Emails between the CEO and I.
"Can you comment on the potential joint venture partner? Or give a timeline of when you will acquire such a partner? You discussed it in your October press release, but have not discussed it since. It has been about 5 month.
Thank you."
"I am cautiously optimistic that there will be a positive press release in the near future. I am in China and we continue to work toward that goal of a JV.
Regards
Bill McKay"
"Thank you for the quick reply. Best of luck in China. I hope you guys find a partner, and take your company to the next level."
"We will find one. I am confident about that. We have been hindered by a few things. Firstly, Harbin Bearing is a state owned enterprise. Much like the government, they move at the speed of a glacier. They are more concerned with politics and self-preservation than business. So, while we are still communicating with them, we are looking toward other, private partners.
Secondly, Lunar New Year was on February 20. The country effectively shuts down from about February 6 until March 15. So not a lot is accomplished and what was accomplished prior to Lunar New Year has to be revisited.
Thirdly, it is the nature of many Chinese people to be extremely cautious when making final decisions. Simple decisions that we make with little thought are agonized over with people here. So one must learn patience. Nevertheless we had very successful meetings yesterday, going well into the night. The group is a large private aerospace group and we are hoping for a decision and announcement shortly. But in the event that this partnership does not come to fruition we still have Plans B, C and D.
Regards,
Bill"
