Wednesday, April 29, 2009

PhotoChannel Update

Last month, PhotoChannel (OTC BB: PNWIF.OB) announced, among other news, that Robert Chisholm had resigned as CFO, and was replaced by Simon Bodymore, formerly, the Company's VP of Finance. At the time, the company announced that Mr. Chisholm had been retained as a consultant to help with the transition, and that Mr. Chisholm was also considering "other long-term opportunities with the Company". Yesterday, the company announced that Mr. Chisholm had joined the company's board of directors.

Reader N.L. asked me to speculate on this. As I mentioned to him via e-mail, I didn't have any speculation to offer, but I do have a few clarifications after speaking with David Bremner in PhotoChannel's investor relations department today. According to Mr. Bremner:

- The plan had long been for Mr. Bodymore to replace Mr. Chisholm at CFO. Initially, the idea had been to do so at the end of the company's fiscal year, last fall, but when the stock market went into (to use the technical investor relations term) the shitter, the company decided to hold off on the change until the annual meeting last month.

- The company had also long planned to add Mr. Chisholm to the board of directors. It couldn't do so last month, because Mr. Chisholm first needed to get approval from his current business partners in an unrelated venture.

- None of the seven board members announced last month has resigned; instead, the company has expanded the number of directors to eight to accommodate Mr. Chisholm.

As always, readers are free to add their own thoughts in the comments below.

Update: Reader N.L. says to expect a business update from PhotoChannel tomorrow.


DaveinHackensack said...

This morning, PhotoChannel released the business update N.L. mentioned yesterday. Excerpt:

"The Company remains very focused on its goals for the current fiscal year, and wishes to advise shareholders that record order volumes continued through the recent quarter. For the quarter ending March 31st, 2009, overall retail value of sales processed through the PNI Digital Media Platform on behalf of our retail partners was up 213% over the same quarter in 2008. Total orders processed for the quarter were up 153% over the same quarter last year, with an average daily order volume of 31,000 orders."

ndl11 said...

The announcement certaintly hasn't moved the sock