Omnitek Natural Gas Conversion Technology Requires Attention
CHICAGO, Feb. 10, 2015 /PRNewswire/ -- The following is a letter to the Omnitek Board of Directors from Ronald L. Chez.
Dear Lady and Gentlemen:
Given the failures of management and the Board of Directors to protect shareholder's interests, I intend to pursue all appropriate remedies unless and until the Board of Directors publicly discloses that it has a adopted a plan to take all necessary and appropriate strategic steps that may help to save Omnitek from its long pattern of disastrous financial performance and a Chapter 11 filing.
Back in July, I wrote a letter in which I described shareholder's concerns regarding Omnitek's sales, marketing, strategic planning, and complete lack of positive financial results. In light of the significant opportunities available to Omnitek, I stated then and I repeat now, that these concerns, if addressed urgently, given OMTK's technology capabilities, have the potential to positively impact shareholder value in material ways. Even though I have tried to engage you in a constructive dialogue, you have taken no material action, nor disclosed any strategic steps that would give your shareholder's confidence that management and the Board of Directors has taken appropriate actions. Since July, you have counseled patience, as you have for many years, but Omnitek's shares have now declined to ~$1.00, a level touched briefly some 30 months ago.
The duties of being a Director of a public company require the pursuit of the best interest of all of Omnitek's shareholders. Investors are entitled to a focus on the achievement of Results, critical Evaluation of leadership, strategy, and effective execution of the Board's priorities as they align with shareholders. The independent directors of Omnitek and management have left shareholders with unfulfilled promises and significant losses as a result of our ownership of Omnitek shares.
I repeat again my call on the directors, and especially the independent directors, to break the desultory pattern of these past years, and demonstrate fulfillment of your fiduciary duties through leadership and holding management accountable…NOW.
Sincerely,
Ronald L. Chez
CONTACT: Barry Fischer, 312-580-2233
SOURCE Ronald L. Chez, Inc.
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