Class action lawsuit against Gene Cartwright. Do not sue GTHP. That is a giant waste of time at this point. We should go after Gene's personal assets.
In summary he is a incompetent liar that drove GTHP to the ground with too many toxic deals. He is an awful CEO and horrible human being.
Please do not get me started about Gene "Any Day Now" Cartwright. Basically Gene is incompetent and unable to handle a leadership position at GTHP or any company. Gene is a first time CEO complete clueless about how to obtain financing for a small firm.
1. He has CONSISTENTLY promise orders (over promises), but he never delivers. By the time he delivers (if he delivers at all) is only a small fraction on what he had promised. For example, Gene told me and other private investors from November 2014 - January 2015 several times (actually 3 times) to expect a large order from Kenya "and day now". His words not mine. The order arrived 1 1/2 years later. That huge order turned out to be 6 machines. Another example is China. He was talking $2mm-$3mm for China last year. At the end of the day GTHP received $200K for the China rights. It is the same pattern over and over again. He has zero credibility.
2. He has CONSISTENTLY lied about progress with the FDA. GTHP has failed 3 times to get FDA approval. He promised and guided investors with timetables that were completely unrealistic. He issued press releases with dates that were too aggressive. It was so bad that he was even wrong when GTHP filed the amended request for approval for Luviva by 6 weeks and he was in complete control of that process.
3. He has consistently enter into financial deals that are toxic for GTHP. The last deal with Aquarius was joke that killed the stock. The reverse split was a nightmare and now they want to do another after saying he was looking for non dilutive financing. From non dilutive financing to a possible 400 to 1 reverse split despite completing a 100 to 1 reverse split recently.
4. He expanded manufacturing when they were low in cash and had no orders. Of course now they do not even have funds to build any machines.
5. He always having private conversations with shareholders discussing private information not released to the public but it is mostly lies and more lies.
I told people for months that the common is toast. To think that GTHP was a 40-50 cents not too long ago BEFORE the 100 to 1 reverse split and now is trading at 1 penny is beyond ugly. As documented many times Gene Cartwright is a horrible CEO. I hope he gets sued by shareholders. He should pay the consequences for his criminal behavior. Yes I said I meant criminal behavior.
TO THE STOCKHOLDERS:
Notice is hereby given that the 2016 annual meeting of stockholders of Guided Therapeutics, Inc., a Delaware corporation (the “Company”), will be held on Thursday, August 4, 2016 at 10:00 a.m., local time, at the Company’s offices, located at 5835 Peachtree Corners East, Suite D, Norcross, Georgia 30092, for the following purposes:
1. to elect three directors;
2. to approve an amendment to the Company’s certificate of incorporation to effect a reverse stock split, in a ratio to be determined by the Company’s board of directors ranging from 1-for-10 to 1-for-400, of all issued and outstanding shares of the Company’s common stock, at a time in the three years following such approval to be determined by the board;
3. to approve, on a non-binding, advisory basis, the compensation of the Company’s named executive officers, as disclosed in the accompanying proxy statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission;
4. to ratify the appointment of UHY LLP as the Company’s independent registered public accounting firm for the 2016 fiscal year; and
5. to transact such other business as may properly come before the annual meeting or any adjournment of the annual meeting.
These matters are more fully described in the proxy statement accompanying this notice.
Only stockholders of record at the close of business on June 14, 2016 are entitled to notice of and to vote at the annual meeting.
All stockholders are cordially invited to attend the meeting in person. However, to assure your representation at the meeting, you are urged to sign and return the enclosed proxy as promptly as possible in the postage-prepaid envelope enclosed for that purpose. Any stockholder attending the meeting may vote in person even if the stockholder has returned a proxy.
Pre-package BK more likely. They are trying hard to get a S1 out. I think the common is toast. Maybe they can try to dump preferred shares in the market I guess. Hard to believe they can even get toxic financing at this point. With China they will have any funds until the end of the month.
Really? This was explained so many times. GTHP is headed to a S1 (Dilution) or BK. They have monies for about 1 month AFTER receiving funds from China. China was suppose to be a $3mm deal per Gene just 12 months ago!!!!!!! Aquarius and insiders have huge amount of common shares via preferred shares. Aquarius especially is using every single piece of news that lifts the stock to dump more shares before either the S1 or BK. Have you looked at the balance sheet. They have more than $8mm in liabilities. What is so hard to understand?
Pumpers are out with a vengeance. Please look at the balance. Notice the $8mm in liabilitie? How much cash? Common folks do you really think $200k is going to make a difference? It just pays for June's expenses. They have two choices Bk or S1. Can they even do a S1? The S1 would wipe out most of China's proceeds.... At this point it is comical. Gene was literally talking $3mm for the China rights in 2015 and he got $200k. Maybe they will announce Kenya "any day now". Too bad they DO NOT HAVE CASH TO BUILD MACHINES!
How do you do that with $250K in the balance sheet AFTER China and $8mm in liabilities? Oh yeah.... you sale more shares! Can they even do a S1? How about another reverse split before the S1. Just kidding.
Point #1. Gene promised $300K last month (earnings press release). GTHP got $200K. 33% percent less. Gene over promised again. Then again.... China was suppose to be @$3mm licensing agreement not too long ago. Red on China seems to indicated that getting a S1 is going to be difficult at best.
Sorry....China requires approval from country of origin. I guess the market was expecting more than $200K. As recent as the last earnings report Gene was talking $300K. Stock is red. $200K is good for about 6 weeks of operating expenses. The reaction is so negative wondering if they can even do a S1.
The company had great potential. The product IMHO is great. Mgmt is awful. At least Gene can only blame himself. Too many costly mistakes. Maybe he read too many of his own PR's. China news (good) and the stock is red. hmmm.
Guided Therapeutics Enters into LuViva® Advanced Cervical Scan License Agreement for China
Deal includes funding, payment for Chinese regulatory approval, royalties and manufacturing
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Guided Therapeutics, Inc. (OTCQB: GTHP), the maker of a rapid and painless testing platform based on its patented biophotonic technology, announced today that it has reached a licensing agreement with Shenghuo Medical, LLC, for exclusive sales and manufacturing rights of the LuViva® Advanced Cervical Scan for China and several additional Southeast Asian countries. Shenghuo brought Chinese investors into GTHP last year and currently owns the distribution rights to China.
The terms of the licensing agreement include $200,000 in near-term cash payments, the potential for up to $1.0 million to pay for advancing U.S. Food and Drug Administration approval for LuViva, funding to secure Chinese regulatory approval of LuViva and a royalty payable to Guided Therapeutics on disposables sold in the territories. Shenghuo also has the right to manufacture the LuViva and disposables under certain conditions.
"We are pleased to be continuing with Shenghuo to open up this valuable market to LuViva," said Gene Cartwright, CEO and President of Guided therapeutics. "The agreement also opens up the possibility to bring efficiencies to our manufacturing processes and provides funding for Chinese regulatory approval."
China is the second largest medical device market in the world, according to the U.S. Department of Commerce. Approximately 390 million Chinese women are between 25 and 64 years old, the prime age for cervical cancer screening. Prior to commercial sales, LuViva would need approval from the Chinese Food and Drug Administration. The Company currently anticipates interim device and disposable sales for clinical study and demonstration purposes. In Hong Kong, the Company believes the time to commercial sales is quicker, with device registration, rathe