They will not use Mitek software. This is just too easy so they will do it themselves. Mobile deposit is a small and shrinking market. The real hurt will be on MA and V as mobile purchasing gets a foothold. Flash your Iphone at the terminal and your account is debited. Goodbye credit cards. Mitek is a a scrappy company but they cannot compete with Google and Apple. Goodbye Mitek.
LOL. IDK what these posts are about. Very ludicrous statements made here. MITK has fallen because it was a hot story who picked up many day traders and swing traders and the story has gotten cold. It will pick up again once May earnings come around and we see a boost in rev & EPS. The SMART MONEY will buy a ton of this, IF, it drops under $3.50...or atleast I will.
Early mover advantage, score one, Mitek.
Already in with Chase and major vendors.
The market for moblile photo pay is big and international but still a bit in the future, as far as the price of this stock goes.
Why would Apple even be interested if there weren't multi billions to be had by various players?
The price of the stock right now has to do with depositing checks mobily and how rapidly that effects (the inventor of the market, the leader in the field with the gold standard's patent,i.e,Mitek's) revs.
It's too late for Apple to change the deals Mitek has signed and in the pipeline, imo.
What really bothers me is that they are giving the company to management. 4.8 million options at $1 all in the money plus 700,000 warrants. The market value is crazy high versus revenues. That puts a lot of downside risk in the stock as there are no real fundamentals to hold it up except speculation about what is to be.
Sounds like a shareholder suit in the making. You cannot fire a director who is protecting the shareholders.
1. “On January 14, 2011, James DeBello, president, chief executive officer and a director of the of the Company, and John Thornton, the chairman of the board of directors, informed Michael Bealmear, a member of the board of directors of the Company, that the board had determined that he would not be one of the board's nominees at the upcoming annual meeting of stockholders.”
Please note that this requirement for validly calling a meeting is what led me to question the validity of the options purportedly granted on Monday, November 15, 2010. As communicated to the Audit Committee and the Company’s outside auditors prior to the filing of the Quarterly Report on Form 10-Q, I believe that the options purportedly granted by the Compensation Committee on November 15, 2010, were invalid due to the lack of notice of the meeting. This led me to question the accounting for the purported stock options at the Audit Committee meeting, which was not resolved at the Audit Committee meeting and, as I can see from the Form 10-Q as filed, were accounted for as having properly been granted. In addition, as I recollect, during my tenure on the Board the Compensation Committee always made recommendations to the Board regarding the grants of stock options, and the Board made the grants; the Compensation Committee Charter does not appear to convey authority to the Compensation Committee to grant stock options to employees of the Company other than the Chief Executive Officer, and I do not recall the Board ever conveying the authority to the Compensation Committee to grant stock options, which further calls into question the validity of the grants of the stock options other than to the Chief Executive Officer. Consequently, I continue to question whether the accounting for these purported stock option grants is correct.
/s/ Michael Bealmear
Michael Bealmear, Former Director Mitek kicked out by CEO