Thank you for your post regarding the limited sharing of information about Discovery Air operations. I know the management team has commented before that they must deal with the reality of a competitive market place and while shareholders might be interested, a great deal of "news" would be detrimental to the ongoing success of the Company. I find this rather self serving and in many ways an excuse for their lack of commitment to their duty to shareholders.
Looking at the news releases over the last four years, we have seen a steady stream of announcements dealing with new initiatives, acquisitions and expansions. We rarely get any updates as to what has happened with these costly activities, and hardly any explanation as to why and when they failed. It is almost as if they believe that by ignoring failure, they can pretend it in fact never happened.
Look at the December 19 2012 news release below:
Discovery Air Technical Services (DATS) is proud to announce its new subsidiary Aero Vision Technology International (AVTi) and opening of Research and Development Center in Saguenay, Quebec
Montreal, 19th December 2011 - Discovery Air Technical Services (DATS), a subsidiary of Discovery Air, is pleased to announce the creation of new subsidiary Aero Vision Technologies International (AVTi) to be located at the Saguenay Airport QC (CYBG, also known as Bagotville), where it will soon initiate the construction of a Research and Development Centre.
AVTi’s mandate will be to develop leading edge software solutions for the global military and civil aviation market. To support this effort, AVTi recently entered a joint venture with Boston-based Visidyne, a leader in the field of airborne and space data collection and processing. AVTi also signed two technological agreements, one with DATAFACE, from Houston, and one with Wan IT from Brussels, with plans to integrate their technology in the initial offering of AVTi products and to provide customer care and support for their markets.
Jean Genest, President of DATS and AVTi, has announced that he has selected International Consultant Yves. L. Leblicq to take the lead of AVTi. Yves brings a wealth of unique international experience both in Aviation and Information Technology. “I am proud to be part of Discovery Air and excited to take on the leadership of AVTi” said Yves Leblicq. “Software solutions play an important part in many facets of aviation and we believe our initial product offering will show Discovery Air as a key provider in that market”.
Did Discovery Air become a "key provider" in the aviation software market? Did the Research centre get built? What success did International Consultant Yves L. Leblicq have in his new role as the lead at AVTi? We did not see any further news releases on AVTi after this first one which expressed how "proud" DATS was with this grand announcement. Then in the fall we learn through a facebook posting that AVTi has been shut down and is no longer operating. No information as to why, what went wrong, who changed their mind or what the decision to shut down cost the Company.
Can someone help me with what impact an explanation has that the Company is no longer going to do something has on our competitive position in the market place? Or is the lack of interest in sharing information about a failed management initiative all about trying to minimize any criticism shareholders might have towards the management team responsible for this fiasco? Remember every $200,000 of annual expenditures is another 1 cent in Earnings per Share off our bottom line. How much did the failed AVTi venture drain from the Company in the 2013 fiscal year? Was it one cent a share EPS, or maybe 2 or 3 or even more. In evaluating the current Board and management team, I would like to have this kind of information.