Although I was one of the co-founders of VirtualScopics I was not happy there since the company became a public company. (VSCP) I told the every VS CEO since 2004 that my long term plans were not in VS. The current CEO was aware of my intention of leaving VS and continuing a good relationship with VS Suddenly everything changed in November 2007, when the current CEO decided that for "financial" reasons to fire me and Patricia, and Saara. It still a mystery why he decided to do that when we has aware that I was planning leaving VS. In his termination agreement letter included some restrictions in how I can sell my founding stock and employment restrictions. I didn't sign the letter, not because I wanted to can be free to work anywhere and be free to sell my stock to dump VS stock. I didn’t sign because: 1.- The CEO did not ask me if I was still willing to look for other employment opportunities, when I was eager to do so, and he knew it. if he had asked, a mutual termination agreement could have been reached. 2.- In the same token he never showed any indications to consider any options besides laying people off. There were several alternatives, but he never gave the opportunity to present them. 3.- He did not want to negotiate any point of his termination agreement letter. I just asked for a larger compensation and to raise some stock selling restrictions. 4.-He did not want to extend the negation period, when it was clear that more time was required. 5.-He was aware that I did not have any change of getting a residency in the US, and to continue my living in the US, and if I was laid off, the only source of income for the next year will be through selling my stock. The stock sale will be used to move my home to México, get a new home and pay for all the relocation for me and my family. So even knowing this, he decided that it was more important for him to meet a negotiation deadline, that to negotiate the terms of the agreement letter. The last point explains why we needed some cash in early 2008, and it was childish to say that we sold the sock in vengeance of the employment termination. Furthermore, I sold that stock knowing that at that point VS was still overvalued compared to other similar companies. When I left VS, VS has already been proven that it was a respectable company. Therefore, in my opinion, the current grow is not a statement of the changes that the CEO has implemented but just a testimony of the company foundations, they were laid before his arrival. On the other hand, when Saara and I tried to change the current board of directors, so real changes could take place in VS, we did not have the real support from the other share holders. The initial share holders have lost his investment in VS; the initial sale price of >$2.00 will be reached by the end of 2009 or mid 2010. Many open market investors got shares at >$4.00 that price, will be hard to achieve in the next five years. The current VS price will be hard to change drastically under the current direction. In my opinion, the current VS share price is still overvalued: they lost most of the R&D capability and their development capability, the management team is from the old school, and they do not have proven innovation material in their team. In my opinion, the current price increase in VS is mainly due to the global markets and not due to outstanding news from VS. Therefore it is very sad to me to see how the current CEO gets unrealistic compensations and bonuses for something that he does not deserve. Anyway, at this point I happy to be back in Mexico doing what VS did not want me to do: Creating the next generation of image-based diagnosis tools.
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