Remedent, Inc. (REMI)

[cameron86]

Took a few

[wsgalvanize]

REMI actually showed some life today!

[garp0]

http://www.marketwired.com/press-release/remedent-confirms-filing-its-10-k-report-fiscal-year-ending-march-31-2015-its-return-otcbb-remi-2034718.htm

Can hardly wait to see the fruit of the Vitaldent agreement.

[garp0]

http://www.marketwired.com/press-release/remedent-announces-agreement-with-vitaldent-spain-italy-reference-its-glamsmile-veneers-otcbb-remi-2007706.htm

yeehaw

[cklv]

3Q Financials are due any day. The Condor Oral scanner has been launched. I am expecting a lot of good news.

Best to all.
cklv

[garp0]

re: Biotech's interest: clarification appreciated.
Initiated as a strategy for client retention, and though
not generating meaningful cash flow, there is a possibility
it could evolve into an additional revenue stream.
i read recently (while waiting for my dentist), the dental implant business
in the BRICs is experiencing rapid growth, and China
most particularly, the strongest, least competitive, most generous margins.
It's going to be big someday. i think offering it enhances the image
of Glamsmile.

i see my purchases of REMI as furthering
illiquidity since i don't trade the stock, nor can i

[FrankLind]

Hi Garp,
So that was you today. I have noticed nice amounts on the offer from 34c to 34.5c. Good to see there is some liquidity.

One point, in case you are wondering, the one-controlling interest listed at the bottom of the income statement is Biotech. Remedent has entered into an implant business with them, so Biotech take a cut of those profits.

[garp0]

TY FL, a quite satisfying presentation
(tucked away another 60,000 today)

[FrankLind]

Investor presentation here.

32% increase in revenue.
37% increase in gross profit
Net Income of 57,000
Veneer business is breakeven and stable.

Balance sheet.
Fortis debt is now gone.
Excelsior debt can be paid through existing assets and/or an inventory deal.

What the balance sheet does not show is that have now received the second part of the China sale (1.15 million in cash), http://www.reuters.c...article/2957961 so they have a lot more cash than what is shown.

Cash dropped in this quarter due to an increase in a/c receivable and the paying down of the Fortis debt.

Two new lines, the implant business being introduced in Europe and China as well as SmileMeApp will increase revenue in the near term. SmileMe App will be significant contributor in December quarter.

SmileMe App (14.46 of presentation)
1. Awareness part, 14 questions, asking patients about their smile.
2. Possibility phase. Convince patient in 30 seconds how to improve by showing new smile on a screen. Different parameters to adjust look.
3. Solutions - veneers, implants, crowns or bridges, invisible braces. These are animated so patient can see exactly what they will look like before they are put on.

The SmileMe is a revenue generator for dentists and labs.

How to make money off this?
1. SmileMe will be on every Condor that is shipped. Free to use for a limited time. After that, can purchase.
2. Separately from this, SmileMe has regular distributors selling it now.
3. Speakers use SmileMe in presentation to market their own products in al dental lectures. Give speakers coupons to dental audience, from which they can download the software. Speakers get 25% commission if coupon redeemed.

Retail 2000 Euro. 25% commission to Condor if downloaded via the Condor.
Distributors get 50% commission

Margins on SmileMe are close to 100%

Veneer database. (by end of year)
Heart of veneer business. Receive scan and it is imported into software. Software will search for perfect fit.
For River 8 (early veneer line)
Veneer size of 20,000 unique veneers.
Find fit. Press button and it goes to labs.
Revenue model is a usage fee - royalty for dentists
Revenue model for labs is a subscription fee.
Not disclosing prices yet.

A few other digital products currently in development.
Overall goal is positioning company for digital dentistry.

Overall: Company being transformed from logistic-centric veneer shipping company to being more digital with Condor scanner and veneer design database. No one has a veneer database anywhere near their size and range.

