It's time for a merger or sale. Management is compensated well if the company changes control. They will get two years of salary (over $1M for O'Donnell) and they get to cash out their stock awarded at a penny. This could amount to another $1M or more each exec. This might explain wha happened to the stockholder's meeting. Or maybe they're waiting for good news?

Management is motivated to drive the company's stock as low as possible to facilitate a sale or merger. There are quite a few companies looking for products, like Procyte, that their sales force can add to their bag.

Giving stock to management at a penny a share leads to them having different goals from us. Selling the company now would be a windfall for management, and very little to shareholders, probably just some worthless pumped-up stock in another failing company.