That's certainly the excuse Lee Vanatta offered shareholders in his recent shareholders meeting, but I have some real doubts about that. For one, I have never heard of a company deciding whether or not to buy products or services from another company based on calls being made by the public. There are a million reasons for the public to call any company and "harass" them. But companies deal with it, usually with a recorded phone message.
If you've been following this company for any time at all you know that Mr. Vanatta is not always forthcoming with accurate information, to put it gently. So by stating that they aren't announcing purchase orders because they don't want shareholders calling the potential buyers keeps investors on the hook always waiting for the next financial report to see what's happening. If the financial report is disappointing, as it has always been thus far, Mr. Vanatta can once again say that there are deals in the works so stick around and there is no way investors can prove him wrong. It gets Vanatta off the hook. He doesn't have to lie, just mislead. This can go on for a long time. In the meantime Vanatta is paying himself an annual salary of $270,000 plus stock options. Just the other day he awarded himself an additional 8 million shares of stock. Even at today's prices that's not chump change.
I hope Vanatta pulls this off, but it doesn't look promising. Also consider the fact that PSRU doesn't have any financial backing and they just terminated the deal they had with Socius. Even if PureSpectrum is making money, they are far from being out of the startup company woods. Why not keep them on hold just in case? After all, they are paying Socius $250,000 for that express purpose. They should have held on to that deal until either they have a new financing deal or until they are revenue positive and debt free.
This leads me to believe that they cut Socius for less positive reasons. Perhaps they recognized that they couldn't live up to the terms agreed upon and had no choice. Anyway, I'm not saying this is the case. We should know very soon. I hope for your sake and others things have made an about face with PureSpectrum and that they're raking in some bread. They should either have an announcement with good news soon, or you'll have to wait until the next quarterly report. But at some point Vanatta has to show investors the money or it's all just smoke and mirrors.
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