Posted by B. Roche on April 18, 2000 at 08:34:49:
In Reply to: Re:Help posted by Yehoram on April 17, 2000 at 20:07:46:
: Dear Randhil,
: Mr. Spier is a director and has been an investor in almost every round of our past financing. Selling by an insider requires disclosure and that is what you saw. We are very conservative in not allowing insiders to sell when exposed to inside information. Let me assure you that there is no negative trend or negative information which is behind the motive of Mr. Spier sale. After holding Soligen shares for many years Mr. Spier has decided to sell some of his shares, and it is his right. Any attempt to prevent directors or insiders to sell their shares will negatively affect their willingness to invest in following rounds of financing.
: I have never interfered with my directors or advisors decisions to either buy or sell Soligen's shares, and have no intention to do it now. Mr. Spier support and business advise is very useful to Soligen, and it has not changed with his decision to buy more shares or to sell some of his holdings.
: I did not even think about selling any of my shares at this period, because I believe that even at $1/share the company is grossly undervalued. The price drop is unfortunate, however, to remind you, I resisted any action to interfere with the price of the stock following the recommendation of the PSG. I do not know who are on the selling side at this level.
: Regarding your suggestion to get some news out, I think that at this stage it may be even more of an unwise act to "force out" news releases. The SEC regulations are very strict, and I would not want to be on the "black list" or even on the "companies to watch list" of any of their investigators, or a target for a class action suit. The reply to Shawn is not news and will not make it to business wire. The plan to expand by creating more Parts Now centers is disclosed in our 10K, and as mentioned there is nothing to be announced or disclosed at this time. The discussions / conversations with potential partners for joint ventures and / or franchising have been on for quite some time, some of it was disclosed (the news release about Wright-K memorandum of understanding).
I hope Steve will take the initiative to improve IR/PR throughout the balance of 2000 and beyond.
I would say Soligen's very low profile is probably impacting revenue as well as share price.
I understand your reluctance to "hype" Soligen ... but we seem to be a too well kept secret.
Certainly we are horribly undervalued at these levels... and it is frustrating.
: Your note: "I have read the articles on Soligen, and what you have accomplished to date is truly amazing.." is appreciated, I wish to be recognized for what we truly accomplish and not for promoting the stock in this volatile market.
: I was asked to read the Raging Bull message board and I do it from time to time when my schedule permits. Some of the messages use strong language in criticizing our IR/PR policy. I am aware of some suggestions to bring a motion to the shareholders annual meeting regarding investor relations or public relations. I encourage shareholders to participate in our shareholders meeting and welcome unsolicited shareholder's motions. We will discuss them and vote accordingly.
: Like everything in life, it is true that we could do a better job in this field. I have instructed Steve Anreder to prepare an action plan for Fiscal 2001. You are invited to call, or Email him with suggestions. Steve is a professional and his firm has been in business for many years and enjoy great reputation.
: Yehoram