IR Department
I don't believe that they have anyone in IR anymore. In order to reduce costs, they hardly have any employees. It's presently a two-man show with Richard & Adam doing all the leg work; I'm willing to bet they racked up a million frequent flyer points over the past several months (every time I called, they were on a different continent).
There is no doubt in my mind that PetroSonic's focus has shifted towards Eastern Europe since September. Apparently Richard Wadsworth is the world's leading expert on heavy oil. There is no way he will be wasting his time dealing with North American projects, which will merely be breaking even. Hopefully PetroSonic will soon sign a Eastern European deal that will take the Company out of the red.
I do find the current cashflow situation to be a bit of a concern (I don't know if they are still entitled to the $5M financing promised by EIG, after EIG relinquished their shares). I hope that whatever deal they make will include an injection of cash into the company. By my calculation, they have until the end of March to get it done before they hit a major cash crunch.
Once they get a cash infusion, I hope they start with the hiring of the much needed personnel. They desperately need a person in Sales & Marketing to market Sonic's technology (maybe Richard can entice one of his old buddies to come over!?).
They also need someone in IR, who can keep their website updated, and answer questions for investors. Most of my information comes from Sedar as opposed to Sonic's website. That shouldn't be the case.
As it stands right now, it would appear that no one is minding the shop. However, that's the problem with a workforce of only two; it gives the appearance that nothing is going on, when in actual fact, they are zealously working behind the scenes.
Hopefully we'll hear something soon... very soon!
P.S. Sure; I'll take up your offer on Mod.
