He also cited the strength of the company’s balance sheet, which had assets audited and valued at over $44 million with more than $16 million of net shareholder equity as of Sept. 30, 2013, “representing a book value well in excess of our current market cap.”
Kumaran said the senior management team has accepted substantial cuts in pay, “inspired and motivated by the vision and objectives of Medient.”
Meanwhile, Matthew Mellon, who brought a well-known name to fundraising for the company, has resigned after 15 months as a member of Medient’s board of directors.
