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“It’s not over ‘till it’s over”…
On June 29, 2018, the Company and Coretec Industries LLC (collectively, the “ Coretec”) entered into a settlement agreement and general release (the “Settlement Agreement”) with NDSU/RF to resolve the Dispute, pursuant to which Coretec and NDSU/RF shall fully and forever release each other from the Exclusive Licensing Agreement and mutually release each other of all claims in connection therewith.
Michael’s gotalota splainin’ to do…
Fortunes can turn on a dime…
but not with this P-Stock.
Until the Research Foundation and Coretec resolve their issue you’ve got to believe that the default is effective and in essence there is absolutely nothing being done right now. No research, no development, nada!
Pumped-up articles posted on Facebook or in the website are just that and substantiate nothing with regard to CHS progress. Until that default is addressed publicly, Coretec is at a standstill… there’s absolutely no reason to think otherwise.
Coretec is not playing in the real world. If they are, they need to prove it!
Here’s an ambitious, but admittedly, pipedream approach…
If CHS has such great promise – own it! And own it NOW – for what it’s worth now! And before Elon nabs it! Why wait!
Own exclusive, worldwide marketing rights for commercialization of CHS intellectual property! And while we’re at it, with NDSU out of the picture, hire Dr. Phil thereby validating CHS potential. That’s exactly what 3DIcon did – OU out of IP ownership and Hakki onboard, thus CSpace minus image space.
It’s hard to relate to the current philosophy with the NDSU/RF holding the CHS trump card. You’d think Vic would know better… or maybe he does.
Things sometimes aren’t what they seem to be…
From the June 8, 2016 PR:
https://www.thecoretecgroup.com/media/press-releases/detail/1318/development-of-3dicons-3d-volumetric-display-technology
Title:
Development of 3DIcon's 3D Volumetric Display Technology, CSpace®, to Be Accelerated by Its Merger With Coretec Industries
Subtitle:
Silicon-Based Materials Expertise and Intellectual Property Accessible Through Recent Merger With Coretec to Be Used in Developing CSpace® Image Chamber
Excerpts:
3DIcon Corporation (OTC PINK: TDCP), a developer of 3D volumetric display technologies that are designed to produce 360-degree volumetric high-resolution images, announced today its plan to expand development of its proprietary CSpace® technology utilizing the technical expertise and intellectual property for Silicon-based materials to be acquired through its recently announced merger with Coretec Industries, LLC ("Coretec").
As previously reported, a key challenge in the development of CSpace® has been the development of the material to be used for the image chamber.
Silicon-based materials provide the desired optical properties, can be blended with additives required for imaging, are much lighter in weight than the glasses previously considered, and can be formed into large shapes.
Coretec and its research team located at NDSU had the expertise in silicon-based materials that would be required to perform the R&D necessary to move toward to the commercialization of CSpace®.
"The benefit of having access to this portfolio of Silicon-based materials is that we can now use all of the manufacturing infrastructure and knowledge that's available for plastics for the CSpace® image chamber," said Doug Freitag.
Looking to Coretec as a possible partner to advance CSpace® was consistent with one of the Company goals set out by 3DIcon CEO Victor Keen in his December letter to shareholders, the other being a desire to broaden the scope of 3DIcon beyond CSpace®.
The merger will not only facilitate the development of CSpace® but also will provide a portfolio of IP in silicon materials with near term application to energy storage, printable electronics, solar energy, and others major markets.
Excerpt from Michael Kraft’s May 3, 2018 Shareholder Letter:
We are also continuing our efforts to move our development of CSpace (volumetric 3D display) forward through discussions with Adelaide University in Australia. The goal is to test a new image space material in partnership with the university and we are exploring options including a grant from the Australian government. Adelaide University is a renowned research facility in the area of glass and polymer doped image spaces. We are working to provide substantive updates in the next weeks and months on developing doped polymer capabilities in the CSpace product line.
With that final notice of submission we’ve now discovered two-years later CSpacers that we’ve not been lied to… we’ve been had. Our only hope is that someone acquire CSpace IP from Vic & Boys. (The Boys are CHS boys who needed a ride at the time and could care less about CSpace. That ride cost us dearly.) All it would take is some sophisticated cat with deep-pockets who enjoys and appreciates company.
