I just got home from the Imaging3 shareholders meeting. As promised, I wanted to let you all know my take on the meeting.
First off, I would agree there were closer to 100 people at the meeting vs. 50. As we all expected, all propositions easily passed. While Imaging3's CFO and an independent accounting firm tallied the votes, Dean gave all attendees a recap of where the company is at regarding the new FDA 510K resubmission process and opened up the floor for questions relating to anything Imaging3.
Here are some of the key points for me:
Dean is optimistic the new resubmittal will happen by either the end of February or March (I would not hold Dean to these specific dates. Remember: it is his best "guess-ta-mit"). The resubmission will be proceeded by a face-to-face meeting with the head of the FDA's Medical Devices unit and our FDA reviewer. On the Imaging3 side of the meeting, Dean will be there, Jim Cohen (lead attorney at MWE), and our Consulting Firm's Technical writer. The goal is to iron out key points needed to gain FDA approval once the new 510K is submitted. Again, the impression I got is: Dean is hopeful of a June answer from the FDA (again, an estimate on the timeline).
During the question and answer period, several other key questions and answers occured that I know the I-Hub Board members are interested in:
Is there enough cash to keep the company going through the new resubmittal process? Answer: several million dollars more are available (if needed) from the Investment firm who gave Imaging3 the recent million dollars. Money will not be a problem!
Will there be any new PPM's or dilution with the new approved shares in the mix? No new PPM's on the horizon. I'm assuming there would have to be some dilution should the Investment firm provide more cash! Also, the majority of the new approved shares will only be used in case of a potential "hostile takeover" occuring.
Are any OEM's still interested in the Dominion? ALL OEM'S are STILL interested in the Dominion and Imaging3! Also, Dean is prepared to manufacture (conservatively) 36 machines first year in Burbank. Cost to make each machine: $250,000. Sale price: $500,000 ($250,000 deposit to start each order). Possible 100 machines per year after that. Dean pointed out that the Burbank office / warehouse will be used for assembly only as all parts for the machine are subcontracted to outside vendors.
Are there any WORKING MACHINES in existence? Dean says there are TWO COMPLETE FULL WORKING MACHINES in existence! One was in the warehouse, and one is offsite (sounded like he has the other at his home so he can work on it after hours).
Anyway, those are the key points I can think of recapping at the moment. If anything else comes to me, I will post another message on the Board.
If anyone else who was at the meeting would confirm my recollection of events, please post so others will know I'm not "exaggerating! :)" Also, feel free to add to this. I think the more the shareholders know, the better for all of us!
Good luck to all!!!
AI
