OSC requirement on schedule changes Been taking a break from Cirque De Theralase. I see that the cheerleading squad is finally reconciling with the ugly reality that this company is incapable of meeting its schedule commitments. I see other posters still polishing the same old data. I see Dumbeldorfwhite rubbing reality in at every opportunity. And of course, Theralase seems to lurch from one delay to the next dilution, with apparently no SPECIFIC explanation of what happened to push milestones, especially pre-BTD submission.
What I find interesting is that the OSC settlement required them to communicate clearly not just on revenue projections but also on projected milestones. See below for some snippets. Does anyone really think they are following these requirements from the OSC?
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(3) Launch Dates, Revenue Projections and Growth Targets
19. On November 3, 2006, Theralase disclosed the anticipated launch of laser biofeedback technology in 2007. In its subsequent MD&A,{5} it specified that commercialization of the biofeedback technology was slated to commence in the first quarter of 2007. On March 6, 2007, Theralase indicated that the biofeedback technology had been housed in the TLC-2000.
20. Over the next eight and a half years, Theralase made various statements in its public disclosure (including news releases and MD&A filed on SEDAR and marketing materials posted on the Theralase website and elsewhere on the Internet) in which it rolled forward the launch date of the TLC-2000 in 30-day to five quarter increments (collectively, the "Launch Date FLI"). Sales of the TLC-2000 did not commence until December 15, 2015, following the issuance of regulatory approvals from Health Canada and the FDA.
28. Theralase also did not update the FLI in accordance with NI 51-102. For instance, while its news releases and MD&A disclosed new launch dates for the TLC-2000, they did not reference the previous ones or explain why they had not been met.