It's been over 1 1/2 YEARS since trading was halted. In this time, us shareholders have had our funds frozen. We've been unable to use them to profit in other areas while management has dragged their feet in simply meeting SEC's new rule (Sept. 28, 2021) for transparency. Despite knowing well in advance what was required, they chose NOT to take the initiative to meet the requirements, but rather decided (?) to take the reactive approach.
These requirements could have easily been met by now, trading resumed and our funds become available to keep here or invest elsewhere at OUR discretion. The hard reality is that after being in business for over thirty years and despite their technological patents (?), Mr. Whitney simply didn't have the funds to pay for the audits and keep the doors open at the same time.
I'm sure others here (along with myself) have been approached privately by HR and offered to invest their funds through a private placement. I considered this, but chose not to based on the company's history of repeated lack of transparency, communication and (in my opinion) mismanagement of funds and resources. I've already been burned on one R/S. I'm sure there were others in the past thirty plus years, with potentially others going forward.
For the sake of all who have invested in this company through the open market and ESPECIALLY those who have invested through a private placement, I implore you to reach out to the company and ask:
1) Are any of the so called company's intellectual properties currently legally protected?
2) In whos name are all of these intellectual properties and patents in? Itronics or Dr. Whitney?
3) Upon Dr. Whitney's demise, who will own these intellectual properties, patents and company's assets?
4) Are there any legal personal (Wills) or corporate documents that address the above and what do they say?
5) And here's a BIG one. Is there anything in writing to address who will assume the management role upon Mr. Whitney's demise?
These are some MAJOR concerns of mine and they should be for you as well. At this point in time, there's nothing I'm aware of that addresses any of these concerns. And they are BIG transparency concerns.
Just to be clear, like you, my funds are tied up here. Like you I want this (our?) company to succeed and prosper as it should (after thirty years). BUT, these concerns need to be addressed. At 74 years of age, Dr. Whitney needs to make sure that his and OUR legal affairs are in order.
