Photon Control is Speaking VolumesIMO the company has been putting its ducks in order and has kept us better informed than ever b4.
- Bringing indiscretions by certain Directors to shareholder attention.
- Appointed Ronan McGrath, a business innovator and visionary with more than 45 years of public company experience, to its Board of Directors.
- Got full return of the $4.5 million plus interest from a related third-party company owned by DD
- Engaged forensic accounting and intellectual property auditors to nstrengthen internal controls.
- The Company also announced that it will relocate its operations to a larger, more advanced facility that will effectively double the production capacity and enable it to deepen its R&D capabilities.
- Forced the resignation of Mr. Dueck leaving Photon Control's Board comprised of Dr. Robert Breault, Dr. Joseph Litner,Michael Goldstein, and Ronan McGrath.
- Commenced a lawsuit in the Supreme Court of British Columbia against Photon Control R&D Ltd. ("Photon R&D"), DCD Management Ltd., and their principles Michael Weston, Christopher Weston, David C. Dueck and Todd Wilke to have the IP returned to Photon Control proper.
- Applied and received a court injunction against Photon R&D to hold safe and allow access to the IP pending the court decision.
- The Company has now embarked on a strategy of seeking to invest a minimum of 20% of the Company's annual free cash flow into its Normal Course Issuer Bid. There has always been an NCIB in place in prior years but was nevered used to support share price with only token ammounts of cash used each year.
- Retained Liolios Group ("Liolios") to lead an expanded strategic investor relations and financial communications program.
I think that a simplistic veiw that can be taken from the actions since June is that the company is making serious headway to growing the business. Having worked for Rogers back in the day I can say that Ronan is a company builder and frankly I was surprised that he signed on with our little company. In doubling manufacturing capabilities we conceivably can double revenues therby increasing earnings per share. If there is also a conserted effort to reduce the # of shares outstanding then our EPS and consequently our share price will reflect true value. The cash on hand was never accounted for in the market in the past. NowI understand why.
Muff