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Unilife Corporation Message Board

  • stupidprofile605 stupidprofile605 May 30, 2013 11:30 AM Flag

    Company emphasizes the Commercial Supply Contract "has not yet been signed" and "investors should not rely on..."

    For the faithful out there, I'm sure you are active ASX website researchers.

    I'm sure you noticed just a few days after the quarterly conference call in which Shortall promoted the "up to" $110 million Commercial Supply Contract (I guess zero is on the spectrum of "up to" $110 million), UNIS quietly posted a letter to the ASX (with no accopmanying Edgar (SEC) or US press release) a re-emphasis that the Commercial Supply Contract "has not yet been signed" and "investors should not rely on the information concerning the [contract]" until it is signed.

    Classic legal CYA - pump the contract loudly, then, after the stock pops, quietly create legal cover by posting an obscure letter that basically reminds investors not to rely on that part of the quarterly release even though it was the FIRST bullet in the release. Remeber what Shortall said in his OPENING remarks in the conference call:

    Shortall: "[Good morning/afternoon]. Before we discuss the quarter, I'm excited to tell you that we are getting ready to announce our first major long-term supply contract for the Unifill syringe. This is a significant multiyear commercial supply contract with a major pharmaceutical customer that generates revenue immediately. The negotiations for this agreement are complete. All terms have been agreed upon. The execution copy is being routed for signature by both parties."

    Three days later, post a letter to the ASX saying "don't rely on that part of the disclosure." Hilarity ensues.

    Don't worry though, the press conference for the Commercial Supply Contract is coming any day now - definitely before month end. Wait, what's that, in addition to diluting the deuce out of investors without making a US disclosure, we've reached month-end and there's still no announcement?

    Dammit. Shortall.

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