ANTX Latest shareholder letter, at least CEO concerned with price of stock
February 2, 2012
Dear Shareholders:
The following is a report on the activities of AcuNetx. On December 8, 2011 the company had over 25 VNG orders that were set to be delivered by year end.
Management was confronted by Mr. Scott Auerbach, a purported shareholder and creditor and Mel Shadowens of MedTrak, also a shareholder and a distributor of VNGs. They advised that the company had allegedly defaulted in October on its prior agreement made with MedTrak and its past President Robert Corrigan. They produced a letter to be signed by the President
Mr. Shadowens and Mr Auerbach, direct beneficiaries of MedTrak and its successor MedTrak/VNG, stated that there was a default and if the letter was not signed confirming such default that day, that MedTrak would pull all it’s orders and would hire Mr Welk, Acunetx’s sole assembler, away from Acunetx crippling the company. . Mr Shadowens was informed that the agreement was subject to board approval and such approval the Board subsequently did not grant.
AcuNetx successfully continued to build and produce VNGs for the month of December and is doing so now but not for MedTrak
In late December it came to the attention of the Board that there have been certain activities that indicated alleged conspiracy, alleged collusion, alleged bribery and unauthorized access to accounts of AcuNetx by some shareholders, employees and distributors. The FBI was immediately contacted and an investigation has commenced. The Office of Criminal Investigations with the FDA is currently investigating the Company’s online account access. Access to anyone outside of AcuNetx has been terminated. The 510K status remains in the name IntelliNetx only.
Based on advice of counsel and the FBI disclosures must be kept to a minimum.
The FBI has commenced a forensic investigation of all company computers, emails and accounts. It is alleged that there have been communications that were kept from the company regarding very important documents, alleged mail fraud, alleged conspiracy, alleged collusion and alleged intent to knowingly fraudulently induce AcuNetx into an alleged fraudulent agreement.
On a positive note, the company is successfully producing and selling VNG’s, signed new distributors, and increased customer service. Repair orders have increased dramatically due to call back efforts of the company to past ignored calls from customers.
New contracts have been instituted with new and old vendors.
The company computer was stolen in March 2011 and was not reported to the Torrance Police department until September 2011. Company book keepers and accountants are working with the IRS so that the company may have proper adjusted financial reporting and is working towards a payment plan for the unpaid payroll taxes and unpaid State taxes incurred over the last two years.
AcuNetx appreciates your concern and patience as the Company continues with these sensitive investigations. Despite the transgressions of a few, the operations of the company has not been impacted and with new professional staff the company is cash flow profitable and debt removal is underway.
Jack Ferguson a 25 year veteran of Disney and Ray Alpern a 20 year veteran of Kodak have joined the company as production coordinators giving the company, for the first time in years, a professional approach to operations and meeting the needs of its customers which was sorely overlooked.
A follow up report will ensue which will provide positive results to all of the above as an indication of progress. As of today the stock of the company is up over 100% of last year’s ending value
Sincerely,
Chapin Hunt Jr.,
Chairman of the Board and CEO
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