OK, here it is...
First, Seahag, you are even more a lady in person, it was my pleasure to finaly meet you. Also sorry for taking so long but after dinner at marino's (good food) and a few drinks I was flat wore out.
Answers to specific questions asked...
1) Open market purchases by insiders-George B. says yes he has and has filed forms 3&4 via mail for past several months and is still buying.--Rich made no statement as he remained quiet most of the evening and basically observed.
2) Private Placement--still in the works but is going forward as these things take time.
3) 1.5 million shares filed with SEC as an acquisition--was an open market trade NOT new shares issued. Per George "We have no control over any purchases in the open market"
4) Color secureview with auto fade to B&W at low light is in product development but no comment on when it will be ready.
5) Monarch (one of the largest dental HMO provider) is ready for the denta cam as soon as it is retail ready.
6) The lawsuit PR about A@P was posted on the wall and highlighted (LOL).
7) Production-SEVU is contracted through the year for outside production. 20K units, however George said they will produce as much as needed. if more is needed they will produce it during 2001. capacity is available. (george was very tight lipped about this).
8) Sales for 2nd qtr-Keep in mind that secureview wasn't in "real production" until 3rd week of may. rough estimate per CFO was $500+K and $700+K for year to date. I was somewhat disappointed but they are shipping secureview for about 3 weeks only. My estimate is about 800 units were shipped.
9) management team is serious and in my opinion will be able to get the job done.
10) Alot of tough questions were asked and answered as best as they could. it was obvious to me that the management team wanted to tell so much more but could not.
11) CFO said that there is sufficient cash and cash available for now and the forseeable future. "SEVU will stay in business".
12) still no long term debt and short term debt consists of only trade payables.
I will probably remember more as my brain drys out but that should get you guys started.
These are my own observations and my experiences at the SH meeting. Other people may interpret the events differently. Use your own judgement. my opinions only
I'm getting thirsty dammit!
Oh yea, everthing is my opinion only. Please make your own decisions and consult your own financial advisors for both investment and income tax issues.
