Honestly – I’m sick of chiming in to this board every time an earthquake happens.

In my opinion (for what it’s worth), management has not done a good job to date. Since having taken over, our share price has significantly suffered. Why is it that every time I (we) are made to feel that next month/quarter we’ll finally begin to reap the long awaited rewards the can gets kicked further down the road. I full well understand that what they are trying to achieve is not simple, but communication should be MUCH better than it has been to date.

Now, we are faced with YET ANOTHER dilution (including warrants). Why? I truly have no idea because management has yet to communicate this to us. Will this capital raise prove accretive in any way, I have no idea as no terms have been disclosed whatsoever. How can you run a company this way? Moreover, I believe not too long ago the question was posed as to whether or not further dilution was necessary and management responded with a “no” (someone please correct me if I’m wrong).

It was mentioned on the board that these individuals aren’t in it for the money. A part of me does believe this, but only because management is comprised of people who have had successes in their career and would like to be remembered for something specific; leave a legacy if you will (chalk it up to ego etc.). The other part of me is now starting to believe that they are also thinking “I might as well maximize my own profit while achieving this”. Just think about it, objectively, if you know you will have a product ready for 2018, how could you play your cards as management so as to maximize your return: (i) earn a salary in the interim, (ii) accumulate as many stock options as possible (i.e. the cheaper the stock price better). I am having strong doubts that management cares about retail investors AT ALL these days. Throw in an Investor Relations department that mirrors something out of a Sherlock Holmes novel to figure out what is expected when in terms of timelines and you have a winning combination.

The problem is NOTHING is clear to me anymore as to (i) timeline expectations, (ii) their strategy, and (iii) managements personal agenda.

I am very close to exiting for good as may not want to wait around until 2018 to see the needle move. Perhaps I’m being too pessimistic, but I feel that I (we) should call a spade a spade and express the way I (we) truly feel to management: you are underperforming!

Sandman