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Ten4- sure, I agree there is competition. But none of them have development grants from TSA ( that I know of).
IMSC is intimate with the latest Checkpoint specification-- huge advantage that I think CLAMS must run-fast with.
TSA's new purchase model does foretell a "free-for-all/ad hoc" type purchase plan. But one way to deminish your competitor- develop a high res. ETD, get it on the QPL and purchased. First to the QPL wins.
For IMSC a field of dreams awaits that moment as it opens the entire USA market for ETD/ DTD. Then, it would not be far fetched to have a 150-E in state police crusier and certainly 2 at every courthouse entry.
Also, hand held ETD might become a larger layer. Right now, its a alternate/random check. Not a full fledged layer like AIT.
McGann was COO so this whole debacle is not a surprise. They had 100 days to do plenty and matter of fact, the 150-E should be building its QDP for early May submission, at least according to my schedule. No sense hanging at the water cooler, get in the skunkworks and get'r done.
B9- I think it depends on who you were expecting Liscouski to speak to. Remember, he or his company have been on the payroll for years and I can't recall him being CG'd on TV as AN IMSC BOD member.
My sense, branding is going to be fruitless until the debt resolves. Money in and more money out until we get at least 12M$ in TSA revenue.
Its hard to push the boat forward or buy a new motor while you are still taking in water. Clams doesn't seem to get this nor care. So when they caucus next, they need to discuss how THE leader in the Trace space address the deadly debt question that follows this stock like it's shadow.
My hope, IMSC does really claim the leadership position by;
- cleaning up the balance sheet.
- developing non-contact ETD in two iterations by June 1st.
- PR wins and also note debt resolution timeline.
- The last thing is something I would do internally and depending on results, NOT speak to but every product has a weakness and a strength. TSA aside, showing those head to head strengths helps when speaking with non-gov. sales prospects. Say a cargo customer. Matter of fact, a cargo prospect still using a Morpho Falsie.
Until then, we all continue to whistle past the tombstones of other failed nano-caps who ignored oversized debt.
Institutional ownership IN a nano-cap 60M$ in debt with an ongoing stealth dilution model?
Maybe a mental institution OR McGann shows a nice Ross Perot like graph that points to a huge opportunity but one that he does not wish to participate in.
A re-brand would target the institutions while any level of serious diligence will repel said institutions which leaves things up to you? Are you buying more of the opportunity?
Pray for a March drop-ship partial to TSA then run for the hills.
RJ say a prayer DMR runs out of 8 cent'rs BEFORE the first TSA drop-ship.
B9- Howard Safir gave us all of that and more LAST year. Do you remember what McGann said?
But in terms of messaging, you are spot the hell on! USA PROTECTS USA AND ROW FASTER-BETTER-FOR LESS, innovating safety, protecting the public, that b - imsc.
ki- you ask a good yet typical question about IMSC, which is this, IF IMSC is such a great company and an investment opportunity that accompanies a great company THEN why are you insiders not taking advantage of the investment opportunity?
Answers: we need to diversify.
Counter: But don't YOU insiders want a significant return on ANY investment let alone one that could create ?
Answer: See Change in Control. See insider options at $1.40
Hypothetical: IF there wasn't the potential for significant ongoing dilution by DMR conversions to stock then dumped into the float, THEN would you insiders consider open market share purchases?
CLICK.
Reference: review the concept of KNOW, tremendous ETF based on insider stock purchases. And insiders do get things wrong on occasion but the positive -powerful alignment between insider buying and stock buying by retail and institutions is significant.
Nowak-- best post by you that I have read. Totally spot on. But let me dig into what you are pointing to;
- IMSC's time to get NEXT product to market is precious that competitors time as we only have ONE approved product to rely on.
- Right now is THE time to drop in the Hand Held for cert. for Checkpoint. This gives pause to competing technologies while it delivers exactly what TSA needs to replace/deminish canine use AND expand the Trace layer.
- but think about the OTHER markets it opens up INSIDE the USA. And the inner USA is a massive, yet to be developed market, especially for DTD.
- while I have plenty of shares riding on this prospect, I am not currently a buyer or seller and McGann could have turned me into a significant buyer with just a bit of timeline discussion re:150-E and the Conveyor Vortex ETD.
While many here fear a huge dilutive event, when you compare that to ongoing stealth dilution, well, I think it gets a piece of bad news behind us and allows NEW investors to be attracted to the stock.
So give me the proof of what you claim-- ghead, I'll listen...
