is…out the door and not looking back…
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I don't understand the relevance.
What is the relevance of the comings and goings of the ex-CEO? All I see is a guy that is subdividing a 5.6 acre plot, to build a new 4,500 square foot home on a new plot of 2.8 acres, in his retirement. It's hard to say what he'll do with the other property too. I guess he'll sell the old home to pay for the new one, but that's a little risky. My guess is that he's doing it with all cash because he's not going to get bank financing if he's already unemployed and his severance ends in 10 months. If anything, he's expecting a load more cash in his accounts knowing he has to come up with the coin to exercise all those options. He's either totally financially irresponsible or expecting to be so loaded with cash that he doesn't care.
Who cares what the ex-CEO does at this point? It's all about what Lugee Li can do. At this point, I'm glad for the change and it sounded "cutesy" about Lugee's comments that he slept in the factory, but I would suspect he's saying that's what he plans on doing at LQMT. So, that appears to mean he's all in. That's what is needed to make this work, but the prior CEO? Who cares? He's gone off to live out his retirement and that's that.
In retrospect, Hauck was put in a tough spot, but now almost 3 years in, there has to be some progress, instead of just redundancy and rhetoric.
Anyway, as an FYI, there was that Engel conference presentation he had to do with only nine days on the job and if you look for Part 1 on youtube, you'll see he mentions he's just 9 days in to employment. It was unfair to him, in my opinion, to put his feet to the fire like that at this big conference. In further retrospect, it was also a bad business decision for him to have to do it, but quite honestly, I think he presented himself well in a very unfair environment.
Regardless, at about 5:25 in to 6:10, he'll say how "economics" (aka cost) wasn't a factor for the right application. In my opinion, the valid questions are a) how could he make that determination just 9 days into employ? and b) if true, where are those applications he said he was aware of? -
"incursion"
"Incursion is a science fiction roleplaying game created by Richard Tucholka."
I hope you're right, but I don't think so. He's here since March 2014, has paychecked himself to way more than he's sold and allegedly blames Bromage for his failure to sell? I REALLY hope that is false about his statements about Bromage. That is grounds for termination - telling an outside shareholder stuff like that in a publicly traded company.
Lugee's got my vote, though, but he has to figure these guys out. Hauck is small time. Lugee's guy at Leader is from Abbott. Either way, with our without Hauck, Lugee will make it work.
Paul left out some material terms that I'm sure he meant to say-
Paul Hauck:
Thanks Lugee, you're the bestest guy I know in the world and if you need ANYTHING, I mean N-E-THING in the world that you need me to do to keep my job, I AM THERE!!! I’m Paul Hauck and I manage ZERO sales and POOR marketing for Liquidmetal.
2016 has been a year filled with ZERO progress by me, we have received 16 new (AKA SAME OLD SHIT I've repeated before) customer orders between prototype and production and have established important customer contacts (AKA SAME OLD SHIT I've repeated before) across several markets including Automotive, Dental, Medical, Industrial equipment and Sporting equipment. Now with our newest technology partner, Eontec, we will greatly expand, despite my "efforts", our market offering by providing both injection molding based amorphous metal solutions and die cast based solutions. Die-casting will enable the manufacturing of larger parts up-to 500 grams, and allow the casting of much thinner parts, this capability coupled with the lower cost alloys developed by Eontec will provide a competitive solution to a much wider scope of applications across many markets. Haha, as if I haven't said THAT before! I’m excited, like a tree sloth, to unlock the potential of all of the RFQ’s (that’s the inside joke I have with myself that means “RIDICULOUSLY F’IN QUESTIONABLES” that I laugh to myself inside, but probably shouldn’t be telling shareholders – or anyone else for that matter – on this call - oops) we have generated this year by revisiting them !OK, let me stop for a moment to laugh hysterically and repeat, "revisit them" - like a customer I already visited, spent time with, where they spend their time and money checking this out is going to give me the time of day again, lol!) and applying our expanded capabilities. In our interest to quickly "leverage" (my big word for the day) our broadened technology offer we will be releasing a series of new marketing materials during the next few months, in particular please watch for a new website and two new generations of our design guides. Version 4.0 of the design guid will be released this month and 5.0 will be released during Q1 of 2017. And just WHO isn't excited by NEW DESIGN GUIDES?!?!?! Hell, I know they help me pass the time! We will also continue a busy trade show schedule, of 1 to 2 per year, where I leave that to uninterested MSR's and the scientists whose job is to to R&D and not sell, to help get the word out to potential new customers and will be hosting very important (because I am the Kind of Self-Importance - hang on while I pound my chest for everyone!) customer visits at our manufacturing facility, again, we are thrilled with the recent changes in our business and look forward to continue growth. Now I will turn the call over to Bruce, who some of you know I have secretly made the scapegoat for my shortcomings, to provide an update on our business development.
