After the reversal of the Express Shopping Network (ESN : ACE) Secondary Public Offering in December, the future was in flux as CEO Stray Underwood looked for alternatives to the once ambitious but languishing Heads-Up Display retail system that had been in the development stages.
On January 13, 2009, Underwood made a statement relative to the ACE Crisis, stating, “As should be known to investors, this company still holds no assets. We have no money, no income, no expenses. Right now the only thing paying to keep this company alive is me. My money outside of ACE is paying for the development of the HUD. I am now holding a vote in the ESN forum to figure out the coming steps.”
The original vote was to the effect of which exchange ESN(ACE) was to relist at, and ISE seemed to be the frontrunner of the three possible candidates, with 12 votes, and SLCAPEX getting 4 votes and VSTEX receiving 1.
Then, on the 15th, Stray Underwood stepped down as CEO, stating in the official press release, “It has been over 8 months since I started working on ESN. I took on the shell company to help the investors, and try to get them back to a profit situation, and to help ACE save a listing. I thought helping Intlibber and ACE would be a good thing, because there is no better situation then being able to help people and make money at the same time.”
“The only stipulation I had on taking over ESN was that BnT would develop the system for the Hud, when agreed they would I had developed a website and many objects/reading had them translated into 5 languages all based on what BnT said they were doing. Then after a stop in communication, then being given many different reasons as to why nothing was being done and the reverse of the SPO I now sit at a personal loss of over $700 USD.”
“This loss is a direct effect of BnT not producing what they said they would, and being continually told things were moving forward.”
“Everything to date paid for out of my own pocket is garbage, and I am not willing to pay for the development and new content and website out of my own pocket. Effective as of posting I am stepping down as CEO of Express Shopping Network.”
Underwood then also added, “I will now fade back to being an investor, and my main holding will continue to be ESN, I will do my best to help the new CEO get up to date, and help on what ever I can, as I still hold just under 300k shares. Thank you to everyone that worked with me on this, trying to help a lost company turn around, but for such a venture to work, everyone needed to do what they had said. Sadly the most important did not and was not truthful about the situation. I am sorry I was unable to help turn this company around, but I am no longer going to fund it.”
ESN is currently halted from open market trading while a meeting is arranged and a going forward plan is realized among the current shareholders. Whether a new CEO and business plan will come out, or if the company will be permanently delisted, is still uncertain.