Fidel, my main commie, lo and behold the morrow, for it brings many things. Don't you think Clams knows the hour is getting late for a Q1(cal-B9) miracle? A partial to TSA...that shows at the May CC?
I do! And guess who else does? The shorts are soooo stacked on the BID and yet the supply seems to have gone dry...so who cut off the dump dole to shortie--that's right...DMRs.
If this company wants to be THE leader, they must deliver like the leader and get product to the customer or all the customer-friendly, customer-love they want to claim is late.
Tomorrow is pivotal but NOT the end... there is always Friday. After that, we have the gap between starts of Q2(cal) and the Q1 (cal) CC. That keeps interest floating.
Nowak- I gave them 3 months. Then what- ? Any inward facing company has a very rough time messaging to the market, to the customer base and to the ROW. These guys have gone "Clam"...its going to take boiling water...
B9- You could NOT be more wrong.
Cburg- good questions for a basket of reasons. However, all we do know are:
- hand held non-contact vortex high-low field containing the same features and guts as the 220.
- when asked about the status, Clams McGann refused to speak about it, except to say he deemed it AWESOME.
- it does have to go thru qualification and because of that, IMSC needs to submit a quality data package on it. Huge advantage for IMSC, they just went thru Checkpoint so they KNOW the specification very well. ( spec= subs-surfaces-situations)
- what is galling to me is, the 150-E doesn't just give the TSA a non-contact hand held, it gives police departments all over the USA a tangible reason to acquire ETD/DTD durg trace detection products.
-even more galling, THIS product is a reason for potential/new investors reasons to consider buying IMSC stock, IMO, it could be that big of a product.
- additionally, non-contact vortex sample collection is being integrated into a multi headed vortex- conveyor enabled unit that will allow for automated ETD of packages/baggage right behind the EDS machine.
- oh yeah, the 150-E is so soooo good that TSA granted IMSC $2M to develop it.
Is it AWESOME or is it WORLD TAKING AWESOME? I don't know, but its a question I propose to THE leader in ETD. If you do call the company, take out a billboard as in Atlantic City near the TSL..."150-E AWESOME? or WORLD TAKING AWESOME?"
Agree that it was very BAD form and anti-shareholder. BUT if you agree with the shareholder's question and I heartily do agree, then McGann is far worse as he has whistled right past the issue with no plans on addressing it. And THAT is a problem we are living with right now.
While DMR can convert their 8 cent loan shares anytime, its the interest share conversion that dims the near future as they again will likely convert in early April. I strongly doubt IMSC has cash.
Does anybody like the pps trajectory since the refi and the protest dismissal and 750K in new sales? Is been dismal at best. McGann doesn't care and I will say: that is NOT the way any leader in a public company in any sector should act.
Well the LAST guy worked his way straight up the side of the mountain, so while his answer wasn't reflective of his best, THIS guy doesn't care where the pps drops to.
So what did we do? Created a break in what was a good progression to go in another direction?
If you want to vet words, and sometimes its very important to do just that- go read the transcript and see how those words measure up to what they have "accomplished" since then.
A "different direction" turned out to be the weakest course. Who does NOT understand that constant stealth dilution undermines interest in the stock and creates a doldrum- no wind.
When smart - proactive thinking, at the minimum, should have been to announce the refi the second the protest was dismissed in hopes of getting something shipped in this qtr. That still can happen, if they had built product during the 100 days of not caring if the pps hit $12 let alone $1.20.
Recapping- we are in a hole. We need to get out of it or this all just wastes on the vine. McGannThink--- we don't need a crazy thirst for sales, we just need to produce product AND ignore the crazy cap-structure trap. Do you like that?
Fidel- DMR is not the enemy. Its ON McGann to do something about it. And there are plenty of ways to dig out of this. But it takes DESIRE and PASSION FOR BUILDING VALUE FOR THE SHAREHOLDERS. Both seem to be MIA in the CEO seat.
This chart gives a good indication of the crossfire we find ourselves in;
- Friday, the short hammered us
- Monday, the shorts got out of the way or covered while DMR sold away.
The shorts have played DMR very very well which enables a small short effort to an effect much larger than it should be. This is just my opinion, but the numbers are talking to me.
Zey, once again you accuse me of working for the company. I think I have said about 50 times, I liked CEO Bolduc and everything he did. I bought into his strategic game plan of gov. approvals--increasing gov sales--uplist--take out at $500M cap. I also like everything Dr.Jones has accomplished. They advanced this company to the point of greatness. So did the entire IMSC team. So there is credit to be shared for one and all.
