Vaso's Directors and Officers Are a Greedy Disgrace
While stock has gone nowhere(but down) in years and all of managements goals have been missed, our team felt they still deserved stock bonuses. From the recent 10Q:
For 6 months ended 6/30/14 the company granted 450,000 restricted shares valued at $157,000 to officers. 100k shares vest immediately. And, in the first half of 2014, the company ALSO granted 500,000 shares to directors valued at $175,000. AND THEY VEST IMMEDIATELY.
Compensation Committee, lead by Castle, are incompetent at best and corrupt at worst.
How does the largest shareholder, Srybnik, put up will this.? Why would Dalio associate his name with this type of business practice.
There is NO justification for our management team raping the company and shareholders like this.
Chairman Ma, Castle, leiberman...................................... have you all no shame?
Ma's comments from CC:
Once VasoHealthcare IT becomes fully ramped, we anticipate a significant increase in revenue and the profitability over time. We are also expecting to reinvigorate equipment sales and combat some external market pressure that has affected our China operations during the second quarter. While our sales from our China operations decreased by $223,000 we don’t anticipate this decline to continue as we have built a good pipeline for the second half of the year.
This is typical Ma Speak. Another metric is missed, more excuses, and this in the all important China market. Ma has made China the foundation of vaso since that non accretive, "accretive" china acquisition a couple years back.(That cost vaso a bundle and stock has NEVER really recovered since) Before that, vaso had little focus in china, other than having some machines made there. China is a wasteland for eecp, as top machines are easily copied(no IP protection) and low grade, cheap knockoffs abound. Ma's vision for vaso was and is away from EECP. He failed so many times over the years to get CMS and private upgraded insurance coverage, he just gave up.
Ma's strategy may pay off, but more than likely he will fail again. Where would we be now if Ma had, years ago, instead of buying into china, talked with the FDA and done a real study with EECP with FDA protocols and endpoints?? Ma whines about how expensive it is to run a trial, but it would have cost less than the china acquisition. And we would have had results by now and very possibly another huge indication(CHF, Stroke, ED?) to sell into.
MA and management NEVER, NEVER admit to past failures; which are many. In the corporate world of Ray Dalio, this hubris is the mortal sin of any management team.
Now, Ma must be given more time to complete his vision. There is not much us little shareholders can do about that. But, its borderline criminal that he is being paid 600,000 dollars.
Every Vaso shareholder should take 5 minutes out of their day and write a letter to vaso detailing their anger with Ma's payment package in regard to another missed Quarter and failing equity prices. He is not a top CEO, yet he takes top dollar from shareholders.
His position is indefensible.
We demand a pay package that is in line with shareholder returns.