- Here's hoping Lugee figures him out or succeeds despite this guy, which Lugee will - no salary, no director's fees, 64 mill in the game with Eon doing the manufacturing will make it work.
If Hauck truly told anyone that Bromage is to blame for his own failure to sell - that's a disgrace, not a team player, a loose-lipped person sinking ships and should be annexed last week. He's a Senior Executive of Embarrassment if he truly did that.
how will any Eontec contracts benefit us as Liquidmetal shareholders?
They can feel free to keep Hauck off the call - 10-15 contracts became 16 of a mix of "production" and "pre-production." That's him saying, "See what I did?" Oh, but they will have a new website and a new design guide. Yippee! Hauck adds nothing, but hot air, and if he really confided in an outside shareholder and blamed Bromage for his lack of sales production, that's beyond weak and passing the buck. Hope not, but if that's the case - pathetic.
Lugee is determined - moving to a new HQ would be welcomed. Their location sucks. Lugee involved in R&D is huge too. The rest of them are what they are, but hearing Eon will be doing manufacture was a welcome answer as well and interesting that they are maintaining the MTRN and Engel relationships.
Glad they didn't take calls. I prefer they don't speak of much and let Lugee do his thing going forward.
There was an Eon Q&A about how would Eon shareholders benefit from LQMT, but my guess is either something was lost in the translation or I can't imagine the size of the regulatory hurdles of either LQMT swallowing up Eon or Eon becoming a subsidiary of LQMT with LQMT being the parent corp. It happens, but I can't imagine it happening where a U.S. company gobbles up a Chinese company.
Hope you're fugging right.
So we fugging get the fugging King of fugging BMG from fugging China instilled as fugging CEO; a fugging guy with a fugging history of fugging success, fugging manufacturing experience, fugging science experience, and a fugging understanding of the fugging supply chain, a fugging ton of fugging $$$, a personal fugging stake in fugging LQMT, while fugging refusing to take any fugging compensation as a fugging officer or fugging director, as well as fugging buying 100 mill fugging shs at fugging .25, and the fugging price goes fugging down???
WHAT THE FUG??? To that I say, FUGGING A!
Charts are interesting. I wonder what the LQMT chart tells...hmmmm...
Warren Buffett. You may have heard of him. He's known around the world as the "Oracle of Omaha", yet he has no use whatsoever for charts and their deeper meanings.
In fact, Buffet's disdain of this tea-leaf reading is well known. "I realized technical analysis didn't work," Buffett has said, "when I turned the charts upside down and didn't get a different answer."
But Buffett is hardly alone on that score. Others like investing legend Peter Lynch have joined him observing once that, "Charts are great for predicting the past."
He doesn't want a salary and he is waiving director fees while asking to be included in the Equity Incentive Plan when the opportunity presents itself. What more could you ask for from a guy that put in 63 mill, has the manufacturing capacity, the supply channels and the experience, while only looking for sweat equity, while having already put his money in? All the while he bought in as high as - hmmm, the resistance point - 100 million shares at .25 - to help push up the stock price.
Now we have to see what he has to say on the call and if only the dingbat, Otis, would proof his issuances before they went to the SEC (i.e., "Enotec"). GLTA.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 13, 2016 (the “Effective Date”), the Board of Directors (the “Board”) of Liquidmetal Technologies, Inc. (the “Company”) appointed Professor Lugee Li as the Company’s President and Chief Executive Officer. Professor Li has served as a member of the Board since March 10, 2016 and is the sole owner of Liquidmetal Technology Limited, a Hong Kong company (“LTL”) that is the Company’s largest shareholder.
Professor Li, Age 56, is also the founder, Chairman, and majority stockholder of DongGuan Eontec Co. Ltd., a Hong Kong company listed on the Shenzen Stock Exchange (“Eontec”) engaged in the production of precision die-cast products and the research and development of new materials. Professor Li founded Eontec in 1993 and has served as its Chairman since that date. At Eontec, Professor Li is responsible for strategic development and research and development. Professor Li is also the founder and sole shareholder of Leader Biomedical Limited, a Hong Kong company engaged in the advancement of biomaterials and surgical implants.
