RE: ATQ CashThere is no need for ATQ to run out of money if all of the suggestions received from past employees and board members are implemented. In fact it would seem that there would have been no need for the major dilutions that shareholders have sustained if these practices had been in place by management and board members all along.
No further equity fundraising should be done before shareholders can be assured that management and the board are fulfilling their fiduciary duties to shareholders. This assumes that no contrived pretext is created to "justify" additional funds and the further dilution of shares.
If the Board and management take a page out of the game plans of winning companies such as IEC and LB, then no further equity financing should be done of any type until the internal financial controls are in order and respected by all concerned.
For example:
-all future expenses should be incurred on company cards and invoices to the company and not to personal platinum cards...
-a travel policy needs to be approved by the Board...immediately and an explanation provided to the auditors as to why it has not been in place before and why the auditors have not commented on its absence.
-an explanation is needed by the ceo, audit committee, Board and the current auditing firm why the audit fees are about 2-4 times higher than those for IEC when the US audit standards are more stringent.
-all loyalty points for company paid travel/car rentals/hotels are the property of the company. Company property should be immediately returned to the company so as to lower the cost of future travel. It would seem somewhat difficult to explain how one is furthering the goals of the company and being parsimonious when invoices are paid with personal cards and the loyalty points (which can amount to 14% of the invoice) accrue to the person and not the company.
-the company reaffirms the obvious: that the company's headquarters is in Markham, Ontario and all staff and management are expected to commute at their expense to their place of employment: NO EXCEPTIONS. If you want to commute from thousands of miles away that is your choice. When the company has lost over 85% of its value in the past 8 years unlike the 75 times value added at IEC, it is hard to explain how these practices serve the interests of long term shareholders. To this end the CEO and the CFO get vehicle allowances already.
With so many CAs and investment banking "expertise" on the Board, it is difficult to understand how the previous "crisis" occurred such that over 18 million warrrants had to be issued for a $1.5 million loan when a former employee said that this future cash requirement was known months in advance of the "crisis". If additional funds are needed for expansion, what is wrong with accessing Flaherty's "window" that he created when he realized that the banks were slow to lend to companies? With so many new jobs being created by a manufacturing company like ATQ what are our Vancouver based ceo and Calgary based Chair doing to explain the story to the MPs in Markham and Ottawa????
The volunteer forensic review team will be addressing this further at the agm since none of the emails to the Chair of ATQ have been answered. If you have more ideas to help this company out please email:
forensics2review@yahoo.com
We don't need another "crisis" to create a further boa constrictor opportunity to consolidate ownership further. In fact the last "hardship" case needs to be examined by the regulatory authorities and re-opened with a view to its reversal.
Bottom line: start adopting the practices of winners. The ems sector should continue experience strong growth over the next few years and it is painful to watch what IEC shareholders are enjoying when the same could have been occurring with ATQ.
It took a major shakeup with the Leafs to put an end to the woe is me complacency...is this what is needed at ATQ?