SmartMetric Inc (SMME)

[pottsville]

FYI...................

Originally Posted by hellosmartmetric
6-9-16
Chaya,

Because the three markets are so large, would you consider expanding your outside sales teams to reach the Govt., commercial, and industrial customers? It's a big planet: 6 major continents with lots of countries.

And yes, I'm anxious like other investors to see initial deals close for the company's cards. With the above markets, you don't have the barrier of having to be approved by a payments system delaying sales, like you do to sell to bank issuing customers.

Thanks
The above are my opinions.
//


Hi Hellosmartmetric,

As always we appreciate your comments and suggestions. Your are of course correct in saying how large the markets are for our products. On the security industry side we are in talks with one of the largest distribution and sales organizations in this space. More on this soon.

We are now putting as much focus on the security side of the business as the banking side. This is in part because of the insane red tape and approvals process in the heavily regulated banking industry. We did say in previous statements that it can take up to 6 to 12 months to get through all the committees and sign offs needed inside a major bank in the United States. Then you have the major payments network we are working with. Their testing procedures are in the horse and buggy world. However this whole process, while painfully frustrating for us will end of the day give us tremendous results. We are no longer worried about if Banks will want our product. We know they do and we also now have motivated prospects on 3 continents.

So while we are going through the long process in the Banking industry it makes sense that we also move forward with our world first product into the security business. And the shortest and quickest way forward in this market is to align ourselves with a major global player in this industry.

Again thank you and all of the other shareholders who are offering positive and helpful advise. While it is frustrating for us all it is also getting very very exciting as we do move forward in these massive markets.

Kind Regards,
Chaya

AND ANOTHER....

Hi Again,

Please let me clarify. My answers are in bold. Not because I'm shouting buy so everyone can easily see which is my reply.

Status of the card for bank issuers: You are making additional improvements, which will take several months to complete?

WE DID MAKE ADDITIONAL IMPROVEMENTS BASED ON CUSTOMER FEEDBACK. THESE WILL BE OUT OF FACTORY IN 2 TO 3 WEEKS. NOT MONTHS.

So, the card for bank issuers (and retailers to issue to their customers) will really be ready in 2017

NO. THE CARD WILL BE READY EVEN AFTER GLOBAL CARD NETWORK APPROVAL, IN 2016. BY THE WAY ALL CREDIT CARDS, EVEN ONES THAT HAVE A RETAILERS NAME ON THEM ARE ALWAYS ISSUED BY A BANK.

There will come a point when a version of the card, with enough features....

WE HAVE REACHED THAT STAGE

After those improvements, you will then submit the card for approval and licensing to the payments system? That could take an additional 5-6 months?

WE HAVE ALREADY HAVE SOME LICENSES IN PLACE. THE FINAL PRODUCT TESTING SHOULD NOW ONLY TAKE A FEW MONTHS. IN THE MEANTIME WE WILL BE GOING BACK TO OUR BANKS AND CLOSING ON INITIAL ORDERS THAT WILL BE SUBJECT TO FINAL GLOBAL NETWORK PRODUCT APPROVAL.

Right now, I think most of us assumed you are/were in active sales while waiting for payments system approval for banks,

WE ARE. AFTER SALES CALLS, MEETINGS, WITH OUR PROSPECTIVE BANKS WE INITIATED SOME IMPROVEMENTS. WE HAVE DONE THESE IN AN EXTRAORDINARY FAST TIME FOR ELECTRONICS. AS I HAVE SAID THIS CARD WILL BE OUT OF MANUFACTURING IN 2 TO 3 WEEKS. AT THIS TIME WE GO BACK TO OUR BANKS AND WORK ON CLOSING DEALS.

and ready to deliver cards to industrial customers who ordered.

I THINK WHEN YOU SAY INDUSTRIAL CARDS YOU ARE TALKING ABOUT THE SECURITY CARD. THIS CARD WILL BE AVAILABLE IN APPROXIMATELY 3 WEEKS. IT HAS ADDITIONAL FEATURES TO THE CREDIT CARD PRODUCT.

HAVING SAID THE ABOVE. WE ARE NOW VERY WELL POSITIONED TO CAPITALIZE ON MORE THAN ONE MARKET SO IF WE SUFFER A MONTH OR TWO DELAY IN THE CREDIT CARD FINAL APPROVAL WE WILL STILL BE ABLE TO BOOK REVENUES FROM THE SECURITY CARD.

I'M DELIBERATELY MAKING A DIFFERENCE BETWEEN BOOKING SALES AND BOOKING REVENUES. WE BELIEVE WE WILL BE ABLE TO BOOK SALES WITH THE CREDIT CARD SOON HOWEVER SINCE WE WILL BE CLOSING ORDERS BASED ON FINAL PRODUCT APPROVAL FROM THE NETWORK THEY WON'T BE REALIZED AS REVENUE UNTIL THAT TAKES PLACE.

SALES OF THE SECURITY CARD DO NOT HAVE THE SAME PRODUCT TESTING TIME LINE. SO ORDERS WILL WE HOPE BE NET 30 DAYS. A MUCH QUICKER TIME FRAME FOR TURNING ORDERS INTO REVENUE.

WE UNDERSTAND THAT EVEN BOOKING ORDERS WILL BE A BIG SHOT IN THE ARM TO OUR COMPANY. WHICH WILL DRAMATICALLY CHANGE THE DYNAMICS ON ALL FRONTS. FOR THE MUCH BETTER.

Kind Regards,
Chaya

PS: If you need further clarification please ask.