The Company and LTL entered into a Securities Purchase Agreement on March 10, 2016 (the “Purchase Agreement”) pursuant to which LTL purchased 405,000,000 shares of the Company’s common stock in multiple closings for an aggregate purchase price of $63.4 million. The Company and Enotec entered into Parallel License Agreement on March 10, 2016 (the “License Agreement”) pursuant to which the Company and Eontec entered into a cross-license of their respective technologies. For additional information regarding the Purchase Agreement and the License Agreement, please see the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 14, 2016.
Professor Li is not receiving an annual salary for his service as President and Chief Executive Officer; however, as a Company employee, Professor Li will be eligible to receive stock options and other equity-based awards under the Company’s equity incentive plan. However, no such grants under the Company’s equity incentive plan have been made to Professor Li, and none are currently contemplated. As of the Effective Date, Professor Li will no longer be compensated for his service as a director of the Company.
Item 7.01. Regulation FD Disclosure.
The Company has issued a press release, dated December 14, 2016, relating to the appointment of Professor Li as the Company’s President and Chief Executive Officer. The press release is attached to this Form 8-K as Exhibit 99.1.
Super.
No happy news of short percentages or Eon trading down?
You're worse than me. I didn't know anyone could be THAT obnoxious. I stand in awe, lol.
In all seriousness, the deal was suspect, but to come right out and call it a fraud, we ALL know better going forward.
Anyone else notice that it seems like the news comes out of China, goes to Reuters and then, if I recall correctly, it either gets posted in the U.S. after U.S. trading starts or after the trading day is over? Unlikely to see stuff like this in the future, but something to think about. It's why I bought my .184's when a friend let me know about the balance of the money coming in before the news hit the U.S., but then again, it ended up falling below .184, so there goes the value of knowing the news "before" it hits the U.S.
Im not sure we get a bump today. There is a large amount of resistance at 25 cents. It is my opinion that the market is awaiting a catalyst before we breakthrough. I think that the air will be much thinner once we get past 30 cents and we will be on our way. For those that can remember 60cents in Spring 2013, and 40cents the winter of 2013 on no news, just speculation. We are hopefully in a different place now. I been in this thing since 2010. Ready for a breakthrough!!!!!!!
This is why I really think Steipp was more than happy to hand over the reigns knowing his stock was in great hands that would make him filthy rich and he'd never have to worry about money anymore. Steipp signed his exit papers when Lugee took over the COB spot and 3 Board seats were "sold" to non-Steipp guys. Plus, even the useless Abdi Mahamedi willing gave up his COB spot.
Second, Professor Li Yangde elected US liquid metal company CEO December 14, 2016 (Note: Beijing time), the US liquid metal board of directors of the election, with a full vote
Through, Professor Li Yangde was elected US liquid metal company CEO, marking the Chinese enterprises in the process of internationalization of amorphous continued to accelerate.
Only FWIW. I think it has substance based on the facts, as the extended 2 year timeframe gives him the ability to stay under the radar instead of having to exercise all those options in 90 days. He also avoids the 6 months that could trigger filing requirements.
Very true.
Just like anyone that might be buying or selling - they don't want anyone else to know. Chung essentially did it that way. Think about how he did it and what his buys were - quickly over 3 days. Then, when it was known, it was published all over the place and ran up 4 cents +. If he had bought the 600K, then waited to buy the remaining million shares, it would have cost him an extra $40,000 - minimum.
Interesting. So Prometaltech and Eon can both manufacture phone cases, but only Eon/LQMT have the licenses if Apple was to decide to manufacture phone cases made from BMG. Does that mean...? Nahhhh, couldn't be...haha.
Any idea where they got the "patented alloy" from? Do you think that's Eon or Prometal's own alloy?
They were actually all down. Hibei Sitong was off 9%; the rest were off 5-6%+ as well. If you didn't already scroll down-
https://www.google.com/finance?cid=853317561149216
Chinese investors can't really get into here. The one interesting question that was part of the Eon Q&A was whether any liquid metal income would accrue to Eon. In other words, Eon investors are looking to liquid metal to benefit Eon.
It will be interesting to see how BMG income is allocated, but I think Eon investors are concerned all BMG revenues will go to LQMT, particularly since Eon revenues and income have been declining.
"Are we like in agreement here or arguing on the same side of the point?"
Loving this LQMT peace and love going. I called it. wink
Thank you.
Are you able to locate any proxy or related info on this?:
Dec 19, 2016
Dongguan Eontec Co Ltd Extraordinary Shareholders Meeting - 3:02PM GMT+8
Postscript - thinking it is related to the j.v. deal(s).
