RE:Just had a talk with management at VGWTheBananaMan wrote: Hi guys, I was just on the phone with management at VGW. Before sharing this I did ask if my phonecall was confidential or if I could share the info, and I am allowed to share...
I asked for clarity about this consulting firm we had to buy, here is the reply :
¨¨The deal to sell this liscence (Supra) was done a while back, before Tyler was CEO and under a different board. It was at a time where the company had almost 0 cash left, so they needed the money badly and they just wanted to sell this liscence... So the terms of the contract where Sh!t as we all saw... Now it only made sense for the company to terminate this contract and this was the best way to do it... And they disclosed everything in Q1...¨¨
So there is nothing shady on their part, they got a bad deal when they started that will cost us a few millions and some dillution, but in the future this represents almost nothing for this company !
I'm not selling !
GLTA
Hope I could help, if you guys want to talk in person with them I would advise you to sent them a email if you don't believe me !
Peace
TBM
I'm certainly not a seller here either. They are killing it with their strategic growth plan, and the shares are very cheap on a valuation basis.
I definately believe that Annechino deal was poorly structured, but at this point that's hindsight. He seems to have come on the scene late in 2017. I suspect that was on the heals of or during the watch of the disasterous hire of Saul Katz as president and chairman on Aug 4 2017, who was terminated Nov 24 2017.
The statement "¨The deal to sell this licence (Supra) was done a while back, before Tyler was CEO and under a different board. It was at a time where the company had almost 0 cash left" seems totally incorrect. The facts:
Tyler was a director and COO since before the RTO was completed in Nov 2016.
VGW announced Supra THC Services purchase and its licence March 2017 (closed late April).
Tyler took over as CEO May 4 2017, and remained a director.
The Board remained unchanged until Saul Katz was added on Aug 4 2017.
The company was low on cash late 2017 after Saul Katz apparently dropped the ball and was terminated Nov 24 2017.
The company successfully raised $2 million late 2017, over Christmas, after the Katz departure.
On Dec 22 2017 all seemed fine with Supra THC as Dr O'Brien it's president was news releasing about their licence to manufacture and package, and propoting Supra's partnership with Thermo Fisher Scientific.
On Dec 27 2017 the company announced a $5 million, then increased to $7 million, and then increased it to $12 million by Feb 5 2018. They closed a total of
$12,384,894.
It was on Feb 23 and 27 2018 that Annechino's options were set and reduced, so he was only then presumably establishing himself as a consultant. Obviously there is no way the company did the deal to sell the Supra licence over this period. They may have been trying to sell it once they received their own dealers licence in late 2017. Of course, if they had done a deal to sell it, that would be material and would necessitate a news release.
So it would appear that the person you were speaking to as a member of management does not know the facts, and/or is very confused as to the timelines.