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Have you seen anything that suggests a fundamental change in the business? Not me.


1) One of the reasons I had a lot of faith in the company when it was trading around $8 and everything seemed to be going wrong, was that the management team seemed to be responding to everything well. They were conserving cash, treating customer service as a priority, fighting J&J in a manner that didn't cost too much, buying CTAC stock both for themselves and to retire shares.

Neither of those people are involved in the day to day running of the company now.

2) The purchases of other online retailers last Jan seemed a great idea at the time, but seem to have had a detrimental effect on earnings.

3) IGEL/Clearlab continues to be a cash drain. Will it ever amount to anything?

4) The recent purchase of a UK based contact lens manufacturer. What was the point? Is CTAC losing its focus? I understood the primary purpose of the IGEL purchase was to put pressure on J&J. There can be no such reason for this latest purchase.

There is a lot of uncertainty here. I still believe that CTAC has a lot of potential, but I don't have the same faith in them that I used to.

Hamish Rose
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