Annual Report ending June 30, 2014
Most of you will have read the Annual Reports issued by the company. I was recently revisiting the report in the hope of eliciting some information about the company that I may have missed, due to such little actual information being made available.
The following exerts from the report give me some confidence that the company has a plan;
STARTS
The SmartMetric Medical Keyring
SmartMetric will be releasing the SmartMetric Medical Keyring ™ by the first quarter of 2015, marketed through direct sales generated by national radio advertising and supported by web based customer purchasing. SmartMetric will also offer the MedicalKeyring™ through national and international retail distribution. Discussions are currently being held with one of the largest Pharmacy retailers in the United States. Soon to follow, SmartMetric will release its fingerprint activated Medical Records Insurance Card, marketed as a co-branded card in some instances, with selected Health Insurance Providers both in the United States and globally, containing similar functionality to the Medical Keyring in a credit card sized form factor.
After discussions with a major United States retailer, the Company has decided to now begin selling the MedicalKeyring in the beginning of 2015. In the meantime discussions are taking place with Health Fund industry companies in respect of offering the MedicalKeyring to consumers. ENDS
The use of the words 'will be releasing' is clearly not a typical forward looking statement as we see all to often in the regular press releases and give a clear intent of the company.
However, the following exerts do nothing for my confidence, and at best either indicates that the people who signed the report didn't read it and have no idea what is in it, or at worst creates doubt as to the credibility of anything in the report.
STARTS
The Company is currently concentrating on building out its manufacturing facility that will be incorporating SmartMetric’s advanced manufacturing processes.
Much of the machinery to be used in the manufacturing processes has to be specially made and will be shipped from various locations around the world to the Company’s manufacturing facility in Buenos Aires, Argentina. We will need approximately $3,000,000 of the net proceeds to be used to complete the production of the machinery to be used in our manufacturing processes. ENDS
STARTS
Item 2. Properties.
ARGENTINA
The Company exited its Argentina offices in February of 2014.
ENDS
Now I am fully aware that there have been press releases stating that the company will be using a contracted card manufacturer, so that excuses the first of the two exerts above, however in the same report the second exert above states the company exited the Argentina property in Feb 2014. Doesn't make a great deal of sense to send machinery to a property that the company doesn't lease anymore.
I have supported this company from the very beginning, but inaccuracy of details like this is a cause of concern. My hope is that future reports are sense checked a little better.
