roadking56, I think they're probably doing OK selling products.
But they are a chronic "late filer". They were late filing at least three times in two years and caught the dreaded "E" twice in two weeks, just in the last month.
As a result, they were just notified by the OTCBB of their pending delisting. They were supposed to have a hearing with the OTCBB this last Friday to try to head off this delisting. But they never told us the result, good or bad.
Now today, they come out with this PR stating that they are CHOOSING to be delisted and are going to file the appropriate forms to make it happen. It really sounds like a big cop out to me. They are trying to make it look like they are actually in control. I would bet that they were going to be delisted anyway, due to their repeated inability to meet their legal obligation of filing on time. So now they're trying to "save face". Their game is pretty transparent.
There is one very peculiar passage in today's PR that tips their hand:
"Furthermore, management expects that satisfying this requirement would require a considerable increase in the workload placed on the Company’s directors, officers and consultants."
In every company that I have ever been involved in, the financial reporting and auditing, etc. is the EXCLUSIVE domain of the CFO (chief financial officer). THE CFO is a VP level position. So why in the world would they have directors and consultants involved in producing the financial filings? Don't they have centralized accounting? This is just total BS! If they were doing a proper job in accounting there would be little problem. I wonder if they have ever heard of the term "weekly trial balance".
The bottom line is that they are turning their back to the outside shareholders. I guess while they needed to sell shares to stay alive, we shareholders were pretty important. But now that they have a growing revenue stream and are becoming fairly self-sufficient, they no longer feel the need to give us anything; not even timely and accurate financial information that is legally certified. This is extremely disappointing!
As I said: "Just another Stinky Pinky!"
All just my opinion...
VV
