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Ironclad Performance Wear Corporation (ICPW)

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0.185-0.005 (-2.632%)
At close: 2:39PM EDT
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  • r
    ruaspecker
    ruaspecker
    In terms of the new CEO, we will have the audit done in $35,000 to $70,000. Now who is milking the company.... everyone, so vote and lets get this thing sold ASAP!
  • r
    ruaspecker
    ruaspecker
    This is ongoing!!!
    Separately, during the second quarter of fiscal 2017 the Registrant received, and has been considering, indications of interest with respect to potential strategic transactions, and on June 2, 2017 the Registrant engaged Craig-Hallum Capital Group LLC (“Craig-Hallum”) as its financial advisor to explore and evaluate potential strategic alternatives focused on maximizing stockholder value. These alternatives could include, among other transactions, the sale of part or all of the Registrant’s assets, a merger with another party or an alternative strategic transaction.

    On July 5, 2017, in consideration of the aforementioned developments relating to accounting for the Subject Transactions and the restatement of the Registrant’s financial statements for the Subject Periods the Registrant’s Board of Directors (the “Board”) approved the continuation and expansion of the strategic alternatives process by Craig-Hallum.

    The Board has not set a timetable for this process nor has it made decisions related to any particular transaction at this time. The Registrant does not intend to provide updates or make any further comment regarding the evaluation of strategic alternatives, unless a specific transaction is recommended by the Board, or the process is concluded.
  • M
    Mark
    Mark
    The stock is now worth $0.15 if not less. too bad the crooks will not even go to jail.

    Updates 2017 Revenue Guidance
    FARMERS BRANCH, Texas, Aug. 14, 2017 /PRNewswire/ -- Ironclad Performance Wear Corporation (ICPW), the recognized leader in high-performance task-specific work gloves, today announced that it is postponing its report on unaudited financial results for the second quarter ended June 30, 2017, and that it will be late in filing its Quarterly Report on Form 10-Q for the period, because of the pending restatements of prior-period financial results.
    On July 6, 2017, Ironclad reported that its financial statements for the fiscal years ended December 31, 2016 and 2015 and the fiscal quarters ended March 31, 2017 and March 31, June 30 and September 30, 2016 required restatement.
    "The Company is diligently pursuing completion of the restatements of its financial results, and we now estimate that we will complete the restatements and file the applicable amended annual and quarterly reports within the next 30 to 60 days," stated Michael A. DiGregorio, Chairman of the Audit Committee.  "We will file our Form 10-Q for the 2017 second quarter as soon as the restatements are completed."
    Financial Outlook
    The Company is updating its full year 2017 revenue guidance.  The Company now estimates that Net Sales will be in the range of approximately $20 million to $22 million.
  • M
    Mark
    Mark
    Sinking like a pirate ship.
  • M
    Mark
    Mark
    ICPW board of directors is asking to split the stock between 1 for 12 and up to 1 for 20, why do they want to split if they are going to sell? I don't think it's for sale, I think ICPW board of directors want to build the company up and than sell it.
  • r
    ruaspecker
    ruaspecker
    Radians acquired the outstanding indebtedness under the Loan Documents from Capital One on July 25, 2017. I don't see an 8K when this took place??? Why? They should have filed. Someone is playing games. Not good for shareholders. ICPW needs to sell ASAP. They have interest in the $.30+ area from more then one buyer. We need to take it and run. We DON'T need more cooks in the kitchen, so send in your proxies ASAP. The long this goes on the bigger the chance we get less $$$.
    We don't what Ron C to get his grubby little fingers in the deal making, he is only looking out for one person, HIM ! You should Google his name and read about track record.. Not the best.
  • L
    Love the deal
    Love the deal
    Item 1.01 Entry into a Material Definitive Agreement.
    On August 1, 2017, the Registrant entered into a Forbearance and Modification Agreement with Radians Wareham Holdings, Inc. (“Radians”) pursuant to which Radians agreed to forbear, until 12:00 p.m. Central Time on August 7, 2017, from exercising available remedies under that certain Revolving Loan and Security Agreement dated November 28, 2014, originally entered into among Capital One, National Association (“Capital One”), the Registrant and Ironclad Performance Wear Corporation, a California corporation (“Ironclad California”) and wholly-owned subsidiary of the Registrant (as amended to date, the “Loan Agreement”), and related documents (the “Loan Documents”), in connection with the Registrant’s failure to provide materially complete and correct financial statements as required under the Loan Agreement for the fiscal years ended December 31, 2015 and 2016, and for the fiscal quarters ended March 31, June 30 and September 30, 2016 and March 31, 2017, as evidenced by the Registrant’s disclosure that such financial statements should no longer be relied upon due to misstatements resulting from the accounting treatment for certain sale transactions during such periods. Radians acquired the outstanding indebtedness under the Loan Documents from Capital One on July 25, 2017.

