Hugh Cleland's Latest Opinion VENDTEK: my biggest disappointment
Clearly, VendTek has been my biggest disappointment since BIPES was launched on January
31, 2011. Even the long-awaited Petrobras deal, announced this past summer, has been
unable to turn the company’s fortunes so far. Right now, I am in the middle of digging in, and
trying to understand more deeply what has gone wrong. I do know this: as follows from the
“PE Strategy”, I will be investing alongside Privinvest (the largest investor in VendTek) in the
convertible debenture that was announced in September. Both Privinvest and I feel that there
is something of value in VendTek, and it is incumbent upon us to explore how to re-build as
much value as possible from this debacle. It may indeed turn out that the convertible
debenture was an excellent entry point for new money—but that is no comfort. I continue to
prefer to hold off on making any in-depth comments until further developments.