Best of luck… CHSers.
You know what Cycloneman…
I don’t care about CHS and its future development as it pertains to batteries, solar panels, etc. I care about CHS development relating to the image space of our volumetric three-dimensional display unit that we call CSpace.
Batteries are not a discontinuous innovation; CSpace is!
And you know what? CSpace is ours! We own it. We own exclusive, worldwide marketing rights for commercialization of CSpace intellectual property? So why do we not have our image space development as top priority?
And why are we sending our latest version of the lab prototypes to Australia? What happened to NDSU’s CHS? I thought it was to be the magic touch for our image space development! Apparently not. So what happened? Did we even examine it for our image space? I didn’t hear a word! Did you? We have a license agreement in place… but all we hear – when we do – is battery, solar, LED, and other applications… but no image space information! That’s nuts!
So we’ve got this exclusive license agreement with the NDSU/RF, but we’re going to partner with another university in another continent. This Friday will be the second anniversary that we were told that because of our merger with Coretec we had all the technical expertise and intellectual properties for silicon-based materials needed for our image space development by means of NDSU talents and IP. But what happened within that two years? So why are we starting all over in the land down under?
What’s going on here? What takes precedence here? Is it CHS development for various industry applications? And keep in mind, we don’t own CHS. Or! Is it development of OUR! CSpace image space? So which is it? Which is most important… and should be priority!
What in the heck are we doing? Trying to ratify the great unknown… someone else’s CHS for someone else’s batteries, solar panels, etc. Or! Trying to ratify CSpace image space for ourselves? This is crazy and getting crazier…
Martin must be shaking his head right now.
And doesn’t Mike’s last month’s last paragraph sound promising and right around the corner?
“We are committed to commercializing CHS and the tasks that make this happen. We are confident that ONCE CUSTOMERS HAVE A QUALITY, STABLE SOURCE OF CHS FOR EVALUTAION USE IN THEIR APPLICATIONS, we will be on our way to forging the best path forward for Coretec.” (Emphasis mine)
Just can’t wait! Can you? Oh… and so much for CSpace.
Cloneman, tell me this…
If our CHS license agreement with NDSU is in default like you say, how can we expect any results from Adelaide University in the land down under? Mike is telling us that AU is a well-known R&D facility, okay fine, but why are we using their lab and not NDSU’s? And whose IP are we going to be researching… AU’s or NDSU’s?
If Mike doesn’t use an ‘art of the deal’ approach maximizing our… OUR! CSpace IP… in his upcoming “substantive updates”, you’re right, not only does NDSU have us by the cods, but apparently AU does too!
Mike needs to use our IP to our advantage as shareholders with any future dealings with silicon / polymer owners… and he needs to explain in detail his deal and exactly how it relates to CSpace development. Nothing less.
So far, we’re on the losing side of this escapade… and we have been since CSpace was shelved! Hakki saw it coming… and vamoosed! Smart man.
This theatric is becoming more and more amusing by the day… trying to ratify someone else’s IP and rat-holing ours. Doesn’t make sense.
Victor, hey Vic! What’s CSpace worth to you?
Know a savvy entrepreneur…
who should purchase CSpace patents from the owner? It’s a win/win for all involved!
The buyer can contact Hakki Refai for the do’s and don’ts…
Who really calls the shots…
We have come to realize the value of patent ownership recently through a time consuming hard lesson that remains unresolved. I’m talking about NDSU’s CHS… they’re calling the shots and rightfully so.
Here’s the rest of the story.
We shareholders and Coretec own CSpace technology patents, however, we’re busy circling the wagon trying to ratify CHS technology that someone else owns to our benefit! How smart is that? And we’re trying to do it using borrowed money… a lot of borrowed money. So far, it has proven to not make much sense, much less, revenue. On the other side of the coin, we were told recently that CSpace is moving to an Australian university to develop a doped polymer image space through grant money and other options. Okay.
But why? Does management still believe that there is real value in CSpace? Do they really care? We original shareholders have been working on it for years! But at least we owned CSpace technology. So let’s go from there.
