The purpose is simple--to create an environment that encourages people to think "out of the box". An approach that was the benchmark of my entire business career. A career that started with owning a small Deli and in approximately 20 years wound up creating a small public company whose market cap went from $400,000 to approx. $125,000,000 in 4 1/2 years! To put this growth in an individual stockholder's perspective--a $200 investment in Sept. of 1987 was worth $62,500 on St. Patty's Day of 1992! I intend to convey hope, help, and ideas to anyone willing to listen and will encourage feedback. It is an ideal mechanism for me to reciprocate for the great life myself and my family have enjoyed over the years.
James R. McGonigle
"No one's last thought on earth is EVER about stuff"!
(a) Stansbury Mining – became a partner of Dr. Frances Christiansen, head of geology at the University of Utah and past president of the world council of geologists, in 1975. In 1978, I negotiated a $100,000,000 deal with Martin Marietta that involved them building a cement plant in Leamington, Utah. As a result of this deal, the stock price went from a penny to a dollar in a little over one year. I left the company in 1980.
(b) Margate Ventures – I founded this company in 1984 and brought it public in 1985 as a “blind pool” at two cents/share. In 1986, I negotiated a deal that resulted in Margate acquiring the New Haven Foundry located in New Haven, Michigan. At the time of acquisition, the foundry was doing $35,000,000 per year in business. Over the next two years, the stock traded over one dollar per share. I left the company in 1987.
(c) Ventnor Corp. – I brought this company public in 1987 as a “blind pool” and in 1988 acquired proprietary wound healing technology. Then in 1991, I acquired the patents on a high-resolution ultra-sound scanner. In March of 1992, Ventnor was listed on the Emerging Company Marketplace i.e. the American Stock Exchange. At the time of listing, the stock had risen to six dollars and twenty-five cents from the initial public offering price of two cents/share, resulting in the company’s market cap going from $400,000 to over $120,000,000. That meant that a $200 investment in September of 1987 was worth $62,500 in March of 1992! I left the company the next month.
(d) Aquasearch, Inc. – This company was formed by a group of marine biologists from Scripps Institute of Oceanography in La Jolla, California. Dr. Mark Huntley, the founder and CEO, asked me to join the company for the purpose of bringing them public in 1989. I brought them public as a self-underwritten deal at five cents/share. Their patented technology allowed this company to grow commercial grades of algae indoors for the first time ever. The applications were only limited by the imagination. I left in 1990 and the stock reached a high of one dollar and fifty cents. They moved their location to Hawaii afterwards.
(e) Longport, Inc. – I founded this company in 1993 and brought it public in 1994 through a SB2 registration with trading beginning at ten cents/share. Over the next nine years, my partner, Dr. Mary Dyson (a world renowned expert in ultrasound) and I, took intellectual property rights that originated in England and developed, patented, and secured FDA clearance to bring this ultrasound device to market. The stock rose to a high of four dollars and fifty cents per share when we secured the FDA clearance in 1999. There were many challenges along the way—to say the least. I brought in the former co-founder of QVC to take my place and I left the company in 2003.
(f) Help Soldiers.Org Program – I started a network in June of 2011 involving a free, anonymous, discount prescription card business to raise money for the Walter Reed Society (www.walterreedsociety.org) from revenue not donations. My daughter, Patty, has been the only person involved in the networking effort. Since inception, we have generated $603,481.50 in donations and were the largest donor in 2012 to the Society. As of May 31, 2020, we have generated 775,237 transactions while saving individuals $14,560,387 on their medication costs or 36.7%. In January 2015 we partnered with Walmart and created a Walmart/Help Soldiers free discount prescription card program where $1.00 is contributed to our Help Soldiers Rx initiative each time a person saves money on their medications. A few of our more significant donations are providing a new vehicle to the Home Of The Brave Foundation (www.homeofthebravefdn.org); providing a much needed specialty wheelchair for a 28 year old military dependent who is 100% disabled; and we were honored to be chosen to host/sponsor Christmas Dinner for our wounded soldiers and their families on Christmas Day at the Walter Reed National Military Medical Center (WRNMMC) in Bethesda, MD. where we raffled off over $27,000 in Walmart Gift Cards! Because of the success of that event we were invited to host several other holiday events for our soldiers and their families. Also, in 2016 we partnered with the “Make A Wish” foundation to create an initiative that will provide “wishes” for seriously ill children of Veterans where we raised $40,000 to grant the wishes of 4 children. We hosted a holiday event at the Fort Belvoir medical facility for 200 wounded soldiers and their families on November 15th, 2017 and a children’s Christmas luncheon on December 20, 2017. We sponsored an “Ice Queen” party for the children of our military stationed at Fort Belvoir and on Christmas day held a Christmas dinner and raffle for those soldiers unable, for whatever reason, to go home. In January, 2019 we sponsored a “Coast Guard Appreciation Day” in Key West FL, while we were on vacation. Later in 2019, we created a totally new program, “Operation: Key West” which provides military parents, that have had to deal with losing a child, a 1 week, all-expense paid vacation at a location of their choice. Recently, we funded a play station at the Portsmouth Naval hospital for seriously ill children undergoing cancer treatment. This marks the beginning of expanding our OKW program to include funding other needs of seriously/chronically ill children being treated in military hospitals across the country. General Ronald Blanck (Ret.), the former Surgeon General of the Army and former Commander of the WRNMMC, and Vice Admiral Harold Koenig, the former Surgeon General of the Navy are the co-founders of this program. ***Our website is www.operationkeywest.com.
Episode 6. I found this episode to be of great advise to small business owners. Whether you are at any of the 3 stages in your business, your suggestions are practical and make a lot of sense.
No credit needed for anything. For what you’ve done for our kids and for getting me to think about things outside of my comfort zone, I’m pretty sure I owe you plenty! Looking forward to the next episode.
This one hit home with me on a personal level. I am somewhat hard on my kids because I don't want them to make same mistakes i did. I don't build them up as I should. I will now and hope it's not too late. They are there own people and support is what they need in whatever they do. You stated if you helped one person it would be worth it. You just did! Thank you!