RE:interesting article with Jim Gifford I wonder why OS would pick him?
coppered1 wrote: Article on stockhouse about nexus quoting Jimmy and describing how he incorporated a company a month before selling it to nexus for 3.9 million shares then quickly unloaded 2 million shares. Survival of the quickest hey Jimmy? Good choice by the Oversite guys https://www.stockhouse.com/companies/bullboard/delisted/delisted-companies?postid=5596246 Nexus consummated a similar deal with iView, a startup incorporated just a month before the deal was first announced. Nexus acquired 51 per cent of iView in exchange for 3.9 million shares and issued another 12.5 million shares to acquire all of iView's preference shares. As Stockwatch previously suggested would happen, after the acquisition Nexus retracted the preference shares for $1-million. On May 29, 2002, Nexus basically repeated the same remarkable feat with CompuBlox, though the transaction involved the issuance of considerably more shares. This time, Nexus acquired the remaining 49.9 per cent of CompuBlox, which had not generated any significant revenue, for two million shares. More importantly, Nexus issued approximately 30.3 million shares to pick up the replenished preference shares of CompuBlox and immediately redeemed them for another $1.05-million. Whether this rather novel cash-raising technique is an evolutionary adaptation that will enhance Nexus's prospects for long-term survival is an open question. Last year Nexus issued more than 48.7 million shares to pick up its interests in iView and CompuBlox. It seems likely that a significant portion of those shares made their way into the market, putting pressure on the already depressed stock price and making any such future deals less attractive. James Gifford, a former Nexus employee credited with founding iView, waxed enthusiastic about the deal with Nexus in March. "I fully expect that iView will deliver $1-million (U.S.) in the next 12 months from our current software platform and that the integration of the HNeT-powered AcSys Face Recognition System will only serve to increase our revenue stream and profitability," Mr. Gifford touted. "Beyond this, I believe that we will make a solid contribution to the Nexus organization as a whole." Notwithstanding his enthusiastic March endorsement of the deal, shortly after the transaction was concluded Mr. Gifford demonstrated his own survival technique, which might well be characterized as survival of the quickest. He quickly began to unload his two million Nexus shares, dumping some for as little as 3.5 cents per share. The notes to the financial statements also give at least a hint of some tension among the members of Nexus's board of directors; particularly with respect to Jerry Janik, once touted as the company's visionary founder