Even though the financings that Ran obtained were extremely toxic to shareholders and extremely favorable to financiers, they kept the doors open, which so many EDIG shareholders like to point out as a major achievement.
The truth is that EDIG has been in such poor financial condition for the last several years that toxic financings were all it could get.
The appointment of a new CFO for a company does not happen overnight. When was the actual date of Ran's resignation? It's typical to give at least 30-days notice. Had Ran already announced his resignation prior to the last webcast?
It's too bad that EDIG only announced his resignation after Ran's appointment to Island Pacific hit the EDIG wires. If that hadn't happened, they most likely would have waited to report his departure until they appointed a new CFO. They did not announce the departure's of the previous CFO (Rinard) when it happened, nor the departure of two BOD members (Matthews and Jecman), nor the departures of other execs who were announced with PRs when they were appointed (Boksa, Jones).
It appears they were caught by surprise that the IPI announcement ended being reported on the EDIG wires. Since EDIG issued its announcement as a shareholder alert and not a PR, there is no counter-balance to the newswires. Check out the news reported on these sites:
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