PNCH still not able to hold a penny today, however it did recover about 90% of yesterday’s loss. Many investors find the delay in the release of the 10-K disturbing, and given that it has not been released going into the weekend, and the shareholder meeting, speculation is running rampant. Many cite frustration at the CEO for the failed promises regarding the K release date, and are getting nervous thinking something is just not right here.
We stand by our 4/8 post here in thinking the results will be released AT the meeting. We won’t go so far as to say Steve planned it this way, however we have to admit, the timing suggests such. Of course we could be wrong, and the report will be released on Monday, however that just makes no sense. Its just crazy to think Steve will stand up there at the shareholder meeting and say something to the effect of… the K is great and you can read all about it on Monday. There are those that say he can’t release it at the meeting, but we think he could if he wanted to. Given that the originally scheduled meeting was scheduled as a “shareholder” meeting, but later changed to a “public” meeting, we believe the public announcement of the meeting being “public”, and the ability of the public to attend… the event meets the standards of being public in order to release company information. And even if he wanted to eliminate any improprieties regarding the release, he could hit the send button on the filing minutes before the meeting.
Regardless of the release date of the 10-K… we still have concerns that the run-up to the release was in fact, non-existent. See last night’s post here for details.
However, and in spite of the above, we also believe that long-term, PNCH has great potential. PNCH has real product, and is moving quickly in building the business. Revenues will follow… and the PPS will follow also.
And the wait continues…