As I suspected in my May 4,2015 post, Leung has now shut down AIC branches in Calgary, Toronto and Burnaby. It happened even sooner than I suspected. Leung doesn't even bother to claim the stores were shut down for "relocation." The only remaining branch is in Richmond. Obviously without a storefront the business in those 3 areas will not expand. It will no doubt begin shrinking as contracts expire and AIC's revenue will decrease.
The primary objective of AIC’s expansion in the near term is to achieve rapid revenue growth and market penetration in metro Vancouver, Calgary and Toronto. Paul Leung, August 12,2014.
Clearly, these objectives have failed.
Canada's worst businessman?
We have all heard of the TV show "Canada's Worst Driver." If there were a TV show for Canada's worst businessman there is no doubt that Leung would be very competitive.
Leung is simply incapable of accomplishing anything meaningful. Everything this man touches results in failure.
Empower was able to acquire AIC for a mere 3 million shares. It was a failing company at that time and it is still a failing company. By shutting down 3 of 4 stores Leung is admitting he has failed again. Did Leung really believe he had the ability to turn this business around?
A call to AIC has revealed that Leung shut down the Burnaby and Toronto stores last month. This is material information and Leung has once again not informed the investors.
At the June 2006 AGM at least one CIBC broker wanted Leung fired and brought proxy votes from all her clients who held EPT shares to fire Leung as CEO. Since that time Leung has failed at everything he has ever attempted and wasted millions of investor dollars in the process. In large part what saved Leung from being fired was an announcement he made only a few days prior. Leung claimed he signed a licensing agreement with a mystery company, "somewhere on the westcoast of the US." This mystery company was going to pay Empower licensing fees. Leung also claimed in the same announcement there were other "early adopters."
Who would vote to have Leung fired only a few days after he made such a fantastic announcement? It was what investors had waited over 5 years for. Nobody would be so stupid to vote to fire leung under those circumstances. But the odd thing is we never heard another thing about that mystery company except from the criminal stockbroker who claimed the company was working on their mystery product. At one point the fraudster claimed the mysytery company had actually completeted the product they were working on. But of course we never heard a thing about it. Are the investors to believe this mystery company never sold a single unit? Interesting.
Empower continues to suffer death from a thousand cuts. How long will it be before the stock is 1/2 cent and then the doors close permanently?