Activist Investor pens letter to Neonode Board of Directors regarding their failure to perform
CHICAGO, Jan. 31, 2018 /PRNewswire/ -- To the Board and interim CEO - It is very disappointing, although not surprising, that you have refused to set up a conference call with the Board of Directors, as I have requested.
There is no need to recount the disastrous performance of NEON in the public market, nor its disastrous performance in building sales and realizing success from the touch technology even though it appears to have significant potential in multiple markets. In addition to your failure with regard to NEON's ability to earn a profit, there has been a total lack of communication to your shareholders regarding your plan to move NEON in a positive direction.
You had a press release stating that NEON was exploring strategic alternatives with regard to the AirBar. The market opportunity for AirBar has not been realized, and the marketing opportunities have failed because AirBar was never a fit with any capability possessed by the management of NEON…significant overpromise, underperform. Have you now completely missed the opportunity?
For several years, there has been nothing but failure at NEON, and we know of no plan constructed by the Board of Directors. We only know that you continue to disappoint and fail to communicate.
You and your associates recently invested at $1.00/share, and all we have seen is a further 35-40% decline in NEON's valuation. It is unfortunate, but good, that you suffer some of the same pain as your shareholders do…and have.
As a result of your unwillingness to engage the Board to meet with me, all future communications will be in the public domain.
I will be working with investment bankers in an effort to find a management team and company that will bring value to NEON shareholders.
Contact: Ronald L. Chez, 312-944-0987
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SOURCE Ronald L. Chez
