Normally a CFO resignation couldn't be viewed as a positive, but looking at the person that Dais is bringing in as a "part-time" replacement, Peter DiChiara, I have to wonder if the company is finally being sold. The wording of the filing was interesting, no mention of DiChiara being a temporary replacement until a new CFO is found. DiChiara is a corporate law and securities law attorney at Sichenzia Ross Friedman Ference LLP. Under corporate law the firm lists the following services they provide:
Mergers & Acquisitions
Private Equity and Mezzanine Financing
Hedge Fund Formation
Employment Agreements and Other Compensation Matters
Under securities law they list these services:
Initial and Secondary Public Offerings
Alternative Public Offerings
Exchange Act Reporting and Compliance Matters
Special Purpose Acquisition Company Offerings
Restricted Stock and SEC Filing Matters
Stock Exchange Listing Matters
The firm isn't a bankruptcy firm, so even given Dais' light cash position that doesn't seem to be where this is headed. Interesting development, whatever is going on may very well happen fairly quickly, IMO. At .07-.08 this may be worth a flyer again.
Sale?? Resignation of CTO last year, CFO this year, who's next? Generally don't see defections prior to a sale. $48K per year for a CFO outside the area, that is "renewing" his CPA License, sounds like it isn't active which is a question. From the prior Dais SEC filings, Richardson Patel and Mr. DiChiara had been involved in Dais' attempts to raise funds. Based on their last quarterly filings, funds are definitely needed to stay afloat.
You think the CFO leaving was a defection?... Richardson & Patel advised them on an amendment to the Platinum notes... Johnson was elevated to CTO after previous CTO resigned. He actually seems to like building things, note the video he seems to have shot himself of the NanoClear pilot (quality is terrible and should be re-shot). Note from the last 10Q:
" During the second quarter of 2013 we completed the design, build and production of a pilot wastewater treatment device (based on the Company’s NanoClear™ process), located near a Pasco County, Florida municipal wastewater treatment facility. The NanoClear™ unit began to produce clean water from contaminated wastewater and has (and will) continue to undergo rigorous testing and monitoring. The project was undertaken to showcase the functionality of Dais’s Aqualyte™ nano-materials and novel process in harsh wastewater uses over existing products for the cleaning of contaminated water. The project shows, via third party testing, contamination in water is reduced to nearly the ‘parts per billion’ level while current water standards allow for impurities measured in ‘parts per million’. 1
1 Based on independent water sample testing commissioned by Dais to the Pasco County Utilities Environmental Laboratory, and TestAmerica, Tampa Florida USA. October 2013 "
There are worse 7-cent stocks to dabble in, we'll see. GL.
With over twenty-five years of experience with the legal and financial matters, including international practices with Willkie Farr & Gallagher LLP, Sichenzia Ross Friedman Ference and Cadwalader, Wickersham & Taft LLP, my practice includes corporate and securities law, including advising U.S. and foreign investment banks, investors and private and public companies on equity and debt transactions, mergers, acquisitions, SEC reporting and compliance and general corporate governance and securities matters.
I am also a certified public accountant and have held positions as a Manager at Ernst & Young and a Manager of Financial Reporting at Philip Morris Companies (nka Altria). I have also served on the boards of both publicly-traded and non-profit entities, was elected as Trustee of the Village of Mount Kisco, Westchester County, for five consecutive terms from 2000-2010 and served as Deputy Mayor of the Village of Mount Kisco from 2003-2010.