If you notice this "signed by the CEO or CFO attesting to the need for relief." in the excerpt below, management may have a difficult time attesting and justifying a PP once a review of financial statements is done by the TSX and the extensive travel expendetures are examined. Shareholders did not do this.Also, I believe the max amount that management could take of the PP is 25%, perhaps this would allow existing shareholders to take up to at least 75% with guaranteed restrictions put on the financing to secure that the funding is put to proper use?

The present shareholders most likely could raise the PP money, but the current management would have to step aside, its no way that the majority of the present shareholders would trust to invest anymore money in this company with current management intact. IMO, of course.

Also, it looks bad where the total shares held by the BOD amount to roughly 12,750 shares according to my records. It appears that almost all of the BOD,s invested interest has been sold, with Tina having 250 shares left and Lori at 12,499 approx at this time. The other directors have no stake in the company in line of actual shares, only options. On the back of all this, and previously, we had the CEO dumping her shares, over a million, in the midst of a huge and lengthy pressure on the stock. There was little to no buying by insiders, which displays their confidence in the company and adds support to the stock price, the investors and the company. To keep a company strong, the BOD has had years of experience in knowing what to do to achieve this, why they neglected to utilize this massive experience, is their choice and the shareholders will not be held responsible for their actions.

Posted on January 25, 2013