Whether right or wrong, your credibility has been put into question. Suffice it to say, a fair-minded fan of the company likely has legitimate questions at this juncture, including but not limited to:
1.What does Lbix plan to do in response to the loss of the Hans business?
2.If the stock was so cheap in your view at 4 or 5, why haven't you and other executives been buying heavily below 2, especially since in addition to getting a bargain you would be demonstrating your belief in the company's future and in its valuation being cheap. Your failure to do so, if it continues, will further raise questions about your credibility. While I was not concerned with the heavy insider sales and have seen the same thing occur in many other companies when a stock finally breaks out, those sales if not followed by purchases after a 50%+ haircut, would understandably be of concern. And I mean of concern to fans of the company, like myself, not only to those looking to bash.
3. Companies that have been successful in the beverage business, like Jsda and Hans, have not produced and distributed product by themselves, let alone for other companies. Especially with the loss of Hans, might the company's model not be the best way to get True Blue maximum distribution? I am convinced, as are many other people, that True Blue is a terrific product and can be very successful, IF it is properly marketed and distributed. My question is whether Lbix has the financial wherewithal to do this on its own or whether it would be better to get a partner, distributor/bottler or to sell the company? Given what has happened to the stock, these are not casual questions.
In order to maximize the chance that the company can succeed in both the marketplace and on Wall Street, I urge you to carefully consider in a dispassionate manner where you are and what the options are going forward. Hopefully, that is already happening. Following such consideration, you need to conduct a special conference call, unrelated to next quarter's earnings, in which you present your plans going forward and answer all questions. Doing so, accompanied by substantial buying of the stock by the key executives, are necessary steps before there is any reasonable chance of the stock recovering.
I have no time for "Internet Heroes". I have all the time in the World for shareholders who have a legitimate issue to raise, identify themselves honestly by name and ask thoughtful and pertinent questions. I believe that those who actually know me and who have taken that approach appreciate the resulting dynamic. That doesn't mean that every question asked by everyone gets the answer that they want. We do have competitive concerns and there are fair disclosure regulations to consider. We will not deal with people who persistently push their own agendas, take delight in harassing management, who seem to want to run this business themselves, their way (despite being sadly unqualified) or who appear professional to your face but then attack or question you behind your back or constantly harp on minutiae. It simply means that those who treat us with respect and as gentlemen will have that courtesy returned. Those who do not, deserve the silence they receive in return.
When writing each newsletter we seek a balanced way to describe the events that have occurred over the preceding month and to give a flavor for what we are working on for the next. If you somehow think that we are stupid or deceitful enough to provide misleading information here or otherwise, then I can't possibly comprehend why you own the shares of Leading Brands or acquired them in the first place. I know that these and the comments that follow do not apply to the vast majority of our shareholders, who I am proud to say that I have come to know over the years and who are a sensible and reasonable lot. It is unfortunately required for others who appear to have been misled by a handful of malevolent people.
Finally� No one more than me is disappointed by the unjustified drop in our share price, but we as management are doing no more or less, or anything different, now than when the price touched $7.00 US a share last Summer. Frankly, the company's fortunes continue to improve each quarter.
It is difficult enough in this economy to find intelligent, dedicated and hard working professional managers who every day put the company's interests before their own. They do not deserve the type of irresponsible and baseless attacks that have been foisted upon them in the past couple of months by several people who I surmise wouldn't have the courage to even address them in person. To the extent that you, as responsible shareholders, encourage or give voice to them, you undermine our legitimate efforts. I would greatly appreciate if you would think twice about this in the future.
Here's the quality of the posts of this "blogger". This is what he said on the Jsda board and my response. Utter dishonesty on his part. There were previous instances where I proved he was a liar on the Jsda board.
We also need the CFO on that conference CALL ... time for a full ACCOUNTing of the number$ ... & when our CEO discusses operating results, we should get some specific info on how well the Wal*Mart Canada busine$$ is doing as to sell thru, pricing & any special promotions combined with sell thru data for the other chains ...