I don't know. Interesting though, right?
Dec 19, 2016
Dongguan Eontec Co Ltd Extraordinary Shareholders Meeting - 3:02PM GMT+8
Would be interesting to know the "Extraordinary" issues to be presented that is taking place just 4 days after the LQMT call.
Why would make such a claim?
I know it's a little premature to be saying this, but Liquidmetal could be bigger than Apple someday
Yes, disqualifying disposition.
None of gleaning of low hanging fruit is necessary, thank you.
He still has to hold a year after exercising, though.
Tough to call, but I would think he'd want to stay under the radar and that would certainly mean no selling within 6 months, as well as, more importantly, to get preferential tax treatment by waiting the year after exercising. The one thing that gets really confusing is the number of equity plans they superseded. I think the "2015 Equity Plan" was the NSO Plan because they couldn't get the ISO Plan approved. I make that a point because there is also a 2 year vesting period besides the 1 year exercise period for an ISO Plan. If you recall, there is staggered monthly vesting of 20% per year and I think the latest Plan was 2014 or maybe there was another in 2015 that was ISO's.
This might help make it clearer for an understanding-
https://www.mystockoptions.com/faq/index.cfm/catID/56965446-3D00-4174-9389A4D00C5074DA/objectID/D943A508-30A9-11D4-B9080008C79F9E62
FWIW, I still think Chung and Steipp are expecting dollars in no longer than a year to 14 months, with a sustained price and volume. It's also why I think Chung bought in the open market and paid more than his vested options prices, because he doesn't want to wait the year. If he doesn't wait the year, he gets hit with the adverse tax effects of disqualifying dispositions. He would still have short term gains, but the money he invested was already taxed. He bought big dollars worth, for him, of stock on the open market. Bottom line, Chung is greedy and wants his big payout, for buying $260K worth of stock and Steipp gave up his job - and REDUCED his severance term by a year - because I think he's expecting that payout in no more than a year. You know these guys. They're like anyone - they spend a year's salary or give up their job only when they know they're secure.
Fact is, anyone that would manufacture CE for Apple is going to need rights to those patents. Eon now obviously has those rights. We all know what Apple did to GTAT's stock price, but sapphire is more limited in use, GTAT's CEO was not wealthy, and he was also shady as hell dumping out with knowledge the deal was falling apart, but not made public it was falling apart.
There are a lot of reasons to think Lugee can get this done, particularly since he will benefit much more by having manufacturing revenue go through LQMT. He's certainly not hiding from anyone as he made the decision to lead the call and the Eon Q&A seems totally legit. In fact, when I saw the deal closed, I bought more stock that morning on that info before the news hit in the U.S. It actually dropped back a bit after I bought it, but my point is he appears to be upfront and aggressive, which is great for everyone.
FWIW, I'd worry less about Steipp and appreciate more of what riding Lugee's coattails will do.
If I recall correctly, Exhibit 10.2 or 10.3 of the 8-K regarding the Lugee funding. Think it was dated 3/14/16. If you interpret differently, let me know.
You crack me up - in a good way. Funny.
P.S. I saw Steipp has 2 years to exercise his ISO's, so even if the exercise applies to the 6 months, he could, theoretically, wait 6 months, still get the preferred tax treatment of ISO's and not have to report anything at all.
Interesting post
Think these guys aren't playing in the Big Leagues?
Lugee's 27 or 28 yo son entertaining the Dutch King-
http://www.leaderbiomedical.com/news/leo-liyeung-meets-with-king-willem-alexander/
Bresnick, Lugee, Leo - they're wordly, although I think Leo probably has his hands full at Leader and won't be part of LQMT. Either way, I think Lugee finds the way to pull all the strings. If you REALLY want to see a fascinating guy, find as much as you can on Lugee. I think I recall finding something that he was either educated or spent several years in Canada.
This is pretty interesting - check out his professorships:
http://www.bloomberg.com/profiles/people/17568434-tak-lugee-li-yeung
They're not buying blocks like that late on a Friday and they wouldn't be holding over the weekend. For any trader to hold over a weekend is trading suicide. His guys have been here before and they'll do their little $2K to $10K trades and that was when it was at .08 or so. These trades were $30K to $65K and dropping those dollars like they were nothing. Those trades were similar to what Chung was doing - accumulating - just like that other big up day of this past week.
Regardless, he should have alerted them when Chung bought 1.6 mill at .18 average. Bond Shmond, who cares? GL.
I think there was someone who said they "called it," but didn't have any shares. That would stink.