Now, things have changed greatly. A different direction, according to McGann. However many of the old problems remain ( on going dilution) so my perma-gripe is this:
Show me the money that your different direction promises. IF not, get out of the way for a CEO that can take us there.
You like to potshot DJ over sales but you fail to grasp one very telling problem;
- conops or how the ETD will be used. Swabbing works at choke points and a small number of interrogations.
- Hand held non-contact like the 150-E ( not the 150 as it is NOT QPL listed nor ACSTL listed) is the future of USA wide uses. Every state police car might utilize a 150-E.
- That leads me to my main bone of conflict with McGann's silent running...IF you don't solve ongoing dilution and you won't communicate with investors and potential investors, you give little hope to share price appreciation, thus limiting your OTHER options of escaping this bad play of dilute--PR--to enable DMR dumps. Look, to be fair, I don't blame DMR- its 100% on McGann to solve this.
-consider, IF DMR can sell 8 cent shares for 90 cents, why haven't we considered THAT, with a warrent kicker to add a cherry.
Last week I asked Zeynoc to call McGann, not to be a jerk, only because I had an inkling that sales have happened but many were 1s, 2s and 3s. McGann might have told us they were selling units but he decided not to. For what good reason I find very hard to fathom.
Zey- I will not snipe at your carping about DJ any further.
Yeah, thats why I said: " of course Q2 cal." Operative word "cal."
So lemme digest what YOU were inferring, anything that gets a story out gets some type of investment into IMSC, even with a 70M$ debt dump truck in tow that is racking up 8 cent converts by the millions but since its an OTC stock, that buyer won't pay attention to the dilution parade and focus on the mighty sales cascade?
I dunno, but it seems more futile than productive today. But I guess a re-brand does not contemplate that. It speaks to a solo speaker, Liscouski speaking as a EVP. OK, I'm down, the second they ship to TSA, its the BOB LISCOUSKI SHOW-- yes indeed, roll that out dam quick. It would also be more productive if they paid the interest due in early April in cash, then hell yes, that's a play I like. For about a 3 months.
Ah Zey,come on and say thanks to Dr. Darryl Jones. 3/4M$ in sales all crammed into one itty bitty PR. In case you won't, Thanks Dr. Jones for outselling your competing DOS' at S-M!
Tomorrow is the first shipment to TSA! ( ok, its a prayer but it could happen)
Bless You "Ki" and keep on buying. NO, I was not attempting anything but a fair and balanced discussion of a stock I own that I wish would act like a stock with an $162M IDIQ in tow.
But tell me KI, how do you see the stock moving up? Was today a supposed to be a move up day or a day like we saw?
When 3/4M$ won't do it, what will...? ( I know, a $6M TSA shipment might...we have a few days left in IMSC's Q3 )
You know, this is where I do break with my support of the TSA, which I have an immense amount of respect for;
- they are fully funded to replace EVERY current ETD on the line thru-out their authorized domain.
- they know that Morpho units on the line are a pain in their business
- they know THE ETD leader needs the business NOW and can fill a part of the business NOW
- pull the dam trigger and dump those dam Morpho Falsies.
Anyway keep buying KI if you believe. I respect you for living your beliefs and of course I hope the stock price appreciates greatly for me and you !
You suppose that anybody reading said article would buy a share, once they have looked at the cap structure?
I sense they might...at a much lower price. While the share count does NOT show it, the smart buyers are waiting for their 33% discount.
The only escape hatch, near term, is if they put together a TSA shipment in March. That might open a hole in - around early May.
If TSA does NOT accept a shipment in March, the of course Q2 cal. will be a shipment but the company won't report that until August at the earliest and likely Sept.
I think THEN might be a good time to be a buyer if they have paid any of the debt and moved the monthly production output above 80 units.
One thing you can count on, there will be NEW competitors and NEW products from OLD competitors...but they all have to certify against NEW subs and surfaces. Not an easy task.
McGann can deminish competition by getting the H-150E in the cert. process ASAP. Further, cargo is so ripe to "stop the swabb". It's almost absurd to make the backroom swabb like crazy when there is an automated way to perform an ETD interrogation of a suspect package.
Hey, if I am posting this on a stock board, then the world knows this, thus removing the need for a "cone of silence".
Fidel- ah ha, I will mark you down for NOT STAYING THE COURSE, BUT NOT SAYING MUCH CONSTRUCTIVE.