China
Continues to grow.
Two more clinics by end of year.
Begun to sell implants in Beijing store. (i.e, offering an additional service on top of veneers)
There is huge potential for an implant market in China. Early days though.

Condor launch still not ready. Condor distributors are already signed. Condor developers believe around 60 days until final completion. We'll see.

Liquidity.
I have seen some good size offers in the 34c region. Not sure how long they will last or if they will be pulled.

China IPO exit 2015/2016 still on track.
Valuation of their remaining China stake is 8 million dollars.
REMI entire market cap is 6.8 million.

[FrankLind]

Q4 revenue is understated by roughly 500k. The true revenue is around 760,000, which is roughly breakeven and in line with previous quarters. Basically, if the CEO had done his job of communicating to the market, this selloff would never have occurred.

I only know this because I emailed the CEO wanting an explanation for the revenue drop, because due to the recurring nature of the business, it simply didn't make sense.

The reasons are as follows (I am seeking further explanation on point 1, but point 2 is easy to understand)

1. Previously they booked licenses and veneers as deferred revenue (a little in advance of actual payment being received) This was okay with Grant Thornton, but their new auditors did not see it that was. Rather than posting as deferred revenue, they booked a credit note and they will book the revenues in the quarters to come. The impact of this change to this q's revenues is about 345k

2. They have a new partnership with Biotech Benelux selling a veneer/implant concept. About 150k has been shipped but not recorded as revenue (neither is sales nor in cash) due to administrative wait to integrate the numbers into the Biotech main software package. They will start recording these numbers in September.

Finally, there was a further one time gain of about 600k on the China share sale that the CEO expected to book as top line revenue that the new auditors did not recognize because it was share buyback of a company they still own 21% of.

Needless to say, I am very disappointed that the CEO did not communicate this publicly. I am following up on this and wanting further explanation. I encourage other shareholders to do the same.

[wsgalvanize]

.............and I actually thought I was going to make money on Asians with yellow teeth.....oh well.....this is the last of my microcap dreams thank God!I have made money in micros but much pain endured along the way....

[solarity]

From recent Annual Report:

Financial Results and Trends

Revenue decreased by approximately 11.7% to $2,592,596 in the year ended March 31, 2014 as compared to $2,937,276 in the year ended March 31, 2013. In fiscal 2014, we experienced a decline in revenues as a result of an internal re-organization that took place in Europe and the longer than expected time needed to finalize the SmileMe Mirror. The launch was forecasted for the end of the calendar year 2013 but was postponed to June 2014.

Our net income/( loss) attributable to our stockholders was $0.03 for fiscal 2014 and ($0.05) for fiscal 2013. During the year ended March 31, 2014 we recognized $156,620 in equity income from our Asian investment compared to $349,054 at March 31, 2013. Our net income for fiscal 2014 was positively impacted by a gain of $1,582,597 on the sale of shares of our Glamsmile Asian Division (thereby reducing our participation from 29.4% to 21.5% at the end of January 31, 2014) compared to a net income for fiscal 2013 of a gain of $454,430 on the sale of our OTC division.

[solarity]

Thank you for that very detailed and thoughtful post. Been in REMI for 3 years and have grown impatient at times. But it looks like all recent developments are positive Also very good to see some decent trading activity this month.

[swampboots]

Interesting update.. once a firm order is in place I would chase.

[FrankLind]

China update.
Wu-Han is opening next week. I understand business is accelerating in China and March was an all-time record. REMI records net income from this business on their income statement. I expect this to grow, but the licensing costs, design and building of new studios are expensed as they occur, so earnings will not shoot up unless they stop building studios. I expect REMI to more fully open up their revenue and earnings numbers for China when they get more active on the IR front later in the year.

Franchise + Distributor business.
This is REMI’s bread and butter, and the CEO said these businesses were trending well. For those who don’t know the business well, these are the primary numbers making up earnings at the moment. I expect breakeven to maybe 1c per quarter from these businesses for the next few quarters, with some variability on the bottom line according to how China is tracking and a few extra costs here and there.

