Intrinsyc Software International Inc ISYRF

RE: AGM Vote

[Orillia7]

I have a ton of shares too and I am very happy (until I read the info circular).  I guess if you bought Intrinsyc shares three years ago because of the Solues hype, then you won't be very happy.  Existing management had nothing to do with that.   Overall I give them very high marks, because this company was heading for bankruptcy two years ago and they seem to be rebuilding, and at the company is at least stable. If you didn't average down at 5 or 6 cents then you missed an opportunity to buy value.  Unfortunately, many old timers bought a fanciful story and can't take the loss and move on.  I have one of those companies myself, but I wrote it off and don't look at it anymore.

As to your vote, it doesn't matter.  You can only vote for or withhold.  If all votes but one are withheld the recommendation of the board is still adopted.  Anyone can correct me if I am wrong, but I think the game is rigged.  I believe this is pretty common practice.

Although I am happy because I have made good money trading ICS and I have a big chunk that I bought under 6 cents, I am not happy with some things I read in the information circular.

Does a little company like Intrinsyc need 7 board members?
Do we need board members that own ZERO shares?
Should a little company like Intrinsyc pay directors as much Intrinsyc does? 
$70,000 to be a board member and attend 12 meetings?  Almost $6,000 per meeting. You've got to be kidding.
Are those in-person meetings, or over the phone?  Are there other expenses associated with these meetings?
Why 12 meetings?  WTF?  I noticed the CEO was at only 8 meetings.  Why did the board have 4 more meetings without management?  bizzare
Are there not qualified shareholders that would volunteer their time to sit on the board, or just take options, instead of big fees?
What is our board doing for the money?  Maybe someone that sits on a board can explain it.
What is the company doing strategically? 
From my viewpoint the company is strangled.  No product development, shrinking staff, reduced marketing.  Is that the board vision for the future? 

The company was definitely under valued at .06, but until there is some catalyst for new revenue streams, it isn't going above .15.  That means an increase in R&D or an acquire a company with a developed product.  Take a chance or grind it out in purgatory betwwen .06 and .15.

Even though I am relatively happy I will probably withhold for all directors. There are a couple of directors that own shares, so I will consider that.  However we do need to send a message on some of the excess compensation and lack of aggressive growth plans.

Since the meeting is in Toronto, I will probably go. Looking forward to the fireworks.