Friday, April 04, 2008 10:52:52 AM
Negative / Concerns:
• HSFI is not transparent enough. Not reporting company. Still a pink stock
• AS jumped significantly last Sept from 225 million to 2 billion. Was filed as a stock (forward) split, but this is probably a mistake as share structure for investors never changed.
this could be used for acquisitions or dilution
• Sniffex product has had mixed results in testing. Good idea, but not proven effective enough yet.
Positives:
• HSFI is in a hot market with homeland defense
• Have a good global distribution network with 7 global distributors
• Have multiple products that they rep beyond sniffex, including the IA products.
• Have exclusive 2 year agreement to rep IA products in Mid East and Asia
• InfrAegis connection (very important):
• In Sept, HSFI announces a ‘significant’ investment in InfrAegis, a private company. A month earlier, two mid-east investors pledged $4.4 million to HSFI.
• In August, HSFI announced a ‘collaboration agreement’ with a ‘internationally known scientist’, Dr. John Butterworth, with extensive connections to DoD, Homeland Security, DHHS, etc. What’s interesting is they don’t identify any additional information about him. Digging into the background of IA, he is their Chief Science Officer. (Why was this not mentioned in the PR?)
• The IA products are significantly higher price points. One sale of one of the IA systems are at least multi-million dollar installations.
Conclusion: Assuming that HSFI might get 10% from selling one of these systems, their revenue could range from $1 Million to $10 million for each sale.
• In March 2008, HSFI announces Acquisitions for a financing company and a second acquisition in the works.
Conclusion: The increase in AS last fall may be for these acquisitions, possibly for InfrAegis as well???.
• Today, I spoke with Angela Junell (AllStar PR) who writes their press releases and she said they will be issuing another press release within next couple of weeks. Lee White handles Investor Relations at HSFI. He is also the VP of Sales. I’ve left him a message today and will report back any updates I hear from him. I will get a update to the share structure (AS, OS, estimated Float)
Anything else anyone has to add to this? Once I finish this, I’ll post it in the IBox so it’s readily accessible.
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