Lee Cole Resignation-
Hey guys, I'm new to this board, but have been a shareholder since last year. I've lost quite a bit, but still continue to hold on because of the strength and innovation of the product.
I was reading the recent filings, and came across the resignation letters of a few key folks. I appologize if this has been discussed in the past, but thought I'd bring it up. It appears that even with his resignation, Cole believes that the numbers will still be good. Am I reading this wrong? Thanks!
"With regards to the net assets of the company, at the last Q these were stated as $26 million. When the company's financial statements for the Year Ending December 31 st 2009 are presented I am confident the net assets of the company will be in excess of this figure.
As shareholders are probably aware, the management seconded by Sterling FCS handed over the US operations to a new management team as of February 1 st 2009. The new management team and officers associated with the management team has expensed in excess of $3million to the company in the 11 months to 31 December 2009, and despite repeated expressions of concern by myself have not generated any contributions to revenue or income. Assuming these expenses continue at this rate and do not generate either revenue of income, this would still leave $5.5 million EBITDA from the licence income generated from Europe."
Yours sincerely,
Lee Cole
