At IPIX, a board shake-up and drop in share price has left many wondering what is happening at the Virginia-based company known for its 360-degree surveillance cameras.
On July 19, the company announced that the Chairman of the company's board of directors, David Wilds, had departed along with board member Andrew Seamons. Two weeks earlier, board member Laban Jackson had resigned his position on July 6. Then this week, the company filed a report with Security and Exchange Commission in which it also reported that board member Michael Easterly had departed from the company.
Remaining on the board is just James Hunt, the former president of Cap Gemini Technologies, and a prior managing director of systems integration at Price Waterhouse. His technical experiences extends back to his work with BDS Incorporated, a "computer systems" company that served the federal market.
The shortage of board members creates issues with NASDAQ compliance. When Jackson left the board in early July, he left only two members of the company's audit committee (NASDAQ requires three), and subsequent departures added to the difficulty of having a full audit committee in the company.
The collapse of the board of directors came shortly after the company announced in late June that it was likely to receive a $5 million dollar private placement, which itself came shortly after the company posted rocky first quarter 2006 results showing revenues of $1.91 million and a net loss of $3.86 million.
The company's stock was trading at a value of $.51 in Friday morning's trading.