"We will move swiftly, but deliberately, in our search for a new CEO..."
The above noted quote was made in August 2011 by the former Chairman of OXBT Rene Eckert after the company fired the previous CEO, Chris Stern. CFO Michael Jebsen is named interim CEO.
Approximately six weeks later, on 30 September 2011, Chairman Eckert resigns and Ronald Blanck is named the new Chairman of the Board.
Leaving Blanck - along with the seemingly forever "interim CEO" Michael Jebsen - ostensibly running OXBT.
OXBT's price on 30 September 2011: $41.80.
OXBT's price today: $1.32.
For TWO YEARS Blanck and Jebsen have failed to hire a new CEO, failed to manage the investment community's expectations, and failed to uphold their fiduciary responsibility towards shareholders. As a result, OXBT has fallen 97% under their "leadership."
And yet, on August 7 2013, the company released a PR that included the following statement:
"Oxygen Biotherapeutics... believes that it has taken the required steps to move the company forward to achieve the objective of shareholder value preservation and to rebuild from here."
OXBT's price on August 7 2013: $1.78. Meaning, OXBT has dropped 25% in the almost two months since the company stated its long ignored objective is *now* "shareholder value preservation."
When I say the people running this company are incompetent, it's not hyperbole. They have *completely* failed OXBT shareholders.
What exactly is Blanck doing everyday in his capacity as Chairman? It's been more than TWO YEARS since the search for a new CEO started, and still nothing.
Really? Absolutely no one could be recruited to be OXBT's CEO after two years of actively looking?
Blanck's "leadership" on the search for a new CEO is a prime example of his failed tenure as Chairman.
As is the price of stock. Pull up a chart on OXBT, and look at the "shareholder value" that has occurred during Blanck's tenure as Chairman - in the past two years, OXBT has lost 97% of its value.
97%. Meaning, every dollar "invested" in OXBT two years ago is now worth 3 cents. Which also means that everyone who bought OXBT two years ago and has held the stock until today now needs a 33 times bounce - or a 3,000%+ increase in the PPS - simply to get back to even.
Anyone here expecting OXBT to bounce 3,000% anytime soon? Anyone?
The bottom line: Blanck has failed, and in a big way. And if the past is any indication of the future, OXBT shareholders can expect to lose even more money as a result of Blanck's "leadership."
Amen! I've contacted the company and the SEC and this group of imbeciles is under scrutiny of the authorities. I've been contacted in return 3 times by SEC investigators. I can't wait to hear the result.