Repeating myself here but - So, as it stands, we have China stake worth 40-45c per share right now. IDG-Accel is the major partner along with David Lok who runs the China business. IDG does the advertising and will provide cap’ markets expertise when this business is IPOed on the Hong Kong stock exchange. This is IDG’s usual playbook. Take positions in non-listed companies, help build them, and then cash out with a big IPO. [they were one of the early investors in FaceBook] So, this is how REMI shareholders will receive a payday from the China business. The CEO has a 25% stake in REMI, so he has a big incentive to distribute the cash to shareholders because he is one of them. I have no idea what the IPO price will be, but with a business building a valuable brand with China’s rich and famous growing the top line at 100%, I would suggest the PE will be very high and we can expect over a dollar per share of special dividends. Given that REMI is 45c right now, that is quite nice! Of course, there is uncertainty as to exactly when this will happen (my guess sometime late 2015 to mid-2016), but I am confident it will happen.

So at the moment we have a company with 20 million shares out, very low OpEx, a 25% insider stake, and two growing businesses. The price is undervalued, but given the illiquidity, lack of market knowledge of the company, almost non-existent IR, the CEO’s previous missteps, and the uncertainty of the timing of few moving parts (China IPO), I think the market is in wait and see mode.

The two developments which I believe are going to have a huge effect on this company are the introduction of the Condor Scanner and their development of a searchable 3D veneer database.

Condor
The Condor, even if mildly successful, and I have no reason to see why they won’t sell a good number of them, is likely to have a very large impact on REMI’s revenues and gross margins. Note, REMI does not make any money directly from the sale of the Condor, although it does have a 6% equity stake in it, which appears on the income statement. Rather, it makes money from the Condor increasing the pool of dentists with access to their veneers and increasing gross margins on their existing veneer sales.

For revenue, once a dentist buys the Condor, there is a preinstalled app which allows a scan to be performed and the patient can have REMI’s veneers pre-fitted. This is a great money-maker for the dentist. A small amount of training in fitting these veneers is necessary, and this will be organized by the distributor. Once the Condor is bought, the dentist effectively has an entirely new business - (a veneer business). The CEO has met all four of the four largest dental distributors in the world. They are very interested and awaiting the Condor’s completion. The CEO thinks it will be shipping by September.

The Condor very quickly pays for itself for a dentist because of the HD color image allowing greatly enhanced diagnostic ability and therefore more profitable procedures. As an example, the CEO demonstrated it to groups of dentists and asked them to look at the image and tell them what they see. Instant and accurate diagnosis occurred. For example, one dentist said there is an infection there, another dentist said that patient needed a crown. A crown is about 1000 Euros, and one month rental of the Condor is 320 Euros. One extra diagnosis has paid for 3 months of the Condor.

In terms of gross margins, the Condor will be used in existing REMI franchises, eliminating the need for a physical cast of the teeth to be sent via Fedex, and rather sent by internet. This will also occur for all China studios. The CEO expects margins to move to the high 80s once this system is fully operational across all of its business lines. REMI thus becomes a very low overhead, high operating leverage veneer printing machine.

Competition to the Condor.
The Condor has a jump on the competition for a couple of different reasons. The entire basis of its design is radically different from that of 3M and Sirona etc. Competitors use a projection-based model to scan and produce a color image of the mouth. This means the scanner projects a reflection of the mouth. Competitor’s systems are hardware based, not software based, so the equipment is much larger, including the scanner itself. Second, projection based systems are hampered by any saliva in the mouth, which means the mouth often requires powdering. Once you powder, then many parts of the image will longer display in color, but will become black and white. Finally, the true cost of the cheapest alternative, the 3M scanner, is a lot higher than it first appears. The 3M scanner has an additional minimum program usage charge of around 200 dollars per month. So what originally cost 12,000 USD quickly becomes more expensive the longer it is used (200*12=2400 USD per year extra to 12,000 USD after 5 years. The Condor is 12,500 Euros to buy or it can be leased at 320 Euros per month. The CEO expects most dentists to lease it.

