My Visit to Neah Power on 12-3-2010
This was not my 1st visit to Neah (check my posts).
I saw CEO Chris D'Couto and CFO Steve Wilson. They were very busy. I'm not sure what Mr Wilson was doing, but Dr D'couto had some very important phone calls that he managed to fit me in between.
In my brief encounter with Mr Wilson, I asked him if they were paying their rent. I forget his exact response, but it was something like, we have an understanding with our landlord... which meant no to me.
These two guys were the only people I could see. Dr D'Couto said they had two more people there, an office manager and someone else who's position I don't remember. Chris said the other employees were on furlough, and could be recalled when they get funding.
In my talk with Dr D'Couto, the positive thing discussed was the "Best of Whats New" award from Popular Science. He was excited about this 3rd party validation of their product and technology. He was sorry they didn't have the money to promote this more, but did expect good things from it... if they can hold on long enough. They have no money, and haven't for awhile now. Chris and Steve are working for shares, not cash. They don't get paid unless something positive happens. Chris said creditors don't want to shut them down and end up with patents, but added that it could happen.
The reason they have not gone forward with their relationships with Eko Vehicles, Hobie Cat, and the military is that they have no money to produce the product. But they do have a product. Popular Science proves that. And they are counting on that.
I asked Chris why Electric Car Company, and not GM? He said GM was not willing to acknowledge that Neah could do something that GM could not.
When I was last there, Chris said that he had financing possibilities, but didn't want to do it at .08/share. But I think reality has set in with the pps currently less than .03. He is hoping the 3rd party validation (from Popular Science) will make it easier to obtain financing.
Bottom line: At this point, I think this is an all or nothing bet. I have been invested in Neah long enough to be down 90%. I believe in their technology, and their product. But I think that without the Popular Science article, they would be finished. With it they have a chance. But I don't see them lasting long without funding. But at the same time, I just can't see such an innovative product dying for lack of funds.
GLTA
