Monday, July 26, 2004

Why THIS Blog NOW?

Good question.

I have had many concerns about the CEO, Chris Haigh and the Transfund investment group that now control the company, but I have remained silent for a year now in the hopes that I was wrong about my concerns and suspicions. I also wanted very much for my own stock to be worth something and to maintain the value of the stock for other investors.

I started this blog now because I have lost all faith that SVC Financial actually has a product. The blog also serves as a sort of "rough note-taking" exercise in preparation for writing a book on the subject.

As regards the company's product, I have e-mails dating back to December 2003 indicating that the company has a Tibanna-workalike product called "Mazarin." I've repeatedly asked for a review copy so that I could test it.

I keep getting the run-around and so far: no product. I have suspected for several months now that the product either did not exist or did not work as represented. I still hope I am wrong about that.

The immediate factor that sparked the blog now is the refusal of the Pocketpass board to honor their previous written commitment to compensate me with equity for the 19 months I worked for no compensation. When someone walks away from a written commitment, it calls his or her honesty into question.

In addition, while SVC Financial has reportedly received additional funds in the past year, they have failed to pay anything toward the thousands of dollars in out-of-pocket expenses my wife and I are owed, nor have they done anything about paying on a $13,500 promissory note for money we loaned the company on March 3, 2003 and which they defaulted on in May 2003.

Significantly, Megan and I scraped up that cash and continued to pay for expenses upon the repeated emailed assurances from Transfund that the funding they had promised a number of months before would arrive before the note went into default.

That funding never arrived. Indeed, during this time period and stretching back several months (I'll detail these in future posts), Pocketpass's company counsel, Dan Eng and I disagreed with a number of things that I was asked to do as CEO, especially the demands for rosy-slanted news releases at a time when the company had no money and was in imminent danger of shutting down.

Again, I will describe these in future posts, but I think my resistance to these demands is what resulted in Transfund strangling the company to install a new CEO.


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