The Condor films and turns what is sees into a 3D model using two cameras on the scanner. It uses an accelerometer measuring the distance the dentist moves his hand and also a gyroscope measuring how it turns in the mouth [as used in Apple iPad].

General Market for an affordable dental scanner.
Dental scanners have been around for a few years, but their cost and lack of quality have restricted adoption to just tech geek dentists. The dental labs have always been keen on dentists having them because a scanner saves them a lot of money on logistics in terms of the pick up and delivery of physical impressions, but dentist have never had any great incentive. The Condor gives them a chance to become more profitable through improved diagnostics and the chance to have their own veneer business.

3D database.
Currently veneers must be ‘designed’. This takes a lot of time and expense. REMI, though its years of designing and building veneers, now has a massive 3D database of every conceivable type and design of veneer. This is a rather fortuitous development, as the CEO did not build this with this idea in mind. However, it has occurred to the company that this database is worth a lot of money to dental labs and any dentist specializing in veneers. REMI has hired programmers to put computers through database to reference the veneers sideways, up-down, by thickness etc. to make a searchable veneer database. This will be put on the cloud.

Any lab needing to mill any veneer can now access this database and automatically find suitable designs for the teeth parameters they are given. So they have to spend time and money designing the veneer themselves. Most labs now use milling machines, so the veneer can be instantly ground out.

The Condor scanner will also have a teaser version of this software on it.
Labs and high-user dentists will subscribe to this database per use or monthly. So this will be a complete B2B approach with 100% margin.
This idea is in earlier form than the scanner, but it is in motion now

Other notes.
Prior to joining REMI, the CEO worked in three different dental visual technology companies. Their SmileMe App is starting to sell and some distributors have been signed. This earns money for REMI through the sale itself and driving more veneer sales. The CEO is meeting with Excelsior on June 11th for what is hopefully the final signing off of the debt. I understand Excelsior has an audit coming and this has prompted them to meet and get it done. Toward the end of the year, once the Condor is fully launched, the CEO will engage an IR firm to tell the story of REMI’s business assets.

I expect breakeven to 1c for the 4q, and then continued 1c rapidly rising as the Condor hits the market and more practically, once it is utilized in REMI’s existing business lines.

[solarity]

Excellent, looking forward to your thoughts..

[FrankLind]

I am preparing a report based on recent conversations with the CEO. Will post in a few days or so.

[garp0]

The company IS turned around.
The 8% equity interest sale (for a handsome price)
reveals something of the company's intrinsic value,
so i am comfortable holding the stock 12 months and more.
In the wings are 3 (or 4) carefully considered initiatives
to broaden the scope of their commercial interests
and pursue growth. It's these that have
my 2 friends and i most intrigued.
There is apprehension, uncertainty, comfort, excitement
all commingled after 3 1/2 years of a large (for us)
faithful commitment to the company's
ultimate success.

The reference to celebrity was only an allusion to
Sergei Diaghilev's famous comment at the premiere
of Stravinsky's Firebird Suite -- to the lead ballerina --
coincidentally apropos.

[solarity]

Care to elaborate? How do you see the REMI story developing over the next 12 months?

[garp0]

"Perpetual?" Nay...3 more months,
at the worst!

[garp0]

We are poised on the eve of the unveiling;
the makeover pros about to reveal their own makeover.
Its either on to celebrity,
or to perpetual obscurity and neglect

[FrankLind]

Geez, the sellers don't want to sell and there isn't enough knowledge of this for significant buying. So we have 0 volume for days.

There are shares on the ask at 47 to 50c.

I doubt we will see much movement until the company reports and /or there is further news, which is a shame, because if anyone does some digging, this is very undervalued right now.

[FrankLind]

REMI valuation

Market finally waking up to what is going on with this company.
The move two days ago from 20 to 25c was mostly me.
The 28% move today to 32c wasn't. Volume today was 42,000 - Google here we come
Saying that, it could swing wildly in the short term.

