Bob Lorsch responds to many contacts/querys and sets the record straight about many things that might interest investers. The date May 31st, 2012 is the key!.Tiffer...END I have received dozens of emails today questioning last night's SEC filing and what it means. Apparently one or more people who have been day trading the company's stock over its recent near 300% run are trying their best to again misinterpret the facts to drive the stock down so that they can buy and sell again.
Although they know what a 424B is they seem to want to suggest what it is not.
Therefore so there are no misunderstandings:
The Form 424B2 that was filed yesterday was required only to refresh the numbers in the Equity Line based on the 10-K we just filed.
No new shares were registered and it means nothing else. A summary follows.
Summary of the Offering
This prospectus relates to the original resale of up to 100,000,000 shares of our common stock by Granite (representing 26.7% of the outstanding shares before the Offering on MAY 31, 2012 and 21.1% of the outstanding shares following the Offering). Granite will acquire our common stock pursuant to the terms and conditions of the Investment Agreement.
As to all the drama surrounding dilution as everyone knows any Company needs cash to operate. Since inception MMR has incurred more than 40 million dollars in expenses to get to where we are today. We now have a domestic patent portfolio without including biotech assets valued at as much as 1.1 billion dollars. To the skeptics who roll their eyes if you discount that number by 90% it is still 4 times the market cap of the company.
It does not include the value of any international IP. It does not include the value of any Biotech IP. It does not include the value of Celgene which we have every reason to believe is still on track with its milestone payments. It does not include the fact that I am a beneficial owner of approximately 100 million shares at nearly .08. And despite the fact that we have 950 million shares authorized there are aproximently 550 million OS as of the most recent filing.
No one likes dilution however it is a fact of life. It keeps gas in the tank and helps enable the Company to position itself for an M&A opportunity should one come along.
Also although there are no plans at this time….. I would really like to see MMRF listed on the Nasdaq small cap which I believe is in the best interest of the shareholders. Despite other peoples point of view based on my personal experience I do not believe dilution is bad for the shareholders of the entire company. The irony is as the largest shareholder of the Company I am affected most. All I can think about is I started my last Company for $5000.00 and at that time held 90%. Three years later I owned 11%. When I retired I sold an estimated 30% of my 11% position for more than 100 million dollars. My 90% would have never been worth what my 11% was without dilution.
Bottom line is all is very good, I am optimistic, the licensing opportunities for the Company are extraordinary, people are finally understanding the importance of having a PHR. I have been at this since 2005 and the last thing I will do now is quit. To all of you who have supported me thank you. To the cynics and critics I know you have nothing else to do so I am glad that I can give you something to do with your time.
To the self-proclaimed gurus of the OTC world thank you for continuing to call attention to the Company we get more shareholders coming in at higher prices every day in part because of you. I promise that one day I will shake hands with every one of you and personally think you for making following MMR as interesting a journey as it has been.
So if anyone try's to discourage your enthusiasm about MMRGlobal by publishing information designed to affect the share price think about the fact that they are probably the ones buying on the dip and selling on a bounce. They are doing their job as day traders. I am not suggesting that the road ahead has no challenges because it does, however what I am suggesting is that the best is yet to come.
There is a belief system I subscribe to, simply put it says …"When you resist you are stuck with what you’ve got." I have no intention of being stuck anywhere at this time. Any decisions the Company makes affects Kira and I most and then long term private investors (with millions at risk), who are my closest friends. They believe so I hope you will to. The only thing that matters is the price you sell at when you sell, until then enjoy the journey and let me focus on the destination.
Robert H. "Bob" Lorsch, CEO, MMRGlobal
4401 Wilshire Blvd., 2nd Floor, Los Angeles, CA 90010, Tel. 310-476-7002
Follow me on Twitter at BobLorschTweets
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