to gain or lose or has put more time and energy into this company than me. I attend trade shows, work late hours, and have crawled around parking lots and wiring panels. How quickly we forget who put this company together and how quickly we blame for every single thing that goes wrong.
I now have Home Depot and Target to add to my work list. These systems are commercial and need tech input as we build the
installation manuals.
We are talking about real growth and potential. The three
companies above are big players. Wal-Mart is issuing P.O.'s
not if it works we will pay for it.
Goerge insists on cash orders and releases solid information
only.
I have answered what I can and I must ask you to refer
questions to George about the private placement.
Thanks for all the positive messages. Mr. Hoke was also
kind enough to post a private message. The Chairman has a
right to his opinion. My posting will continue. It is always
interesting when you have a chance to hear from the horse,
rather than the rider in the next race.
Rich McBride