Been thinking about valuation now that there is no debt problem.

Core business 2.5c to 5c total for next 4 quarters
PE on this from 13 to 20
So core business value is 32.5c to 1 dollar
+
China asset (to be given as special distribution when they IPO) worth on current valuation 41c per share. Will probably go higher.

This is a 73c stock minimum now (128% gain)
Upper end of range is 1.41 (352% gain)
Current price 32c

Of course this requires an appropriate discounting. So apply your own margin of safety.

[garp0]

All the thoughts you expressed mirrored my own.
Still, It was a real surprise to me.
The last video presentation understated the promise
existing in this situation but offered no clue
that this was being considered.
The Fortis line is rapidly disappearing.
The Excelsior line seemed destined to be concluded
in some sort of distribution agreement
after "fabulous" discussions taking place.

The sacrifice of 7.85% of REMI's interest
in Glamsmile Asia so early in what is
certain to become a much more valuable
enterprise in the next few years,
seems at first illogical. i think the decision
was made on the basis of seizing an
even greater, but rapidly evolving opportunity.
i have no facts to support this conjecture
(but i did have several vivid dreams leading to this conclusion).
i can think of several reasons for taking this action.

i trust Mr. De Vreese to bring this ship to port.
He knows this business inside out.
Personally, the price of the stock is
of lesser concern to me at present.
Watching the development of the company unfold
has absorbed my interest.
The stock will blossom
as the value of these developments
are more clearly apprehended.
But there is a palpable "buzz"
residing in Remedent at this time.

[FrankLind]

Remedent sold 7.85% of its 29.4% stake in China for 3 million USD. The story is on marketwired and the online Wall Street Journal.

It leaves REMI with 21.55% of GlamSmile Asia (China)
This means (21.55 / 7.85 ) REMI’s remaining stake is worth 8.23 million
8.23 million / 20 million fully diluted = 41c per share.
Remedent is 25c per share!!
The buyers of the 7.85 stake were the other partners who have been running the business.
It was not an outside party duped into overpaying.

Remedent last 2 quarters have produced 223,000 and 225 cash from op', respectively.

The trends in the core business and China, as well as the good expense control suggest to me the business will be doing 0.5 to 1.5 in EPS or free cash flow per share for the next few quarters, and then greater after that.

Therefore, even ignoring the value of their China asset which is growing and will one day be sold when they IPO GlamSmile on the Hong Kong stock exchange, a 4c in earning annual run rate times a PE of 12 - 15 gives a stock price of 48c to 60c.

When investors connect the dots here, this 25c share price won't last for long. - imo

The problem REMI is a forgotten and neglected company - thus providing the opportunity for non-institutional investors to get in now. All of the above the Condor scanner, which could provide ridiculous upside.

[FrankLind]

Still long.

Numbers show continued improvement, but stock will languish until Excelsior debt issue is solved.

[Penny Roger$]

Building stronger here

[Penny Roger$]

~ $REMI ~ Daily Par Sar Buy Signal ~ Criteria alert triggered during a recent trading session!

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c

[FrankLind]

CC visual presentation here.

[FrankLind]

10q out. http://www.otcmarket...ilingID=9458355

CC next week.
Here are the details http://www.marketwat...nk=MW_news_stmp

Modest profit of 53,000. Actual cash based operating figure was a loss of 20,000.
Profit would have been higher had it not been for timing of lump sum payments for veneers from Biotech.

Spoke to the CEO. He says since June 30, Line of Credit has been further reduced.
On average, are generating 50,000 of free cash per month.
Excelsior announcement will dramatically de-risk stock.

Initial plans for integrating scanner system with veneers to increase gross margins to around 80% and increase the number of dentists are underway.

For China - Details pg 12 of last report.
These numbers are on the same number of stores - 4.
2 more stores by end of year. 6 more in 2013.

