Winters1983/ki2002rom and other board contributors:
I understand I dropped a bomshell when I, a long time IMSC investor, turned highly negative on the stock. I explained why, and naturally received push back, all of it respectful, which I appreciate. I can't respond to each person who disagreed with me. I don't have the time. More importantly, each one of us has to look at the facts and make a decision to buy or hold. Whatever board members do has no impact on me. I wish all good luck, and sincerely hope I am wrong.
Since I dropped the bombshell and received responses, I think it fair to responders to clarify some of my statements. I will do so in a number of messages, hopefully today. After that, I won't respond anymore, as we'll go around in circles.
I am responding first to Winters and ki2000, as it is the latest message on the IMSC board. The suggestion in the message is that Morpho Detection is an inconsequential competitor because it was knocked out of the TSA ETD competition because its systems had too many false positives. I know that, because I read the GAO document concerning the dismissal of their protest, as well as Government Security News coverage.
But, win some, lose some. Morpho has won more ETD contracts with European airports than IMSC, 50 airports to be exact. It earned the same ECAC approval as IMSC, though somewhat later, but then proceeded to clean up. It won the UK, Austria, Denmark, Italy, Portugal, Switzerland. It sold 290 Itemizer 4DX units to Spain alone, and 160 to Germany. The Itemizer is a non-rad solution, just like the B-220. Just like Smiths' ETD product. Implant Sciences may have the very best technology, but as they say in the automobile industry, good enough is good enough. There are many other factor that go into winning contracts, including price, delivery, personal relationships, financing terms, etc., etc. Morpho may have lost TSA, but it's a 1.9 billion Euro company with 8700 employees and a well funded R&D function. They are formidable, despite the TSA misstep.
And by the way, I never could understand why a majority of Board contributors did not know what IMSC's bid for the TSA business was. It was $23,332,925. It's right there in black and white on the GAO document. next to the technical rating of the bidders: Smiths: Outstanding;
ISC: Outstanding. Morpho Good.
