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Stock Market & Financial Investment News

News Breaks
July 1, 2014
13:31 EDTFORDWise condemns any 'extraordinary action' taken by Forward Industries
Terence Bernard Wise disclosed that he delivered a letter to Forward Industries' Chairman of the Board, expressing "strong condemnation of any prospective extraordinary action taken by the Board without shareholder approval prior to the contested 2014 Annual Meeting." Wise has engaged, and intends to continue to engage, in discussions with management and the board regarding the nomination of directors as well as ways to enhance stockholder value. He owns 19.6% of the company's outstanding shares.
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September 8, 2014
08:03 EDTFORDForward Industries issues open letter to shareholders
In the letter, the company said, "Forward Industries has implemented a successful strategy over the past two years to turn around financial results for shareholders and make the company a leader in the diabetic case market. During this time, operating losses have become operating profits, and we have grown sales to more than $30 million in FY2013, up from $22.8 million in FY2011. We have restructured our operations and increased efficiencies throughout the company. Importantly, we have also resolved legacy litigation issues... We understand that change can be difficult, and we have recently experienced public resistance from some stakeholders about our vision for the company. Inflammatory comments from board member, Terence Bernard Wise, and the events that led to the recent termination of former Chief Financial Officer, James McKenna, can best be summarized as short-term distractions as we continue to build our company. These distractions in no way reflect the sentiments and outlook for the company held by the majority of the Board of Directors, our management team, and independent strategic advisors, all of whom remain confident in and committed to our strategic plan for the company and our shareholders. We were prepared for such challenges and will move past them together."

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