we now have to look for the futur ...
I am sure that Friesen was a believer in MC-1. But for many years, he managed the
company (our money) to fill is own dream. He made decisions definitely not in the best interest
of our company or the shareolders. Now that the tsunami as passed and we are all cleaned out,
we have to consider the futur with that investment.
First, selling at this price is (in my book) ridiculous. We still have cash in the bank, aggristat (which
i always considered stupid, and a way to sell to shareolders expenses to built a salesforce for MC1
instead of partnership) and an interesting pipeline (ex:4232).
Selling is probably done mostly by institutions wanting to get out of a position before end of the month.
They want it out of their books because short term, its going nowhere.
Second, management should cut all expenses not worth while. To that effect, Friesen should have given is
resignation monday morning at the conference call. At leat, we would have had a justification to
pay for that expense. Also, to hear not a word on results or plan, but just to say (we are happy that
you are here today.....) Poor choice of words.... Again no preparation.
Hope management is not expecting a bonus and will cut travelling (especially first class).
We have to plan our next move... a phase III on 4232 (cost will be minimal compared to MC-1)
Push for short term results on Aggristat or lease it off and get rid of the ''sales force".
Ladies and Gentlemen, we now need action! And I hope that at the next annual meeting,
where we finally will be able to talk and get answers to our questions, the sheeps will stay home
so that we may get things moving.
Good night.