OT: Paulness, you are correct - - - Arnold was the PIG on the Green Acres sitcom. Just to let you know, I have been a "lurker" on this board since it's inception. I have been invested in this company since Oct. '98 - when it was CYGS Cyrogenic solutions. I only recently registered because of the need to respond to some of the ridiculous, outrageous, ignorant and downright stupid comments being circulated here. There are some posters who seem to know what they are talking about - so the above comment does not apply to everybody!
However, some of the whiners are really showing their naiveness and genuine lack of investment expertise!
First, a filed lawsuit means nothing until it is settled in or out of court. The vast majority of lawsuits settle before they ever get to be heard in a courtroom. As for the absurd $ amount - I am not worried. Anybody can file a suit in this country for any amount of money against anybody. Usually, though, the plantiff never sees a dime! And a Judge will decide if the case has merit and if an award is due the plantiff. In other words, the case has to have merit - otherwise it is nothing more than smoke!
Also, did anybody even consider that LW's alleged statement - after your option expires - to PP might have been as a reaction to prior bungling on the part of PP???
Hogger also said he found that a countersuit has been filed by CYGX. I'm sure then, that there may be valid arguments on both sides and that we do have some defense. For the time being I don't think there is much substance to PP's claim. Atleast, not enough to warrant all the time and energy wasted by some posters on this board!
In general, notifications about lawsuits are only made via the annual reports - not as a PR! So don't look for a PR or a reponse to telephoned requests for information. No company would ever respond to a stockholder request for information about a pending suit.
Second, the private placements (PP's) issued by CYGX. Investors in these programs have to be qualified - net assets over $1,000,000.00! They must hold the stock for 2 years before they can freely transfer them to a buyer. It is possible to sell after 12 months, but you have no control over the selling price. The transaction is not done immediately and is really under the control of the transfer agent and the seller's broker. They are sold "at market" when the un-restricted shares are received by the broker and long after the seller made a decision to sell. That is, you might decide to sell when the pp is .50 only to find out the sale went off 3 weeks later at .25!! Also, you may see the price rise to $1.16 during the required holding period only to see it fall to $.25 AFTER your holding period expires. The most recent PP was at $.15 (not $.03 as some have suggested!) - yet the stock was selling a $.25 on the OTB. Care to tie up your money for 24 months just to save a dime per share??? So if the poster who complained about the PP's want a dicsount, they can call LW and expain their qualifications to be a part of the PP.
Third, on the issue of funding and the "going concern" (viability)statement. Any company of this size will have the exact same viability statement as part of the opinion expressed by their auditors on the financial statements. If the auditor cannot see how the company will provide revenue through actual sales - he must qualify his opinion in this manner. Face it, CYGX does not have a revenue strean (SALES) - and will not have - a revenue stream in the near future! The auditor does not look at future capitol comming in from stock sales. That is up to the individual investors to decide after they have reviewed the financials. As for major funding, management will not get involved, and rightly so, until the price per share is over $1.00! Arnold is of the opinion that the price will not go over $1.00 without this major funding! I don't agree with him on that topic. Also, money in the bank account does not make a stock more valuable. Earnings and potential earnings make a stock worth a premium. The 30 to 60 day announcement was likely predicated on the possibility that the pps was going upward. It didn't, hence no major funding transaction. BTW, this company has plenty of investors willing to purchase through PP's to keep it going until economically feasible major funding (or a genuine revenue stream can be achieved)! That is how this company has been able to exist for so long without a revenue stream. It will continue to so the same in the near future.
Fourth, all the complaining about management "dragging its feet" may be unfounded also. Not once did any poster ever express the thought that the scientists may be experiencing trouble acheiving their goals. This would prevent management from being able to go to the FDA for approvals. We, as stockholders, are not privy to the day-to-day operations of either management or the lab. I personally think the science is great but it will take time to perfect it. That is why I am still here (after 6 years!!). I have been accumulating shares all during this period. The pp has gone to over $3.00 since I have been investing. So I have been on the roller coaster ride from $.50 to $3.00 to $.03, back up to $1.16, then down to $.21 and now in the low .30's. It has been trying and I don't think it is over yet. It may take much longer than some people think. But, it will be worth the wait! Long term means holding for more than a year - maybe even several years!
AI
