Letter to McKenzie Mr. McKenzie...First of all I would like you to explain why you issued financial statements without a news release? I've never seen this done in my 30 years of investing in companies. It's been suggested that not issuing a news release is a cowardly act. It would be if your justification was to hide the financials from investors but no one in their right mind would think that by not news releasing you could hide the financials from the public. Therefore I can only assume someone screwed up. This isn't the first time there have been screw ups with respect to the isuuance of financial statements. When will you bring back your legitimate CFO or higher another legitimate CFO?
Secondly, I see some very positive things in your financials. It's no secret that your legacy business stinks and you guys are makeing a strong effort to move away from it. Why did you attempt to expand in the USA with your legacy business? Why no news on Iridium in the USA? When will you cut the admin costs associated with your legacy businesss?
In order for the share price to rise we need to see that you can manage the new business profitably. The fact is that you didn't manage your legacy business profitably but that can be forgiven as soon as you cut costs and become profitable.
Finally, I'm concerned with shareholder dilution. You've issued a lot of stock options and warrants over the past few years. As referenced by the losses, this has directly impacted shareholders. Are you prepared to forego stock options until the company becomes profitable?
Thank you