Willy, unfortunately, we all chose to invest in a start-up innovative technology company many years ago, believing that it would be a moderate to short hold. Of course, we all did our DD on the investment and be made the mistake of believing Bruce Benn when he made public statements that led us to the conclusion that he was very close to monetizing Validian Protect.
In a word, the lied through his teeth. He knew even as he said the words that he did not have a marketable product that could be monetized at that time. But he said it anyway, because it served his purpose.
It is certainly possible that at that time when the whole world was using PCs and there wasn't a single smartphone on the planet, and no one could even imagine the Cloud, or SCADA, or IoT, or SaaS, that he did think that the earlier versions of VP could be marketed. There is no doubt that when the world began to change in 2014 when the whole world migrated away from PC and embraced the Internet and mobile devices, Bruce had to abandon, or at the very least modify VP to its core. And a few years later when the world moved to the Cloud, it became necessary to modify it again. No one wanted a cybersecurity product that worked on devices they were no longer using.
It was at about that time that Bruce was forced to make another fundamental change in VP. As I understand it, when he started showing prospects what he had, it became necessary to modularize the VP products so they could be downloaded and installed quickly. That had never been done by any software company before. And it required approximately 18 months to master the concept.
But master it the did. And VP can now be installed in as little as 15 minutes. And there are industry specific apps, and 14 products that address the top cybersecurity issues faced by the world.
All of that took an extraordinary length of time that none of us were prepared for. And as we waited, Bruce continued to make the claim at every step in the process that monetization was right around the corner. In a nut shell, he coninued to lie to us because it served his purpose. In my opinion that was shameful. And it was the cause of the only two arguments he and I ever had in our 250 conversations.
And then, late in 2019 (if I recall correctly), the SEC changed the rules that governed OTC stocks, and they were going to force Bruce to reveal many of his secrets about customers, revenues, and other things the was not preparted to reveal.
After so many years of disappointing his shareholders, I suspect that he was worried that if he did not comply with the SEC, even his most loyal shareholders would try to force his hand. And I suspect that if he had told the world that he had ANY revenues, it would have opened the possibility of some company making a low-ball buyout offer that the disgrundled shareholders would have forced him to accept. At least, that has always been my understanding.
It was that threat, in the face of the new SEC rules regarding disclosure of revenues, that prompted him to take Validian to the Gray Sheets, were he could treat the company as a private entity with zero filing and disclosure responsibilities.
I am sure you remember that at that time, Validian was trading for under a penny, and had dipped as low as $0,005. No doubt, if Bruce had warned us of his intent to let the company be delisted, many of us would have sold our shares at any price just to get our life back and move on the "greener pastures."
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