No Matter How You Cut itI shudder in disbelief everytime a poster states that the company is continuing to grow. Can no one read financial statements? This is why I dumped my shares:
* sales were up by a tiny percentage but only after they sold their key asset, which was their transaction processing software.
* COO and Executive Sales VP has done so well he is being shipped off to Jordan (Siberia) and the Directors have no replacement.
* Margins slightly up but again only because of the profit on the one-time sale of their transaction processing software.
* Admin expenses very high.
* No indication of new contracts in the USA.
* Best press release they can come up with is a renewal of a gift card processing agreement at the Bay.
* No one attends annual shareholder meeting because it is scheduled at 4:00pm before long weekend.
* Company has spent millions of financing fees, free stock and interest charges after loan facilities are cancelled or gotten out of well before the terms of the original press released dates. You have to ask yourself why would management on their own accord keep switching from one financing company to another??? It certainly isn't for better rates!!! Ask yourself if the financing companies are privy to something we aren't.
I bought my shares in March 2011 expecting a pump up to and above $1. It didn't happen and I was fooled just once by their news release to hold my shares. Fool me once shame on you. Fool me twice shame on me. Even a PP won't save this company.
B4BHA