My comments on the conference call:
CRASH AND BURN
1) Steipp no longer mentions his bunglement of the in and out of the partnership with VPC. (It is much too embarassing for him to admit his failure both in and out of the exclusive contract.
2) Steipp actually is backtracking on CLM's. He won't admit it, but they offer the same problem that VPC offered: not enough margin in this business to support the overhead of LQMT plus another contract manufacturer. To his credit, Steipp finally admitted publicly for the first time that he has been with LQMT since 2009. Up until now, he has led many of the naive investors to believe that he came onboard in Aug 5, 2010 (the day he became CEO). In actuality, as he confirmed today, as a consultant he started working in 2009 when all of the VPC, Visser, and Norden transactions were made without any vetting of Barney Visser.
3) Steipp ignores the fact that his contract is only a 5 year contract. He also thinks it improbable that the board (which he appointed (Sevcik, his old buddy from Hewlett Packard), Anderson, who is his old buddy from broadband networks days when he was at Symmetricon. How does he get off calling this an INDEPENDENT BOARD. BULL SHEET
4) Tony Chung continues to put raising funds as a priority over raising revenues from manufacturing. This boy just doesn't understand the business world, whether it be from his experience at a failed accounting software company MAI, or his neglecting to take common sense business law or commercial law courses during his sabatical from LQMT. He has been the most dangerous advisor to Steipp since 2009 re-entry to Company
5) Paul Hauck was stellar in his presentation. The only mistake was in passing the microphone to Tony and then back to Tom Steipp, who is now back to his normal stuttering and stammering, and someone else put it best, his obfuscation.
The lad is a very troubled person, unsuited for the task.
6) As far as RFQ's......the numbers are paltry considering Steipp and Dennis Ogawa mentioned that there were 800 plus in 2011 (go back and read the Cc's. This only affirms, that until Paul Hauck came onboard, the whole company was CLUELESS on how to sell to engineers at companies. This includes Bromage, who was so incompetent at marketing that Tom promoted him to Executive VP.
This is how the PETER PRINCIPLE works.
SUMMARY:
CRASH and BURN tomorrow.
NO STRATEGIC BUSINESS for at least one year and a half
NO ISO Certification of Liquidmetal Process until December of 2015, which means no serious customer would initiate an order or develop much faster towards developing an order.
Miltner-Adams is the only "tactical" business....you know, the "low hanging fruit" that some on this board always mention. And, of course, no progress report on the knife, except to say that they have the mold from the moldmaker (why wouldn't it be significant to state WHICH OF OUR NEW MOLDMAKERS did the manufacture of the mold?)
So expect only knife sales this year.
So, really, the only shoe to drop before the long, hot, dry and extremely thirsty summer months coming will be the necessary dilution to be announced shortly (within a month) and probably during the show in Austria when Tom and Paul are out of town.
Tony will be left to sling the slime then.
This is my positive report.
Negative report to come later.
CRASH and BURN
Just can't believe how the pump proclivity prominents have disappeared from the board.
Obviously, the kitchen is very hot.
My hat goes off to Scott Ambrose and his question about Steipp's tenure.
Jay Fischer did "good" holding Steipp accountable for the 4/4/4 RFQ's in 2nd, 3rd, 4th qtr of 2014 (finally steipp can remember 3 things, cause they all had the number 4) and the 36 in 1Q 2015 and 25 in April.
I wonder who is in charge of ISO certification...I am going to take a big guess and state it must be Ogawa, cause it still hasn't happened yet.
And this since we were in the midst in Mar of 2012.
HOW MANY BESIDES the games players think we are out of the midst?
AI