Revenue for the three month period went from 1.4 million to 2.3 million
Net income went from 238,000 to 536,000.
Remedent takes 29%

[bbking2003]

Lots of positive things are happening as we sit here and wait, This stock is way undervalue!

[garp0]

TY bbking2003. That Flanders Horse Event
must have garnered some fans.
Everyone pictured has such a beautiful smile.
Pity we can't see the horse's teeth!

[bbking2003]

Kom GlamSmile bezoeken op het Flanders Horse Event
Evenement | 01-08-2013
http://www.glamsmile.com/benl/nieuws/kom-glamsmile-bezoeken-op-het-flanders-horse-event

[bbking2003]

GHENT, BELGIUM--(Marketwired - May 6, 2013) - Remedent, Inc. (OTCBB: REMI), an international company specializing in research, development, and manufacturing of oral care and cosmetic dentistry products, proudly announces that GlamSmile China has set in April once again another record month for achieving the highest number of cases, veneer units, and turnover. In April alone 1,320 units were placed generating 4,597,000 million CNY (747,000 USD) (unaudited).
GlamSmile China has studios in Beijing, Shanghai, Wenzhou and Hong Kong and a fifth is under way in Guangzhou. Also Wuhan and Shenzhen are expected to open still this year. Later this year the flagship studio in Beijing will move to CBD area where a new studio of 1.000 m² / 10,700 ft² will accommodate up to 15 operational chairs.
Management Commentary:
"We are excited about the growth but not at all surprised, as we are setting a new standard for a beautiful smile in China," comments Mr David Lok, Director GlamSmile Asia. "We are recruiting plenty of staff in dentistry, administration, sales. Two more marketing managers have joined our team this month promoting us as the Wordwide Veneer Expert with studios in more than 40 international cities."
About Remedent:
Remedent, Inc. creates state-of-the-art dental technologies and marketing concepts. Famous brands are GlamSmile, Remecure, White Boost, Formulation +, and River 8. Headquartered in Belgium, Remedent, Inc. manufactures, markets and distributes its products and concepts to more than 30 countries worldwide. Remedent, Inc. is publicly listed and focuses on B2B, delivering products to the dental professional, as well as B2C approaches, helping consumers to obtain their dream smile through its Smile Consultancy Concept.[color=red][/color]

[bbking2003]

http://www.a-tron3d.com/en/news/news-detail/items/bluescan-i-intraoral-3d-scanner-ready-for-volume-production.html

a.tron3d GmbH, an independent medical device development company in Austria, is proud to announce today, that its most ambitious product, the bluescan-I intraoral 3D scanner reached the design freeze stage and is now ready for volume production.

Over the next weeks, a.tron3d will introduce the bluescan-I to major markets through carefully picked system integration and distribution partners around the world. "Small, light weight, unique design and powder free scanning, that's what makes the bluescan-I a tool and not a toy for dentists around the world", says Prof. MDT Horst Koinig, CTO of a.tron3d and dental lab owner.

The bluescan-I has been developed to combine the look and feel of a conventional dental hand piece with the functionality of a simple to use and easy to operate intraoral scanner. Based on the patented stereo-capturing technology and patented design, bluescan-I will soon become a must have device for all dentists who decide to enter into the dental CAD/CAM world. "The bluescan-I has a huge advantage compared to other intraoral scanners, as its weight and design is similar to a dental hand piece and therefore makes it very easy to work with", says Dr. Simone Engel.

"Our technology is available for a private labeled system integration to larger companies that are currently working on putting together a product portfolio around their CAD/CAM strategy. The bluescan-I can be integrated into a dental unit, into a conventional work station or it can be operated as mobile solution. Our partners may integrate our technology into their overall system concept and makes it an integrated part of their portfolio. Such integrations will make the bluescan-I even more powerful as it will combine the technology advantages of a.tron3d with the experience, professionally and strategy of successful companies in the dental industry", says Jürgen Jesenko, CEO of a.tron3d.