    In consideration for Radians’ agreement to forbear from exercising available remedies under the Loan Documents the Registrant and Ironclad California (the “Borrowers”) agreed to fully release Radians from existing claims under the Loan Documents, and further agreed to a prepayment fee of $120,000 in the event the Borrowers repay indebtedness under the Loan Documents with financing from a financial or lending institution, or in connection with the acquisition of the Borrowers or their assets by a third party other than Radians and/or its affiliates, provided that the Borrowers will receive a credit for the prepayment fee to the extent the revolving loan is repaid and thereafter Radians and/or its affiliates are party to a transaction acquiring the Borrowers or their assets.

    While the Registrant intends to seek a further forbearance from Radians the Registrant can provide no assurance that Radians will agree to such a forbearance or that the terms that Radians will require for such a forbearance will be acceptable to the Registrant.
  • M
    Mark
    Mark
    NEW YORK, Aug. 7, 2017 /PRNewswire/ -- The global protective gloves market is projected to grow at a CAGR of 6.4% from 2017 to 2022
    The global protective gloves market is projected to reach USD 11.26 billion by 2022, at a CAGR of 6.4% from 2017 to 2022. Increasing awareness about industrial safety and hygiene at workplaces and the growing demand for disposable healthcare gloves are expected to drive the protective gloves market during the forecast period.
  • A
    Anonymous
    Anonymous
    @Mark, I bet Specker is Jeff Cordes and is laying low because the mess he has left at IC. If things were so good, as Specker said after the auditor report. then why leave? My guess is things are much worse than first thought. So just wait for the banks to call their money in and IC to file for insolvency. IC will be lucky to last a month. time to cash out. IC will soon be worthless.
  • M
    Mark
    Mark
    @Specker, I miss your overly optimistic postings. It will be interesting how much damage did the crooks do, I am hopping not much since the stock price is in the dumps anyway. The best thing is for the company to build up the stock a bit and than sell it. We
  • M
    Mark
    Mark
    Update....
    FARMERS BRANCH, Texas, July 25, 2017 /PRNewswire/ -- Ironclad Performance Wear Corporation (otcqb:ICPW), the recognized leader in high-performance task-specific work gloves, announced today that it has further postponed its 2017 Annual Meeting of Stockholders which was scheduled to be held on July 26, 2017.

    The new Annual Meeting date is Wednesday, August 23, 2017. The Annual Meeting will be held at 10:00 a.m. Central Time at the Company's offices, located at 1920 Hutton Court, Suite 300, Farmers Branch, TX 75234. The record date for the Annual Meeting will remain May 4, 2017.

    As disclosed in the Company's current report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2017, Ironclad's Audit Committee concluded that disclosure should be made and action taken to prevent further reliance on its financial statements as of and for the fiscal years ended December 31, 2016 and 2015, and as of and for the fiscal quarters ended March 31, 2017 and March 31, June 30 and September 30, 2016. The Audit Committee based its conclusion on the preliminary results of an investigation commenced during the second quarter of fiscal 2017, after the Company received anonymous reports regarding potential accounting irregularities relating to certain sale transactions.

    In light of the foregoing, the resignation of Jeffrey D. Cordes as Ironclad's Chief Executive Officer and a member of its Board of Directors, and the resignation of William Aisenberg as its Executive Vice President, Chief Financial Officer and Secretary, the Board postponed the Annual Meeting to Wednesday, August 23, 2017, at 10:00 a.m. Central Time, to provide stockholders with additional time to consider and vote on a revised slate of nominees for election to the Board which excludes Mr. Cordes but includes the other four individuals previously nominated by the Board (namely Michael A. DiGregorio, David Jacobs, Emmett M. Murphy and Robert J. Steckler).

    Ironclad's Board also withdrew its recommendation that stockholders vote in favor of the non-binding resolution approving executive compensation as disclosed in the proxy statement previously distributed for the Annual Meeting, and in place thereof makes no recommendation regarding such proposal as the Audit Committee has not concluded its investigation regarding the matters underlying the Audit Committee's determination that action should be taken to prevent further reliance on the financial statements listed above.

    Ironclad will distribute to its stockholders of record as of May 4, 2017, a supplement to its proxy statement for the Annual Meeting and a new proxy card appointing Geoffrey Greulich, the Company's Chief Executive Officer, and James McAlister, the Company's Chief Financial Officer and Secretary, as proxies for signatories to the new proxy card. Such stockholders are encouraged to complete, sign, date and return the new proxy card once received to ensure that their shares are represented at the Annual Meeting. Any proxy cards previously received by the Company will be disregarded for purposes of determining the number of votes cast for each proposal described in the proxy statement and supplemental proxy materials. Furthermore, stockholders will need to submit the new proxy card even if their vote has not changed with respect to the proposals submitted to a vote of stockholders at the Annual Meeting.
  • T
    TheRealS2
    TheRealS2
    Craig Hallum still initiates coverage with a price target of $1.00 per share. They must know somethings we dont?
  • A
    Anthony S
    Anthony S
    I agree that ICPW will get a minimum of $.32 most likely higher and will be completed 2 H of year.
  • r
    ruaspecker
    ruaspecker
    No need talking about this one anymore unless there's a merger instead of a buyout and the company continues to operate, most likely with a up listing and reverse split. Per the new CFO, whom I spoke to today, and he said unequivocally, every option is still on the table for the company. ***Give him a call (972-996-5664) he sound like an intelligent man.

