Just honesty. but hes so far in deep he cant get out.
From the exceo's letter to shareholders, January 25, 2010:
"Mr. Noller has been a vital member of the NewMarket team for 10 years. He is most recently responsible for the rollout of NewMarket's Outsourcing and Managed Services business line accounting for approximately $100 million in new contracts signed over the last twelve months"
$36M of this $100M is supposed to be a 5-year contract from a Chinese company with $1M in annual sales. Who are you kidding?What happened to the $160 million order?
"NewMarket's vision is to build a business globally recognized for continuously introducing new technologies to new markets around the world."
But don't you describe yourself as a reseller of technology from companies like Microsoft? Is there a single new technology NewMarket has ever introduced? Given that your annual research budget is $0, it's kind of a stretch, don't you think? What new product has ever been listed on their website? APPLE!!!
"We have managed to build an operation with approximately $100 million in annual revenue coming from China, Southeast Asia, South America and now Africa."
Your last accountant was found guilty by the SEC of fraudulent practices and barred from auditing companies filing reports with the SEC. The accountant before that was also found guilty of fraudulent practices. How can an investor be sure that the $100M in sales isn't a fiction?What bank has the $4 million?
"My family and the Company's founding investor remain as the majority shareholder. I have a very vested interest in the long-term success of NewMarket." What about the white knight? Hugh O'Neill?
YOU are the company's founding investor. Your common shares are now worth only $46,000. The only reason you can call yourself a "majority shareholder" is that you created a special Series K Preferred stock that has the magical ability to be worth 51% of the common shares outstanding, regardless of how many million shares you create.
"NewMarket will always need to sustain the entrepreneurial spirit required to find and work with the garage and kitchen table inventors creating the next generation of technology."
Wait a minute. NewMarket's annual research budget is $0. What "kitchen table inventors" are you talking about? Has there EVER been a new technology that NewMarket has presented to the world? Ever?
"I am enthusiastic about my new role and equally enthusiastic about Bruce Noller's ability to lead NewMarket into the next stage of growth."
Your clone Bruce Noller is having a "summit" in South America with the CEO of Worldwide Strategies. Worldwide Strategies is a shell company without a single operational unit, no revenues, no prospects, and a CEO who is unable to read your teleprompter. Why does this make you "enthusiastic"?
AI