There’s a lot of old oil money in Tulsa and I would imagine just waiting for the right investment to be made, if convinced. Imagining out loud: What if someone who had the talents to promote the purchasing of our CSpace patents to entrepreneurs in-waiting… did just that! Yeah, I know what you’re thinking… but what about us, the shareholders? Well we’re part of the deal… the deal doesn’t move forward without us, or at least those of us who want to go. In other words, we are now a part of a rejuvenated CSpace exploration… once again. It’s old hat to a lot of us… we’re used to not knowing where we’re going, but just hanging on for the light at the end of the tunnel… simply because we believe in CSpace.
Hakki Refai knows the most concerning CSpace being in essence the inventor… and he’s right there in Tulsa. Could T-town money bring him onboard? Wouldn’t hurt to ask.
CSpace has been put on the back burner for the time being… it should not have been. We were told June 8, 2016 that CSpace development would be accelerated by our merger with Coretec. I would like to see a separation of the technologies with solid money backing CSpace; CHS is not ours and we’ve recently learned that the owner will not have CSpace technology in-house.
We need a new philosophy with a new ownership of CSpace technology.
CSpace needs to come to fruition… and WE need to call the shots making it happen. After all, it’s ours!
Listen, this is a shot in the dark believers… to those of us who still believe. Am I alone out there?
Believe what you want to believe…
but as of yesterday, there remains a misunderstanding of our Exclusive License Agreement between Coretec and the NDSU Research Foundation. It stands to reason that a rectified license agreement is paramount to all parties involved moving forward regardless of the intent.
You’re right, but first things, first…
If you were the CEO of our new CHS supplier, wouldn’t you demand that that June 16, 2016 Exclusive License Agreement by amended?
Nothing of any significance concerning the Company is going to happen until that revised agreement is reached with the NDSU/RF.
Face down! One time is all it takes…
or at least it should be! I was raised in the country in east-central Oklahoma and know exactly what it’s like to not watch where you’re going walking through a pasture. But we’re talking about steps here… I’ve never tripped and fell, thank goodness.
Enough of that.
So you think they’ll work it out… okay. I hope so. Just seems like someone’s stepping on the hose here and it’s not setting well with the owner. But if management learns its lesson then you’re right… they’ll work it out. And no, Cloneman, I’m not BSing.
From the April 2, 10-K, p. F-16…
“The Company did not exercise the Optioned Technologies which expired on December 16, 2017.”
Coretec had an option to acquire licensing rights to an additional 16 patents. I’m concerned about the ultimate status for the 14 patents in the June 29, 2016 Exclusive Licensing Agreement.
Also of concern, is the status of the 2015 Sponsored Research Agreement with Dr. Phil and staff.
And there also is this little reminder:
“As of the date of this report, there have been no legal proceedings initiated in connection with the NDSU/RF Agreement. However, no assurances can be made that the active communications between the parties will result in a resolution or that legal proceedings will not be initiated in the future.”
Wouldn’t it be nice if the, due any moment, 10-Q addresses these concerns… yeah, right.
That’s certainly a possibility, Cloneman…
On another slant, I can only imagine that Gelest was stepping on NDSU’s CHS toes.
As a third party, they somehow were not free from infringement risk manufacturing our CHS via our license agreement. Consequently, they were reduced to a new role and will provide CHS storage, transfer and fills of customer cylinders, etc. At the same time we apparently happened upon a deal with a “new supplier” who will now manufacture our CHS. But this is what I don’t understand: Somehow they’re able to go around, so to speak, our license agreement “developing other manufacturing processes, ones which we believe can be utilized more quickly, and with potentially better results”… huh?
How’s the new guy able to do it but Gelest was shown the door? Maybe the transfer of NDSU salt to Gelest may have gone sour last summer… somehow, someway. I don’t know, but someone seems perturbed.
It just seems to me that emphasis must be placed on an amended License Agreement removing the possibilities of any future legal litigations… once we find the bread.
Could it be that we’re broke…
and can’t afford the bread? We can’t get to toast!