    IMHO, if you take the average price of the stock over the last year I think you will come up with about $.25 to $.26. There is a 25 to 50% premium in this company from that price, probably closer to about 40%. The auditing issue will not be as drastic as many think. The thing I'm worried about the most is our clients getting nervous. I'm sure the new CEO is working on that because it's a major issue to keep our great client base happy.

    The Specker OUT !$!
  • M
    Mark
    Mark
    I have never seen a Specker being so happy about one red cent, the stock hasn't done a damn thing in years. What is your source about several bidder for the company.
  • r
    ruaspecker
    ruaspecker
    $.24 nice, once more info comes out we will be $.27 to $.28+.
    {Mark}..The CEO and CFO resigned, do you think there was a **"huge reason"** for departure? NO!
    Would you like to talk to the X CEO or the X CFO and get the a real Assessment of the situation and what Really is happening... I can make it happen just give me the word.
    Strong buy. With a limited upside by the time we hit mid September to the end of December time frame, so to 5.5 months, My guess is sooner than later. Buyers at these low prices have an 99% up side of <25% If you buy it up to $.27. And I would say an 80% chance to make ~50% If you buy it up to $.28. Yes! I think ICPW will sell for $.34 to $.405. So even if it sells for $.30 you will make money. You will see that the accounting issue isn't as big as it looks when you read the 8K. You never know they might even find something that is way under what they projected in the 8K..

    Speck-On
  • r
    ruaspecker
    ruaspecker
    Misinformation is worse than no information at all. The company is not in shambles. And yes, The CEO and CFO resigned. What happened is a power grab between management and some of the large shareholders and old school BOD's. Once the audit is done and the numbers come in you will see that the truth lies between the extremes. My guess is there will be little change to the No. if any at all. The new interim CEO has already been hired and his job is to sell the company. That was already starting to take place. Apparently some of the large shareholders wanted control of the situation and made a mountain out of a mole hill.

    At minimum, there are three possible acquires, and if I had to guess I would say that number will grow. There are many companies in this area that would like to buy a mature Comp. and producer of job specific gloves and PPE products. They would also obtain patents, trademarks and name recognition, along with some very talented people, established large clients and distributors around the world with a revenue stream over $24.9 million (2016) and growing. In my opinion if you had to start from scratch it would cost $35-$45 million to get were Ironclad is today, and you wouldn't have the trademarks, patents or the people in place, not to discount other knowledge learned by trial and error over the last 19 years. If the new CEO does his job we should get someplace between $.35 and $.45 per share if not more.... Who knows maybe you'll do a great job getting us even more. That 27 1/2 cent offer was a joke. But I guess they had to start somewhere. That company won't even be in the running IMO.This should all happen before the end of this year. Most likely the September October time frame.
    This is what happens when you get too many cooks in the kitchen. Nothing to do now but sit back and wait maybe pick up a few more shares. I am a Specker, and somebody else is all ready picking off shares for under a quarter !!?? I wish there were more sellers.
  • M
    Mark
    Mark
    Ha ha, talking about misinformation Mr. Specker. Every quarter you keep saying next quarter will be a blowout quarter and the ICPW disappoint again and again. There is a reason why this stock is in the dumps and it has never made money. The CEO end CFO resigned, do you think there was a huge reason for departure?, actually they got fired for you information. You state that the revenue in 2016 was 24.9 million but you forgot to say the cost of goods exceeded the cost of revenue and therefore a loss for the year again. For 19 years ICPW was a promising company but the crooks schemed the money of the top and they didn't care about the shareholders. stock is going down and not up. I hope you are correct about several bidders for the company but at this time I am skeptical. I am anxious too see what the conference call will be. Restating revenue is never a good sign for the company stock. Good lock to all shareholders.
  • M
    Mark
    Mark
    Unfortunately we got bad news, the crooks got fired and ICPW is in shambles. Will they recover?
  • M
    Mark
    Mark
    Mr. Vane Clayton
    Chairman of the Board of Directors
    Ironclad Performance Wear Corporation
    1920 Hutton Court Suite 300
    Farmers Branch, TX 75234

    Dear Mr. Clayton:

    Vane, I am writing to you in light of the company's announcement on July 6, 2017, in which it described that its' previously released financial statements, from fiscal years ending December '16 and December '15, and including the quarter ending March 31, 2017, should not be relied on. The announcement went on to report that Jeff Cordes and Bill Aisenberg had resigned as of the date of the announcement. This letter delivers our revised slate of directors for consideration of all shareholders to be properly included in the new proxy statement that will have to be established since there are so many new facts to be set before shareholders at an annual meeting.

    I, and the professionals I submit to be Directors, will represent long suffering investors who are focused on earning a return on their investment ahead of perpetuating and further entrenching directors and executive officers. We look forward to a large majority of shareholders voting for our slate and speaking out for their long ignored economic interest instead of rewarding the current Board of Directors and inadequately executed strategies.

    Sincerely,

    Pat O'Brien

    C: Mr. James McAlister, Chief Financial Officer, and Secretary