10/07/99 Visit to SeaView - Just returned from trip to Florida Saturday. Made time during my trip to drive down to Tierra Verde to visit SeaView. Dropped in unannounced and was met by none other than Rich McBride, who was the only person working that day. He said he had given the staff a well-deserved week-end off since Monday was Columbus Day. The entrance and building where Seaview is located is low profile and unassuming.
Two doors on the lower level of a cinderblock building with the SeaView name on them, with the offices upstairs and the testing and production facility on the first floor. Rich led us from the reception area down a hallway, stopping to show us the small TV sitting there connected to a SecureView camera mounted on a lamp post in the reception area, showing us exactly how the system worked. He unplugged the TV and moved into another room and plugged it in -still great reception. The room had a conference table and counters filled with SeaView products. He showed us some of the prototypes and circuit boards used. He had one of them hooked to a lamp cord. He plugged it in to the wall and shoved the camera in his pocket. The image on the screen showed his money clip and bills. We then turned off the lights and closed the doors and he walked around the room with the camera to show us the infrared capabilities. We could read the print on the sales literature lying on the table in total darkness. My son and I were duly impressed. Rich then showed us their video production room and some of the telemarketing offices. We also got to see the new Vehicle Inspection Camera and the PowerCam. Rich indicated that he was trying to make the circuit board and camera assembly small enough to fit into a regular incandescent bulb. As we walked back towards the front office, he commented on the Sales Board in the reception area that showed each reps name, number of SecureView units sold, the dollar value, and totals since Sept 7th. The total on the bottom was over $ 2 million in the last 30 days. And this does not include any of the sales from the underwater cameras, the VIC government sales, or the JC Penney deal. This was just from the 800 number sales of SecureView. We proceed downstairs to the production area. Rich explained that most production was now done by K-Byte and that this area was now used to test new products and do repairs on returned items. There was one wall filled with the underwater cameras in boxes ready to ship to the new dealers. He also provided us with SeaView hats, brochures, a catalog listing all of their products, and samples of the mailers that were recently sent to school principals and law enforcement agencies. The hour spent with Rich went a long way in making me feel comfortable with my investment in SeaView, and in seeing the potential for this company. Rich also told me that he liked to keep the overhead low, that the company owned all of its equipment (except the Pitney Bowes mailing machine), and that profits are used for advertising and new product development. When asked about the stock, he said he was encouraged that it had been stable around $10 to $ 11 dollars, and that his main concern was keeping the company growing and profitable. Once we move to the American exchange, it won't take long for SeaView to get "noticed". He has had calls from analysts and brokerage firms already. I am confident that this company has a bright future, under the leadership of Rich McBride and his hardworking crew, and that our patience with the stock will be amply rewarded as the company grows and becomes better known. As a seasoned investor, the hardest lesson to learn with emerging companies is the patience to allow them to develop and grow. We have products that are in demand, with a high profit margin, top-notch marketing talent, and all run by a savvy entreprenuer with a successful background. Most of all we have been profitable since the first year. I'll take SeaView's credentials anytime over most of the unprofitable dot.coms. I look forward to attending the Annual Meeting in January !
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