And new pres
On July 23, 2013, Mr. Phil Blazek, 45, was appointed by the Board as President of the Company (in which capacity he will be the Company’s principal executive officer), effective as of Mr. DiNuzzo’s termination, to serve until his successor shall be appointed. Mr. Blazek has a broad financial, strategic and investment background working with companies in a range of industries. Prior to joining the Company, in 2012 Mr. Blazek was a Managing Director at Korenvaes Management, a Dallas based debt/equity investment fund. From 2008 through 2011, he was President and Chief Investment Officer of Blazek Crow Holdings Capital, an equity investment fund he founded in partnership with the Crow Holdings Family Office in Dallas, which focused on small cap U.S. companies across several industries. From 2005 to 2008, Mr. Blazek worked at Greenway Capital, investing and providing new capital to small cap companies. Mr. Blazek received a Harvard University AB, 1990; Harvard Business School MBA, 1996.
Item 8.01 Other Events.
Based on preliminary unaudited financial information for the quarter ended June 30, 2013, the Company had cash of $13,993,000 as of June 30, 2013. As of July 12, 2013, and following the closing on that date of the sale of substantially all of the Company’s assets related exclusively to the Company’s life sciences business, the product portfolio in respect of which includes a full suite of integrated capabilities, including antibody and assay design, development and product and the Advanced Technologies Business (the “Asset Sale”), the Company believes its pro forma cash balance was in the range of $25,750,000 to $26,850,000. This amount reflects pro forma adjustments for estimated closing costs, including all severance amounts, and an estimate of the working capital adjustment as provided for in the Asset Purchase Agreement relating to the Asset Sale. This amount also includes $1,300,000 that remains in escrow pursuant to such Asset Purchase
Looks as though maybe the few institutional holders that can't own non-listed stocks exited in the heavy volume on Tuesday, but that now that it's known it will trade on the OTC:BB (and thus remain quoted with Level II) buyers will come back for some of the cash-value premium. Any increase beyond that will depend on what Becker and this new president can come up with in the way of a deal, with a time-premium for action governed by whatever the burn rate to keep the doors open will be.