Ouch! But since you put it that way…
You’re exactly right! Leverage is not on our side here. The CSpace side, yes… CHS side, no. But we’re not dealing with CSpace here. Come to think of it, we don’t have a lot of things on our side here.
This little flap in North Dakota makes one wonder… what’s Phil Boudjouk’s status? We need the brains behind CHS too. Maybe his price tag just went up… who knows?
The power of ownership…
Yeah, we're between a rock and a hard place... no doubt.
From the May 3 Shareholder letter…
Recently it became clear to us that our relationship with NDSU does not fit the Coretec business strategy of effectively commercializing CHS. We are now developing other manufacturing processes, ones which we believe can be utilized more quickly, not have any exclusivity liability or infringement risk, and with potentially better results. Accordingly, we have permitted the NDSU optioned technologies to expire this past December as they were deemed unnecessary to our business model and we are presently in discussions with NDSU regarding the NDSU License Agreement.
From the April 2, 2018 10-K:
License Agreement
As of December 31, 2017, and pursuant to the NDSU/RF Agreement, Coretec was in arrears on certain payment obligations in the amount of $139,800. Accordingly, as of December 31, 2017, Coretec would be considered in default under the NDSU/RF Agreement, because of the unpaid obligations, which could allow NDSU/RF to exercise various options under the NDSU/RF Agreement, including an option to terminate the agreement if we do not cure the default within 10 business days after receiving written notice by NDSU/RF. Although NDSU/RF provided a written notice on or around February 7, 2018, NDSU/RF subsequently retracted the notice and agreed to forbear from enforcing any defaults prior to March 30, 2018. Due to Coretec’s belief that certain obligations of NDSU/RF were unsatisfied, Coretec has actively communicated with NDSU/RF in order to determine what obligations are owed and what actions all parties are required to take, and will agree to take, in furtherance of the NDSU/RF Agreement. In connection with such objective, Coretec expects to send NDSU/RF a detailed communication setting forth, among other things, the basis for its belief that (i) the payment obligation was not due to NDSU/RF; and (ii) NDSU/RF does not have the right to enforce a default. As of the date of this report, there have been no legal proceedings initiated in connection with the NDSU/RF Agreement. However, no assurances can be made that the active communications between the parties will result in a resolution or that legal proceedings will not be initiated in the future.
He needs to secure an amended License Agreement apparently.
C’mon man! We need to rock & roll!
Let’s see, what is today, the 9th…
https://s3.amazonaws.com/content.stockpr.com/sec/0001437749-18-009205/0001437749-18-009205.pdf
Michael’s possibilities of last week and this…
are simply a slap-in-the-face. What a tease.
I’m in this fiasco because of CSpace possibilities of yesteryear… for the record.
Metaman, if I may ask…
In your estimation, what are the “remaining barriers” to overcome by the current management team in place?
Your response is appreciated.
Cloneman, I fell in love with CSpace…
Not CHS!
As I understand it, until the supply chain is in-place for CHS-doped silicon quantum dot development required for the image chamber, I’m out!
I haven’t heard news of anyone rushing in to help with that supply chain… have you?
We won’t get fooled again!
I’m back when the Hakk’s back…
CSpace/CHS… too good to be true. Like you say Cloneman… LOL.
OPTION TO PURCHASE SHARES OF COMMON STOCK…
https://s3.amazonaws.com/content.stockpr.com/sec/0001144204-17-062476/0001144204-17-062476.pdf
