Angry, frustrated and worried. Vent it on Dec 6!Yes folks, that's the shareholders meeting. Here's your opportunity to give Raymond and his gang a piece of your mind. Bring your own pitch forks.
1/2 a year and no news, and share price is hovering under a cent. As a shareholder I am far beyond frustrated and just down right angry. Let's look at this objectively, and the signs are worrisome. MGW has been averaging about 2 PP's per year, until last year when they were unable to raise money because they no longer qualified to do PP's. Remember that they haven't been exactly swimming in cash reserves, so they have been desperate to get working capital. Raymond has tried to get loans privately and though convertible debentures but there were no takers. He's tried to put up the greenhouse, the only money making project the company has ever had, for sale. Nothing has happened there either.
These desperate lunges in what seems to be short sighted behaviour has led me to question Raymond's actions and intent for the company. Remember, he is paid a $90,000 a year salary, and if he doesn't bring immediate cash into the company, he personally feels the pinch as there is no money to pay him. Instead of actually growing the business by being paid through company revenue (what we are paying him for) it feels like he is trying to cash out company assets before checking out. He undoubtedly feels that the company owes him something for his past 6 years of service!
I present to you his track records as an excerpt from MGW's very own information circular.
Raymond Lai, President & C.E.O. of the Corporation, was previously the President & C.E.O. of Surge Technologies Inc., which was a reporting issuer in the U.S. Surge failed to
maintain its reporting issuer status in the U.S. and subsequently dissolved. Mr. Lai then started a new private corporation named Nice Technologies Inc. in an effort to re-brand and maintain Surge’s business. Mr. Lai was also the President & C.E.O. of Nice. The re
-branding efforts were unsuccessful and Nice has also stopped operating and has been dissolved.
Not exactly a glowing resume. The other thing that should be told is that during that time when he was trying to resurrect Surge and Nice technologies, he was running them in MGW's office. I heard through the grapevine there were some accounting cost discrepancies between the companies and MGW. Who knows, if that was the only thing but it certainly left me questioning his integrity.