spin,
thanks again for weighing in with your condesending remarks... yes; i do understand the difference between (what i think you are referring to as) a "broker", and a shareholder. for those of you who are unaware, to sell penny stocks as a broker you have to register with the sec, which requires cumbersome paperwork as well as full disclosure to new shareholder -- watch "boiler room", this is the reason why. most stock brokers stay away from penny stocks because there is too much liability if the company dumps... unfortunately, this does not bode well for our little company, because its not being actively marketed to new shareholders -- most of the shareholders are organic; interested in the product. perhaps i misread the "160" figure as shareholders -- perhaps this meant institutional brokerage investors... if so, my bad.
Shareholders, and specifically cornell have actual equity stakes in the company... which by the way, with the stock warrants (basically options to buy stock at certain prices), cornell/yorkville has rights to something like 58% of the company AND they are first in line as a creditor for coroware and RWT's patents... pretty crazy stuff... makes you hope that coroware can find some new avenues to pay back these debts before the 3 year life of the debentures come due... its seems like if the company continues to see strong revenue growth (it looks like they are at about $1m per quarter), and be able to cut costs, we may see a profitable operation -- which could then be used to pay back cornell, as well as their private loans, as well as their current liabilities... Its a big mountain to climb, but one serious military or software contract and I think we may have a good company. Considering this time a year ago their 3rd qtr. year to date deficit was $4m, compared to this years $1m deficit, i think they are showing that they are spending money to make money.. at least i hope thats what they are doing.
I do feel like a strong consolidation of the operation OUT of florida, and into redmond would help alleviate some unecessary overhead, but it may be difficult to convince the current gang of misfits to make the move. Also, another thing I think would do wonders for the company is to change the name of the holding company to Coroware... as it is, coroware gets a LOT of organic press via robotics conferences, microsoft releases, and is strongly related to the group of small successful robotics companies out of pittsburgh... when people go to look if they can invest, they dont find "coroware", they find this dump of a company that just SOUNDS like a million other scam riddled companies. it doesn't help, i know that. After reading the prospectus that came out, and looking over the 3rd qtr results i have a bit more faith that the company is becoming more lean and efficient -- and with a bit of luck may be able to stay afloat. In truth, I still believe they need a stong acquistions team to work with local seattle companies like amazon, ups, boeing, AMCOM/DARPA and other major multinationals procurements. There are literally hundreds of opportunities to convert the good press into strong business. I think that Mr. Gartlan has strong business credentials, but I would like to see a consolidation, as mentioned earlier. Also, in terms of the board of directors, lets get legitimate players in the robotics game (carnegie mellon robotics professors, other well positioned industry professionals) who can really drive results, as well as new acquisitions. Just getting a heads up on contracts from some of these people would be a welcome suprise. I just have strong doubts that a State Farm insurance agent, irregardless of how large his practice is, can help this company acquire new business. No offense, he may have great business credentials, but we need industry professionals to help direct this company.
with all of that said, i am not happy to hear that there is someone out their dumping shares to depress the stock price. I suppose that is the point of an open market, but i dont think this is due to cornell -- unless its a very shady shell game operation. This action does not, and will not help this company or its shareholders. If it is egregious, and illegal, i would hope for SEC involvement to stop this predatory practice. some investigation will be necessary... I hope that I helped to clarify myself, and state some positions and thoughts... My opinion of this company changes like the weather here in San Francisco, but generally im optimistic. Thoughts, ideas?
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