Wednesday, January 09, 2008

Disclosure

Many readers of this blog have pointed out that I am harsh on many of my colleagues in this industry whilst never being critical of the company that I founded, Narrowstep.

The reality is that I am legally prevented (unless I fancy breaking stones in a chain gang in Alabama for the next thirty years) from commenting on Narrowstep in any real sense, which is very frustrating.

However, for a taste of why Narrowstep's share price is where it is now and the current performance of the business, there are public filings available, including this one referring to my own resignation as a Director and that of another independent Director, Dennis Edmonds - a corporate lawyer - at the same time:

"On December 18, 2007, Narrowstep Inc. (the “Company”) received the resignations of Iolo Jones and Dennis Edmonds as members of the Company’s Board of Directors (the “Board”). At the time of his resignation, Mr. Edmonds also served on the Audit Committee and the Compensation and Corporate Governance Committee of the Board.

"In his letter of resignation, Mr. Edmonds, who is a resident of the United Kingdom, stated that he felt that, over the course of the last year, his ability to contribute to the Board of Directors had been lessened because, in his view, (i) Board meeting dates were frequently changed at the last minute, (ii) despite numerous requests, no information was provided to directors in advance, and (iii) no critical reviews or strategic discussions could take place because the directors had not been provided with information on which such discussions could take place

"Mr. Edmonds also noted that since the departure of the Company’s previous chief executive officer, the Company’s stock price has dropped significantly, which he indicated may be due to “serious inadequacies” on the part of management. "

Readers can draws their own conclusions about the management of Narrowstep under its current Chairman and 'interim' CEO over the past fourteen months (highlighted on the share price chart below).





All this said, I still believe that Narrowstep has the best one stop technology in the market, a decent CDN, as well as some great staff and clients.

No comments: