web siteI was looking at the web site to get some information concerning the governance structure of Ucore. I was interested in finding the composition of the Board of Directors, the Advisory Board, and the management.
The information on the web site is not accurate.
For example, in the Advisory Board slideshow it still lists Ken Collison, who died over two years ago, as the Chief Operating Officer as well as a member of the Advisory Board.
In different places, it lists both Jim McKenzie and Pat Ryan as holding the position of Chairman of the Board of Directors. In the Management & Board slideshow, Ryan is listed as Chairman of the Board of Directors. In the Board of Directors slideshow, he is listed only as a Director.
In the Board of Directors slideshow, McKenzie is listed as Chairman and President/CEO and I presume it means Chairman of the Board of Directors. In the Management & Board slideshow he is listed as President/CEO & Chairman.
But, when I went to the most recent proxy, the only indication I could find about who is the Chairman of the Board of Directors is this statement from page 18, item 5, "Director Compensation": "Effective November 22, 2016 Mr. Ryan was appointed Chairman with an increase in annual fee to $75,000."
This, to me, is simply unprofessional. A company web site is generally one of the starting points for a potential investor in conducting his or her research into a company. Given that they've spent about $58 thousand and $120 thousand in investor relations and marketing in the 3 and 6 months ended 2018/06/30, not to mention the $550 thousand and $1.1 million in professional services, salaries and consultants, it seems that they could afford to keep this resource for current and potential investors up to date.