W. James Tozer, Jr.
https://www.bloomberg.com/research/stocks/private/person.asp?personId=541054&privcapId=2505073
Mr. W. James Tozer, Jr. has been the Managing Director and President of Vectra Management Group, a real estate firm involved in real estate development and management of private investments, since 1990. Mr. Tozer served as Senior Vice President of Citibank/Citicorp. He served as Senior Executive Vice President of Shearson Hayden Stone and Marine Midland Bank. He served as President of Prudential-Bache Securities. From April 1993 to December 1994, Mr. Tozer also served as President and Chief Executive Officer of Lincolnshire Management, Inc., a New York based investment firm. From July 1990 to March 1993 he served as an Advisor to financial institutions and managed private investments. Mr. Tozer's previous financial service industry experience includes 20 years of senior management positions at Marine idland Bank, Prudential Securities, Inc. and Citicorp/Citibank. He co-founded Vectra Bank of Colorado. He serves as Chairman of the Executive Committee of Draper Bank and Trust. He serves as a Director of S2 Technologies, Inc. He serves as Director of RolloverSystems, Inc and Zane Benefits, Inc. He has been a Director of LendingTree Inc. since August 1997, he was also one of the founding investors of LendingTree. He serves as Director of Vectra Management Group. He served as a Director of Vectra Banking Corp. since April 1991 and previously served as Director from March 1988 to August 1989. He served as a Director of Cobra Industries, Inc. from 1993 to October 1995. Cobra Industries filed for reorganization under federal bankruptcy laws in October 1995 and is being liquidated. He served as a Director at Tree.Com, Inc since August 1997. He served as a Director of a Lincolnshire Management, Inc. from April 1993 to December 1994. Mr. Tozer serves as Trustee of the Citizens Budget Commission. Mr. Tozer is a graduate of Trinity College and Harvard University.
Statement of changes in beneficial ownership of securities…
https://s3.amazonaws.com/content.stockpr.com/sec/0001144204-17-062387/0001144204-17-062387.pdf
“The best is yet to come…”
Okay.
And yes, this is a brand new company, but its roots date back to the late 90s. CSpace was a dream then… and still is.
I really hope you’re right about this new CHS-offshoot endeavor… as we await new updates.
“It just takes time…”
And we’re talking valuable time! But it also takes competence!
So now with this hire, do we have a competent Technology VP? Does he know his stuff and his way around? I don’t think you know that answer and I doubt that Metaman knows the answer. What we do know are facts as Clone just mentioned… in essence, CSpace is in limbo and CHS is hanging. How much time will it take to make CSpace a reality? How much time will it take commercialization of CHS?
Time’s wasting. And competence hasn’t demonstrated itself lately.
I’m not holding my breath Cloneman…
That would be nice if misunderstanding our client’s needs was our only problem... sales revenue in the third and fourth quarters would have been nice had we understood.
But again, what’s this guy worth? Yeah, his resume is impressive, but so is Michael’s and Ragnar’s! Did those guys make promised progress to date? Are we to expect any different from Ramez? Again, I’m not holding my breath.
Bottom line: The Coretec hierarchy and advisory board need to get off their collective asses and do something… and more importantly, do it right!
Oh Michael, hey man, are you out there…
Listen, we’re needing something to hang on here. We’ve been running down this dream for years now… first the CSpace idea and now the CHS idea... we're C'd out. And man, we haven’t heard from you since July and no doubt, you can talk the good talk, but we need to substantiate the CHS dream. Pegs is right, we know for a fact that some of the batches were nothing to write home about… much less PR it. So tell us the batches of the future were proven good the other day. Give us some hope… and don’t let that dilution machine crank up.
Michael, please listen to this song by the late-great Tom Petty:
You hit the nail on the head IowaStateman…
And who in their right mind is going to ante up moving forward?
This game has gotten old with some of the players doing the same and have laid their cards down. They’re tired.
This table is going to have to prove legitimate… and soon. Or, lights out.
Those dreams hoping to come true…
are just not coming true.
After years of promotion, the CSpace dream left Tulsa and is now in limbo. And its promotors had nothing to promote except another dream… and they did.
Now the chemical of all chemicals dream for the material to make lightweight batteries and lightweight solar cells and lightweight imaging chambers remains just that… a dream.
Do you believe in dreams…
Cloneman, I think what you’re trying to say…
in a roundabout way is that the “more the merrier” doesn’t apply here. I’ve been in this so long that I’m used to it.
By the way… anyone heard anything about Gelest CHS tweaks?
Regardless, it’s Friday and Happy Hour should take care of these nagging symptoms…
There’s no room for excuses anymore…
You either produce CHS – or you don’t! It’s as simple as that.
And don’t you think that we would have known the results by now since we were told that if yields were high enough we could start providing that material to pre-ordered customers in August? Don’t you think we would have heard something if the yields were acceptable?
