Fly on the Wall.com is reporting that the Vitesse management team is meeting with B. Riley on August 17 and August 19 in Boston Massachusetts. I came across this while looking for some "recent" news on Vitesse through "Google" and am wondering why Vitesse did not mention this on their own site.
Posted by christ3opher - 17 years ago
Our good friends g/y always leave room for Wonder; We must give them credit for that silly consistency.
Posted by GARIF - 17 years ago
In Vitesse web site latest SEC filing 4 states that Yonker (CFO)picked up 4,000 shares yesterday for 3.69? share. I just read on Yahoo, member (gsw_research) stated that insiders are being instructed to buy to prop up the price above 4. This could be the unpublicised reason for meeting with B. Riley this week? The cost for this "under the radar" trip to Boston from Camarillo I will assume is being paid for by the company "Vitesse" and not by Gardner and Yonker themselves and maybe also including the "live in shack up female partner of Gardner". UNBELIEVEABLE!!
James Hugar (board member) purchased 14,000 shares over the past two days for 3.66-3.68 share. This is the first time ever that Hugar has purchased shares of vitesse on his own.
Posted by christ3opher - 17 years ago | Updated 17 years ago
Hey Christopher,
I think the reason Vitesse, if these meetings are happening, didn't post anything on the website is that these will be " you got some esplainin' to do" meetings as CRG/RY have just burned a whole new crop of suckers, I mean shareholders.
Gardner was full of big talk at the B. Riley conference and two months later turned around and said 'screw you, but I still get paid'.....can't have made the guys at B. Riley jump up and down with joy.
I also think Vitesse insiders should be barred from being able to buy stock and benefit from the low price that was caused by their incompetence.....it almost seems like they are doing this on purpose.
Let's see here.....both you and LMS were on the CC but weren't allowed to ask questions on what wasn't an exceedingly long call.....and you, LMS and Grand have sent emails to both CRG and RY and have been ignored.
Nothing like a peachy management to provide confidence in the company. Perhaps folks can call Rhonda in IR. I am sure she would be a source of honest and useful information on what is going on!
Posted by altrfan - 17 years ago | Updated 17 years ago
I also tried to ask a question twice during the call, but they would not buzz me in. Seems like they will only take questions from a few select investment firms. No more private investor (bagholders) allowed to ask questions, lest they bring up the paralegal issue, VTSS continued failure to meet any self-imposed deadlines, lousy sales, millions wasted on accountants and lawyers for nothing, why is BOD so impotent........so many questions that they're to chickenshit to answer. I agree with Altrfan, senior management if they indeed are meeting with B.Riley today have to explain what we already are painfully aware of.....why they are so good at spinning B.S., but so incompetent at actually delivering results.
At the next Q call (mark my words here gang), they'll come in at the very low range of their guidance, complain about things being lumpy (while their competitors continue to grow) and pat themselves on the back for it. Then we'll read about more options being given out to all of the senior management team, while BOD continues with their Rip Van Winkle act.
Posted by sharpinvestments - 17 years ago
My guess is this Boston/B. Riley thing is part of the "robust investor relations" program that was mentioned during the conference call. It would make sense. B Riley has done investment banking work for VTSS. They, B Riley, are now out parading VTSS in front of some institutional clients. meanwhile the stock seems to know no bottom. the compelling valuation story is not so compelling without some revenue growth. (there is a chance B. Riley may be taking them to some clients to refinance the $25 million whitebox loan.)
You are talking to professional investment people. They know how to read an income statement and a balance sheet. Last time VTSS had to "renegotiate" with Whitebox (whitebox is due $25 million October 2011) it didn't turn out so well for the stockholders. And no one is too interested in how profitable you will be when you hit $50 million in revenue when your revenue stream is at $40 and headed south.
Get the loan refinanced or come out and say you have the cash to pay it off. And get the expenses in line with the current revenue and start making some money now, at $40 million in revenue. Then you may have something to talk about and someone might actually believe you.
Posted by dlog - 17 years ago
All I have to say is . . . HATS OF TO VENT!
The man / women has been DEAD right on this POS all along.
G
Posted by G - 17 years ago
Just placed a call to Investor Relations and was sent directly to voice mail. left my name and # for the 3 time with this company with yet a voice able to talk with me about it.
Posted by christ3opher - 17 years ago
One And ALL,
I went back and checked my past emails form 2009 when I had contacted CRG, this was the direct number that I called him at at that time, he picked the phone right up. If anyone cares to call him, here you go. 805 388 7551!
G
Posted by G - 17 years ago
Since Sharp has informed us he was also on the 'ignore list' for Vitesse....I guess the question to ask: Is there anyone who WASN'T on the CC or HASN'T called CRG/RY only to get ignored???
I hope Dlog, that your speculation on Vitesse/B. Riley (only a rumor Vitesse is even talking to them) working on taking out the WB loan is correct.....as I can't see a singe reason, outside of CRG issuing mea culpas and dropping hints that Vitesse will also be looking for a new CEO (Perna after getting familar with the company??) and CFO that there is anything any reasonably capable investment firm would be interested about regarding Vitesse.....as there is nothing other than a litany of failures to report. I'd like to be positive over gross margins, new IP deals and such but a 17 cent share price renders that rather moot.
Vitesse is seemingly no closer to being re-listed on Nasdaq today than they were the day after getting de-listed over 4 years ago. Management has done nothing other than cement in investors minds that Vitesse deserves to be valued far below other semi companies that are leaving Vitesse, revenue wise, in their rear view mirror. CRG has been talking for several years but hasn't delivered, and Vitesse needs to deliver before they talk more.
Thanks for the phone number G, at this time I have nothing that is polite or even printable to say to my pal Chris, so for the present I shall refrain....paragon of virtue, refinement and culture that I am.
Posted by altrfan - 17 years ago | Updated 17 years ago
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