OK....I'm up and here to tell that after all anticipation, the meeting was pretty anti-climactic. No major announcements, just straight forward, professional presentations by the management team. I saw Gotin there and since he is of the accountant ilk I'll wait and let him discuss the financial details when he chooses to put his two cents worth in. Wasn't a huge crowd but enough people showed up that some had to stand.
Here are some excerpts from the hand-out that we got at the door:
No comment on the Class Action (I've never been involved in any law suits but I'm pretty sure the attorneys have stressed that there should not be any discussion about this as it might jeopardize the case,that's Seahags take on this not from the handout) It is being handled by Foley & Lardner of Tampa
Also, the company cannot comment on the "non-public, fact finding inquiry authorized by the US SEC to privately investigate a nummber of issues. The attorney firm of Hamilton, Lehrer & Dargon of Boca Raton, FL is representing the Company in this matter.
As a result of the new rules of full disclosure and mgmt's policy specific numbers regarding such items as production numbers, gross margins, line item costs cannot be disclosed or discussed. ...would compromise our competiveness in the marketplace and potentially violate confidentiality agreements of which the company is a participant.
Vender agreements in various stages of processing with West Marine, Costco, Supercircuits, Smarthome, Sports Authority, Jimmy Houstons, AllProBass, Hweartland America, Skymall and 700plus dealers in the US and overseas.
Still reconfirming and processing $9,000,000 in backorders and sales will be repoted in 10Q filings this year.
Parking Lot Surveillance system: Major retailers, mall management co's fast food restaurants and key Fortune 500 companies have been contactedand are being presented with proposals A key major retailer has already confirmed the purchase and installation of initial system for analysis.
Home Plug Alliance....the company is currently reviewing an issue regardingthe protection of proprietary patents, which may be compromised as a result of executing the membership agreement.
1.5 Million Private Placement....was limited to executive mgmt team, board of directors, sales reps and founder. Letters of intent have been received and the private placement is in the process of being executed. All details will be reported as required in the 10Q upon completion.
Why no proxy: The board of directors made the decision not to request and process a proxy to significantly reduce the costs involved in holding the annual meeting of shareholders to elect the board of directors. Furthermore, it is not required by the Company Articles of Incorporation of the State of Nevada or the Company BY-Laws. As stated in the the information statement mailed to stockholders a quorum shall be confirmed at this meeting to elect four directors by an affirmative vote of plurality.
Mike Ditka is contracted through 2002.
They are currently expecting the sales of cameras to be at least 20,000 through the end of the year 2001. This was said at the meeting, not taken from the handout.
So there it is. SH