Why take up for these people?
Management is not talking! Does that tell you something?
I agree with you Cloneman…
Gelest is a farce… a failure. If our CEO still thinks they are a “great partner” he should provide proof.
We have to have product. Nothing else is of importance right now.
Time’s running out. If our next PR is fluff, let the dumping begin.
Unbelievable.
It’s as simple as this, or is it…
From Coretec’s Technical Library:
Routes for Superior Synthesis of Cyclohexasilane Mar 10, 2015
Tetradecachlorocyclohexasilane dianion (YSi6Cl14 :Y=counter ion), is an important intermediate in the production of cyclohexasilane (Si6H12, CHS). CHS is a liquid precursor for electronics grade silicon materials and devices. CHS is also a more benign liquid phase alternative to gaseous SiH4 and corrosive HSiCl3 in the various procedures and technologies adopted in silicon based electronic processes. The existing method to produce YSi6Cl14 salt is low and yields up to 9-11%. This invention teaches a method to produce yields that are significantly improved to approximately 80-90% for the YSi6Cl14 salt.
That’s all there is to it, folks. And yes, I know Gelest has to tweak our recipe for our individual customer’s needs, but if you’ve got the salt from NDSU, solvents and required materials in-house, the experience and expertise to tweak, our partner – who can provide all the material that we ask for now, so says our CEO – hasn’t much of an excuse for failure.
So what’s the holdup? We’ve got customer pre-orders to fill. It is quite simply due time for action.
We’re the only CHS Company in town… but to date, we da*n sure don’t act like it.
So again, what’s the holdup Michael? Your shareholders’ deserve your answer.
It’s as simple as this…
From the August 14 10-Q:
On December 13, 2016, we entered into a Supply Agreement with Gelest Inc. This Supply Agreement is for the purchase and sale of Cyclohexasilane (“CHS”) as set forth in the Supply Agreement (the “Products”), pursuant to which the Company agrees to use Gelest as a primary source to manufacture the Products for a period of three years. North Dakota State University (“NDSU”) provided raw materials required to produce CHS to Gelest in January 2017. Efforts by Gelest to scale the manufacturing process for CHS are ongoing with the goal of producing up to 400 grams of material that will be available for sale to potential customers. As of the date of filing … Gelest has yet to complete the production of material.
Michael Kraft said this in the July 14 Shareholder Call:
“… we don’t see any capacities issues, Gelest is a great partner, certainly they can provide all the material that we ask them to now.”
Doug Freitag said this in the July 14 Shareholder Call:
“… additional runs in coming weeks, hopefully yields will be high enough that we can start providing materials to pre-ordered customers starting next month.”
Let’s see, today is August 31st and our great partner has, hopefully, been focused on the production of materials… but no word yet on its results. Hmmm. Seems like our partner should be under the gun…
Michael? Floor’s open…
Doug’s worn a lot of hats…
From our military-industrial complex grant solicitor to CEO to our technology VP to Advisory Board Chairman. And now he leads, no doubt, a distinguished group… with CSpace experience still in the background with George onboard.
CSpace world was a different world then… we don’t need boots on the ground any more. We don’t make patents any more… we deal them.
http://www.thecoretecgroup.com/about/advisory-board
Flyerman, whatever airlines you use…
That altitude’s getting to you, man. Besides, you forgot something. So bring your craft gently back down to earth for a soft landing. Kidding…
Listen, I agree with you wholeheartedly… but reality is what I’ve been trying to drive home. And that is… Gelest is going to have to get off its dead derriere for us to apply our CHS to any market! Right now, it’s salt in the hands of our partner. And for some reason, they don’t know what to do with it.
Flyersman, I know…
But what’s to buy? Everyone waiting for the PPS to slide?
Regardless, of the ongoing customer debate, Gelest needs to produce entities for their evaluation… and soon, and we need to hear about it. Or yeah, you can buy all the cheapies you want.
Gelest has had NDSU raw materials since January and unless I missed something, Gelest has yet to provide a batch to a customer for their testing and evaluation.
Again, we don't go anywhere until our CHS proves desirable. And time’s wasting…