Re: What caused the big drop of pps? Is this company active? There is an uptick in pps, yes-maybe it is about to move.
1. From the last 8-K (early March): Item 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Nayna Networks, Inc. (the "Company") announced today with great regret the untimely death of Suresh R. Pillai, the Company's President and Chief Executive Officer ("CEO"). Mr. Pillai passed away on Tuesday, March 11, 2008 at Griffin Hospital in Derby, Connecticut, where he had been hospitalized since March 7, 2008.
Mr. Pillai had been President of Nayna since July 2, 2007. Previously, he was Vice President of Nayna’s Broadband division and General Manager of Nayna Networks India, positions he held since joining Nayna in January 2006. Prior to joining Nayna, Mr. Pillai was the Founder and President of Abundance Networks - a provider of leading next generation SDH based network access solutions. He was also the Founder and President of Omnee Systems and Software (OSS Corp.), a concept to production product development firm specializing in telecommunications, networking and interactive products and subsystems. He was also the Founder and President of Omni Corp., which was sold to ICL (Fujitsu). He started his career as an engineer working for ITT Systems in Shelton, CT. A native of India, Mr. Pillai held a BS from the University of Glasgow, Scotland, UK and an MSEE from the Polytechnic Institute of NY, at Brooklyn.
On March 12, 2008, the Board of Directors appointed Thomas P. Richtarich, the Company's Chief Financial Officer, as President and Chief Executive Officer. Mr. Richtarich was also elected a member of the Board of Directors. Mr. Richtarich had been acting CEO since March 5, 2008, due to Mr. Pillai’s hospitalization.
Mr. Richtarich has been Chief Financial Officer of the Company since June 26, 2007 and has been with the Company since January 2006, serving as Vice-President of its Broadband Division. Mr. Richtarich was appointed interim Chief Financial Officer on February 14, 2007.
Prior to joining the Company, Mr. Richtarich was Vice President of Marketing and Business Development for Abundance Networks - a provider of leading next generation SONET/SDH based network access solutions. In addition to his marketing responsibilities for Abundance, he also served as Chief Financial Officer. Mr. Richtarich also led the marketing and business development efforts for OSS Corporation - a concept to production product development firm specializing in telecommunications, networking and interactive products and subsystems. He also held a number of key marketing and business development positions with the Southern New England Telecommunications (SNET, now a subsidiary of AT&T). Mr. Richtarich has a bachelor’s degree in Political Science from Fairfield University in Fairfield, CT and an MBA from the University of Connecticut School of Business.
2. The above changes (according to a letter I got from the company), was the cause for the NT 10-K, filled with the SEC on March 31-st.
3. My take on it: My DD tells me this is a sound company: (i) low OS, (ii) revenue for the first 9 months of $6.3 M, and (iii) low debt - see the last 10-Q. Because of the above (once the 10-K comes out), this has a very good chance to move very nicely (I won't be surprised to see a 10 MOMO, or more here).
Note: By all means do your own DD, and decide. I did do mine, and still loading.
Mike
Mike
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