I'm in. Bought yesterday 250K, and more today. Here's why:
1. The Price/Sales is JUST 0.1!
http://finance.yahoo.com/q/ks?s=PMED.OB
It (the P/S ratio) for an average OTC:BB stock should be from 1.5 to 2. This means the PPS should be at least 15 times higher. This is by far the most undervalued stock I know. Thus far, the most undervalued stock on my list used to be VFIN (one of the MM's, among others) with a P/S ratio of 0.28.
2. "The employment agreement further provides for the issuance of stock options to purchase 4,500,000 shares of the Company's Common Stock at $.01 per share." (see below)
3. I called the CEO (Mr. Raymond Cannefax) @ 801-977-8970. I asked him if he really intends to exercise his option to purchase shares at 0.01 anytime soon, and he told me he intends to buy some earlier next month, and more thereafter. He sounded confident that the sales will increase noticeable in the very near future, but he gave me no other details. He said detailed info will be available to everyone soon. Since I understood he was busy, I didn't ask him if he intends to come up with a PR.
Note. It would be good if anyone else can call the CEO, and post here his/her impression. Pease ask if he expects any good news (a PR) anytime soon. Thanks. Also ask him if he's aware the P/S is the lowest of any stock, and see what he thinks.
Again, his phone # is: 801-977-8970
Mike
---------------------------
Form 8-K for PARADIGM MEDICAL INDUSTRIES INC
18-Jan-2006
Change in Directors or Principal Officers, Financial Statements
ITEM 5.02. Departure of Principal Officer; Appointment of Principal Officer.
The Board of Directors of Paradigm Medical Industries, Inc. (the "Company") has appointed Raymond P.L. Cannefax as President and Chief Executive Officer of the Company. He replaces John Y. Yoon who left the Company to pursue other opportunities. Mr. Cannefax, age 57, previously served as the Company's Vice President of Sales and Marketing from January 2003 to May 2005. He has 25 years experience in sales, marketing, and corporate management. Mr. Cannefax recently served as Vice President-Asia/Pacific Region for Escalon Medical/Sonomed, Inc., a maker of ophthalmic ultrasound products. During his career, Mr. Cannefax served as Vice President of Business Development at Vermax, Inc., a privately-owned, leading supplier of products for the hospitality industry. He also served in various sales, marketing and management positions at Sprint Communications Corp. In 1994, Mr. Cannefax founded and served as President and Chief Executive Officer of Apollo Telecom, Inc., an international telecommunications company, which he sold in 1996.
The Company has entered into an employment agreement with Mr. Cannefax, which commenced on January 5, 2006 and expires on January 5, 2007. The employment agreement requires Mr. Cannefax to devote substantially all of his working time as the Company's President and Chief Executive Officer, providing that he may be terminated for "cause" as provided in the agreement. The employment agreement provides for the payment of an initial base salary of $125,000, effective as of January 5, 2006. The employment agreement also provides for salary increases and bonuses as shall be determined at the discretion of the Board of Directors. The employment agreement further provides for the issuance of stock options to purchase 4,500,000 shares of the Company's Common Stock at $.01 per share. The options vest in 12 equal monthly installments of 375,000 shares, beginning on February 5, 2006 until such shares are vested. In the event of a change of control of the Company (as defined in the agreement), all outstanding stock options granted to Mr. Cannefax shall be immediately vested.
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