Actually Sean boy, we agree on the significance of the deal with CGS. Where we probably disagree is what the real value of the deal actually it is. It started out as a $19 million deal but then we gave back 11 or $12 million to buy patents and quite honestly, I don't know if those patents have any significant value whatsoever.
I would have thought this was all that great a deal, the price per-share would have moved up at least until the mid to upper $.20 range. The fact that it went nowhere tells me that nobody believes the steel had any significant value to the company. Doesn't mean it's not a bad relationship, just means it didn't really improve our value.
Unfortunately, I still remain unconvinced that our sales and marketing strategy is really going to develop by O'keefe into a significant player in this industry. There is still an elephant hunter mentality here and I just don't think that's going to develop enough business in the short run.
At the end of the day, one has to ask a series of questions about bio key and its business. Those questions would be, Who, what, when, where, why and how.
Who is our customer?
What is our business?
When, as in timing will this market start to develop?
Where does bio key fit into this business and industry?
Why is Bio key relevant and needed in the industry?
How do we penetrate this market? Direct sales force versus representative agencies?
After 35 years in sales and marketing, I think I could write a book on the subject. My concern is that After nearly 20 years in the biometric space, we haven't gone too far in developing a business that is profitable and growing. 20 people doing $4 million in sales a year it's pretty insignificant after that length of time. I think every time I ask somebody in management about a potential opportunity, I get the reply, "that's not our business". I have to keep asking myself what what is our business?
I realize I am being very harsh and I'm probably rambling more than I should but that's 15 years of frustration and a $600,000 loss in this investment. I think I'm entitled to be a little bit harsh and ask some tough questions these days. I'd like to see some accountability for a change, parking is not developing our market change the marketing people, if sales is not getting the job done develop a new sales strategy.
In closing this rambling message, I will say for the record I'm in favor of anything that will move the stock up in price including a well orchestrated paid for pump and dump scheme.
AI