Some notes on the financial model:
- company breaks even when revenue hits about $6M/qtr, at the old margin % range of some 28-35%
- company has $23M in orders to fill according to TSA schedule. I assume TSA wants the Falsie-Alarm Morpho units off the line ASAP.
- company can pay BAM interest in cash while DMR converts interest due at $.08 share at end of qtr., they will continue to convert to shares while holding other potential converts.
- as a model of just how profitable this little company can be to DMR, say they are owed $1M interest on 4-1, they convert at 8 cents a share and sell at 90 cents a share, they turned that $1M into $11M! Granted, it takes them a full qtr to do that...but my point is this, Why let DMR sell our shares when if the company did that, it would be sooo much farther ahead. Why is that such a weird thing for shareholders to discuss...?
- the 3-1-15 to 2-28-16 rev. run rate today is $23M +new business to be delivered inside of 12 months(?).
- I estimate capacity at 200-250 B-220s/month so the potential rev.run rate at 39K$/unit is $7.8M to $9.75M / month.
IMO, the metric to watch is monthly production run rate. At $2M in units/month at $39K each, we are set to build 52 units / month. So we have plenty of ramping to achieve to get to debt pay down.
Does anybody else see things differently...?
Thanks Brady but I am NOT selling for peanuts. I believe there is huge potential in IMSC. But we haven't found the wizard as of yet.
I post what I post as thoughts for discussion by other owners, come what may. I will mark you in the col. of "staying the course".
Me? I want problems solved that are within our grasp. And I don't think THAT is too much to ask when you have a $161M IDIQ in your back pocket. Do you?
" We're shifting from that sort of maniacal focus on creating demand everywhere in the world to fulfillment, because this is a really – this is a big shift, I mean we’ve got a big backlog to fill and its not like we are going to loose our passion to create new marketing opportunities..."
McGann is assuming TSA will occupy MOST of IMSC's resources. I think it will. BUT the downside is, every single PR will receive a dump of shares and at the end, the mountain of DEBT will still be there.
If the run rate for a year out is 30M$, the debt will grow and the share count will grow, while the backlog will have dropped.( likely).
So what has changed making IMSC a positive investment? Plenty of positive potentials exist as well as competitive threats. But you can't dance around a mountain of debt and expect new investment interest to find their way to your door. AND, if you don't disclose the debt problem, you create other problems. One good rule of thumb, icebergs are far more dangerous than they look and they look very dangerous.
Search for new investment "blood" is futile. Fallback. Figure another way around the debt issue.
Simple really, there are about 4-5 ways to make an egg. Problem is, you have to want to eat the egg. And that is my issue with mgt.'s strategy-what strategy to solve the problem.
I think McGann's comments about we are not going to worry about sales, we're going to worry about executing the orders we have is fine and good but completely tip-toes around the point/problem; debt repels NEW investment interest. It also repels current investment interest.
Who here bought shares today with a 3/4M$ sales PR? I didn't.
Maybe McGann is going to push a large number of small PRs to flush out DMR's last conversion...but on April 1st, they can convert interest to shares and or some debt to shares at 8 cents each. That's easily another 1.5M shares going into their account for distribution to pour on any rally.
I am a huge fan of this company, and really, I do respect almost all of the enourmous talents at work to better the company but all is for naught if they keep avoiding the roadblock- debt.
Say they post up $25M in sales from March 1st 2015 thru Feb.28 2016-- that pays just to keep the doors open. NO debt is payed down on that run rate. And interest builds as does the share count. And since this is OPEN MIC FOR CEO day, ask yourself what strategies would you have suggested to the BOD to change the dynamic.
In Feb. they said the refi with DMR was a done deal yet it took them another month to post that up. Why drag your feet when you know that TSA is watching your viability?
Meanwhile, the false perception grew that NO sales were happening. Truthfully, McGann is a genius product builder but as a CEO? I think he needs to understand, the share price is your blood not a secondary consideration at best. Bleed on the floor at your own peril but you win little to ZERO support for blood transfusions ( new investment) by neglecting the huge problem at hand.
B9- so you think they should have taken a 100 day vacation? Nice thinking.
I think they have been lazy and ill prepared to advance the company. But we'll see. I think I told you about 100 times that I appreciated the hard work Bolduc put in to get us to this point so HELL YEAH put me down as a loyal shareholder who appreciates a winner.
STOP WORK on the TSA order-- well IF they did, they will NOT be shipping whilst you spoke. IF they did NOT, they had better have shipped it last week and fitted it into this Qtr.
If they have not, May CC is going to be a pathetic report. a record Company loss. So don't say things are looking up until they have done something positive and let the world know that.