Visit a.tron3d and test the bluescan-I at the next IDS, hall 4.1, booth A 039

http://www.a-tron3d.com/en/products/id-3d-intraoral-scanner.html

[garp0]

And 2 key developments: the strategic proliferation of studios, and the real-world success of the intra-oral scanner are big question marks. Numbers of successful studios leveraging a "dramatic" expansion in margins (theoretically made possible by the scanners), offers a fabulous vision for the future. And I'm clinging to that.
But unforeseen delays and glitches
are inevitable.

[FrankLind]

I think you should be cautious until REMI shows another quarter of profit in the main business line and an 8k resolution of the debt from Excelsior (though the CC indicated both would occur).

[bbking2003]

We have a very good chance it might even pass that!

[wsgalvanize]

.......REMI finally getting some love today.............I still need it to print .50 to break even......fingers crossed....

[bbking2003]

The chart started look really good on this Looks like we my see a nice run here this might break the 52-week high pretty soon!

[bbking2003]

Thanks this can be a very good time to get in very Small float If they Succeed this could be in the fives and tens down the road!

[garp0]

We've just witnessed the mother of all capitulations.
The chart describes a penny stock on life support.
However the company is on its feet, growing quickly
(100% YOY same store sales), and their technology is about
to take a quantum leap. The business plan is evolving
quarter to quarter incorporating several favorable developments.
It's going to take at least a couple of quarters
for revenues to really kick in. Unless some unforeseen
event or failure in execution caps the upside,
this is a tale that has to be given time to unfold.
.50 by yearend. But so what?
The potential could be vast, looking out 1,2,3,4 yrs

[bbking2003]

Where do you guys see this by end-of-the-year?

[garp0]

I've been in it for 3 yrs now, and much of that time was not entirely comfortable with either the company, the concept, or the management. Then IDG-ACCEL took up 1/3 of the company after researching it for 6 months. That immediately changed my opinion. But then a year passed with no new stores. So I was getting hot and cold feet. But after carefully listening again to this last C.C., I'm more convinced than ever that REMI may be destined for something bigger than I had originally envisioned. TY for accurately reprising some of the important details of this last quarter. Mainly, I agree with your conclusions.

[FrankLind]

They are cash flow positive, but revenue might be a little lumpy until the Condor scanner starts to boost sales (and margins). Guy thinks monetization of this concept will be Sept/Oct.

They booked roughly 544,000 revenue from the Biotech deal in that quarter which to a certain extent is an advance payment. I don't think Biotech actually sold that many veneers in that quarter because the deal was only announced on Feb 18th.

If Biotech go through the pre-paid veneer inventory slowly, then this or next quarter will show less revenue from Biotech in the total revenue line.

Revenue from the franchises was about 350,000 (I am unsure as to the makeup of the other portion of revenue)

I think he has to show the core business can be consistently cash flow positive and grow a bit - which allows China to do its thing to boost the stock price.

[garp0]

Hi FrankLind.
Thank you for that objective summation.
i don't quite agree that we are at an inflection point fundamentally; maybe price wise, since the selling en masse has produced a very safe bottom. i think we are safely beyond the 'proof of concept' stage (Mr. De Vreese has, IMO, done some outstanding work in the area of goodwill). This company is definitely sending up smoke, but investors want to see whether revenues can ramp strongly enough. i think they can, given the strength and class of their partners - - skillful hands who are now deeply twined with the enterprise. The irony of this moment is that the business is in the best shape it's really ever been in, coupled with a stock price in orbit around our feet. That has me very excited, because we are just beginning to get some visibility and predictability, in what may shape up to be a truly special situation.

[Penny Roger$]

[FrankLind]

The fund that has been selling has been taken out and there are now no more shares left for them to sell. They took the tax loss. I know the guy who has been doing most of the buying. He is a very experienced investor.

[FrankLind]

Last year they reported the middle of August - so I think it will be a similar time this year also.

[gistheman]

Frank, when is their next 10Q? I am watching this with interest.