Business
Mr. Gad Comments on Paragon's First Quarter Earnings Results, Citing Poor Financial Performance and Significant Waste of Stockholder Capital Under Current Unelected Directors
Mr. Gad Comments on Paragon's First Quarter Earnings Results, Citing Poor Financial Performance and Significant Waste of Stockholder Capital Under Current Unelected Directors.
About this update from Paragon Technologies, Inc.
[{"type":"text","content":"\r\n\r\n \r\n \r\n Mr. Gad Comments on Paragon's First Quarter Earnings Results, Citing Poor Financial Performance and Significant Waste of Stockholder Capital Under Current Unelected Directors\r\n \r\n \r\n\r\n\r\nMr. Gad Comments on Paragon's First Quarter Earnings Results, Citing Poor Financial Performance and Significant Waste of Stockholder Capital Under Current Unelected Directors\r\n\r\n\r\n\r\n\r\n\r\nHighlights Alarming Increase in Expenses and Legal Spending with No Strategic Justification\r\n Notes that Wasteful Spending is Not Over Because of Continued Legal Liability\r\n Highlights the New Directors' Decision to Expose the Paragon to More Potential Litigation Risk and Expense by Pursuing Legal Action against Paragon's Former Counsel and Filing Such Litigation Under Seal to Keep Important Information from Shareholders\r\n Reaffirms that Gad Never Misclassified His Compensation, Which was Clearly Documented by the Company and its Auditors\r\n Reaffirms His Unwavering Commitment to Restoring Accountability and Delivering a Bright Future for Paragon and Stockholders NEW YORK, NY / ACCESS Newswire / May 13, 2025 / Hesham \"Sham\" Gad, the largest stockholder of Paragon Technologies, Inc. (OTC PINK:PGNT) (\"Paragon\" or the \"Company\"), owning approximately 28.4% of the Company's outstanding shares, today issued the following statement to fellow stockholders in response to the Company's first quarter 2025 financial results:\r\n Dear Fellow Stockholders:\r\n The results are in, and the numbers don't lie. For months, I have voiced serious concerns about the direction of the Company under the control of Samuel Weiser and the directors he installed, Howard Brownstein, Timothy Eriksen, and David Lontini. I have also warned that their actions were leading to value destruction, eroding Paragon's financial health, and draining stockholder capital through costly and unnecessary litigation.\r\n Unfortunately, Paragon's quarterly results have confirmed my warnings. During the period ended March 31, 2025, a period when Weiser's hand-picked directors held full control over key decision-making under their \"stewardship,\" the Company suffered substantial losses, spiraling expenses, and further alienated its stockholders. Under their \"stewardship\" the Company's has achieved the following:\r\n \r\n A net loss of $790,000 for the quart...