Gov. work stoppage? R U NUTS?
Nothing had to stop except deliveries to TSA. Nothing else. Not production, not finance, not marketing, not produrement, not R&D, nothing except SHIP TO deliveries.
So what did they do?
Look, if there was a chance in hell that Morpho had a point, then the entire enterprise was doomed. The rats would have fled the ship. Instead, they argued over Bolduc's compensation package. What else happened...?
Execute now, for sure. But re-work finance immediately after they begin to pay down DMR debt.
What about marketing initiatives?
And R&D?
Forget the vaunted "re-brand", any new potential shareholder knows the score- STEALTH DILUTION BE US.
Nowak- its very lazy mgt., IMO.
On Friday Nov. 28-14 close: 1.18
This past Friday close: .92
Meanwhile, we have a $161M IDIQ but higher borrowing costs and on-going dilution. (DM converted interest to 1.5M shares on 2-5-15)
How in the blue blazes is THAT a win? The goal is to turn your BIG WINS into MORE WINS; lower your costs, increase your reach, double your sales frequency, market your position, speak to more potential partnerships and on and on.
They should have begun exploring OTHER ways to get out of the hole. Bolduc had inbound financing interest, so first question, what happened to THAT?
Why extend for 2 years more with BAM at a higher cost?
Since we will have significant dilution over the next two years, which stunts share price appreciation, why NOT do something about it now and make the next year an upward trend instead of pops and drops or caps on the peaks?
Possible reason: McGann Jones make sweeter-larger options should they bring in $15M in new financing. Was the driver for what has occurred? I can't say. But we'll see.
But from a marketing perspective, IMSC needs to rub Morpho's nose in the false alarm rate "TSA Loss" and convert that into cargo replacement sales right the hell now. The swabb crew in the back at the FF facility will appreciate THAT tomorrow.
They also need to partner going into every ECAC tender if they have NOT already.
The single biggest driver for success is going to be NON-CONTACT SUPER HIGH RESOLUTION TRACE DETECTION VIA HAND HELD AND CONVEYOR FRIENDLY SYSTEMS. If that does NOT happen by 6/30 via a QDP submission to TSA, this company is finished. That is the OUT and UP at this point. This mgt. team seems overtly lazy to me. They had 100 days...and what have they done during those 100 days? I'd really like to know...
9horse- anyone deleting what you just posted is an enemy of IMSC.
They could have sold shares with warrents to current shareholders to pay down some debt. Used a % of rev. from first TSA shipment to pay other debts. Sure the outstanding goes up but its going up by 6M shares/yr on the low side with potential for another 40M shares.
I think they acted lazy and stayed the course, which is a sham in that anything they do positive is just a catalyst for DM's Dilution Bank and Trust. That will continue to stunt the share price and make digging out seem like they are using a spoon to clear a sidewalk in Boston, Winter of 2015.
I sure would like to know "what the OTHER direction" they could have gone when they alibi'd for capping the CEO-COB while taking his compensation...
Clams McGann, you want to tell us what THAT is?
Its official, I do not trust this mgt. team as far as I can throw a spoonful of Boston snow.
HC- hey, it only took less than two weeks for Clams to take us from A leadership position to THE leadership spot but then he loses me when he cuts a weak refi deal for more of the same. Now, we roll out the re-brand ( search for new investment life) so DMR can sell into that effort. The Re-run is already in progress.
The goal should be leverage success and change the dynamic. Now, we need a onsie or tracie.
I am looking for my parachute too, say a 200 unit order to Canada...the CTSA has Morpho's Disease too.
How bout Liscouski does something real and sends a PR to every known owner of an OLD Morpho Falsie ETD and offer a deal for REPLACE YOUR TRACE...now wouldn't that be something? Yes it would. Come on Clams, get off your A and jam.
Their NEW machines were NOT cert'd by TSA. All they could submit was their OLD machines, Old software, old nuclear containing units, old false alarm rates.
You are the NEW authority, with the old information...?
Authority? I never said that. I guess about everything. But I do know more than a tad and less than a nacho about sales...
But you point out a key potential sales obstacle: packaging. IF packaging comes into play in Euro markets, well, that means we need an EDS partner pronto and one that is willing to make a sacrifice on their products vs. ours in order to gain larger total sales.
You also point to a sale in the mid-east. Not on the radar that Clams is referring to. I think it was OLD business as it had been kicked around a good while back or at least BEFORE IMSC had TSA cert.
