Last august 2011 there was no need for an outside CEO to replace CC
becasue CS followed very well in the footsteps of CC
The previous CEO set the tone of this company with Bio Exx 1.0 that falsely promised to deliver in “hours and days” to the brokers and public who had believed in BXI and bid up the sp to unrealistic levels on a false belief
In August 2011 CS promised that the Canola Protein would be produced in September after a vacation layoff (still to be using the solvent method).
This was patently false on 2 counts as the there no production until October NOT September (as per Oct/11 NR) and there was a change to non-solvent (as per Nov 14 NR).
Then CS in Nov/11promised incremental production on an asymptote basis for sales in February 2012 but then reversed course and CUT back production.
CS never alerted the market to the huge equipment write-downs that the KNEW about (he is also a CA and was a CFO) first in Jan /12 for 9.5 million and later for more millions write downs – surprise to the market and less cash on hand.
CSs promised that the final GEA report would be mid July/12 and a POSSIBLE JV in Q3.
Now we hear from IR that the GEA may be August /12 and the JV in Q4.
Cash burn is $ 650,000 per month – no production no sales no earnings.
Conclusion :
CS keeps getting $ 5,000 cheques per week until the well is dry.
Those interested parties at the table are illusory and imaginary just “hours and days” away from a JV.
OCT 2012 NR :
BioExx is pleased to announce that as a result of the general market conditions beyond the control of the company there has been an inability to secure a JV (despite a positive GEA report) on a timely basis and so with the best interests of shareholders and the company management BioExx will seek protection under the CCAA…………Trade Halt…..Shares Delist……….and start another company.
Rinse and Repeat