Nowak- it was a strategic protest. And it was about Morpho's old tech. So they threw away the reputation of their OLD tech. on a pure strategic ploy: -destroy / deminish IMSC during a period of slow to zero sales and NO revenue, which destroys future earnings reports, which deminish stock price, which makes for dilution and investor discontent.
So what, now you think that Morpho and Smiths are just friendly,by the rules competitors?
Zeynoc- can you take a hint? IF McGann was going to replace him, he would have done so prior to going into the Europe opportunity. But hey, call McGann and unload with your evidence but before you do that, what do you actually base your evidence on? Because by my math, we missed little to zero sales opportunities. If you insanely think we can create sales where there is NO market, take a look at how hard it is getting any sales where there is an active market.
If none of this makes sense to you, then by all means let me know what McGann says and if it takes him longer than 15 seconds to get rid of your call.
No, I try to answer your objections/clarifications to prior posts. So while I did make it up that post, I did so only AFTER you posted to what I said.
But what part to think I have wrong/ what morpho will do? what was a re-fi opp. missed? what a re-brand will do while in enourmous debt? why the borrowing costs are going up while the sales potentials are also going up?
Summarizing Clams McGann's plan: pay down DM from the IDIQ, gain new biz to pay down/off both DM and BAM. Re-brand ( actually, it would be an initial brand) to gain more investor interest thus making/continuing liquidity for converts if they decide to use stock.
Actual drivers: new/additional biz in addition to likely $161M TSA IDIQ which will sell into all branches of DHS.
Opportunity: TSA will likely replace Morpho units first. Morpho's cargo units will be targets for both Smiths and IMSC to replace in cal. qtr.3. What does TSA do with exisiting Smith's units?
Euro opportunity: ISMC gets business there. How much is a guess but safely, tens of millions.
B9- reasonable assumptions on re-refi. But I thought the full faith and credit of the US gov. already had placed us to that point. True, its just a contract. But also true, a contract that gets used up.
I guess the big question is: the red mark still remains. And that mark is investor repellent. The antidote to that is a huge win outside N.America. But "tens of millions of potential procurements" means what? 30M? 50M? What total number is up for grabs?
So if Clams had said: Europe is a total available market of $100M that we have the potential to bid on...OK, I can do the math and say: IMSC might get $30M or they could get upto $100M...but that $100M the likely size of the opportunity.
And don't think that either S or M are going to be less sore of a loser closer to their homes. The opposite is likely to be true.
Nowak- my assumption that the largest factor in determining interest rate, aside from "what the market will bear", is risk. And since IMSC has paid interest for one year, they have proven themselves to be LESS of risk, thus worthy of a lower rate. True, many other factors come to bear and term is one. To which one might think, then why extend for two years if it cost more over each of those years?
" 2. The rest of the world is scheduled to overtake the US market as the larger of the two. Morpho's protest is the perfect sales team material as it highlights a big flaw in their product. I think that will really hurt them. We won't get 100% of the market, but I think we will get more than you are trying to imply."
Morpho is suffering because TSA used their existing approved ETD units and now we know Morpho is submitting NEW units in other markets and will attempt QPL listing in the US with NEW units. But I would certainly say when comparing to existing Morpho units- Morpho exposed a Morpho flaw. I doubt they submit with OLD units in Europe.
3. Smith's will go to the deepest levels of protest? They actually had a case against us, but they didn't protest the IDIQ. Your statement there is false.
It was a S-M duo I referred to. Smith's stayed silent in the USA and let morpho do the lifting. What is Smith's likely to do in euro markets if there share is not to their liking? Safe to say both S-M and will use everything they can against IMSC.
CEO Bolduc targeted 33% market share. In the USA we achieved 100% of TSA. So what does that mean against the law of averages? I would be thrilled if Europe was 25-33% but its an away game. Did you factor that in...?
Well they paid BAM interest for year one. They proved some credit worthiness there. Its a two year extension by BAM to the one year loan. And for that BAM wants a higher interest rate? Gee, that's odd to say the least.
In terms of re-brand, all they will do is waste money on that effort until they have the debt problem solved. Today, they kicked it down the road. But any/all potential investors are going to see the dilution issue and stand aside. Even new business will look at higher borrowing costs and continue to question viability.
Sales: in our hemsiphere - yes. In Europe- definetly some. Not as much of a share as USA.
So coordinating re-brand on a europe win is feasible depending on the size of the win. And if it sticks. Now depending on the country, S and M will go to the deepest level of protest available to them. Re-brand against that prospect.