A letter to Yeung Tak Li, CEO of EONTEC (submitted on EONTEC website)
Professor Li,
As CEO of LQMT you are responsible for development of corporate strategy leading to profitability for the company. When you assumed the leadership position there was great excitement and the general opinion was that your knowledge and guidance would lift LQMT to new heights and eventually back to listing on NASDAQ - your own confidently stated goal. Since then, your officers in charge of daily management at LQMT have appeared to waste much time and money (millions of dollars) purchasing and upgrading a building in support of a business plan that has now been declared non viable. The share price of LQMT reflects the apparent inability of management to create a successful business model.
Sir, many of the stockholders of LQMT still have confidence in your ability to turn the company around, but those numbers are shrinking, as is the share price. We are in great need of a statement from you personally that can reassure those who believe LQMT still has a role to play in the development and commercialization of BMG leading to profitability for the company. There are those among the shareholders that cynically state that your intention was simply to gain access to LQMT’s IP for use by EONTEC and its JV partners in China, saying that $64 million is a small price to pay for IP that could bring billions to EONTEC. This thinking is incomprehensible to those of us who believe in you and your statements made both in press releases and at stockholder annual meetings regarding your commitment to LQMT. Many of us understand that the development of infrastructure takes time and that timelines must occasionally slip to accommodate difficulties encountered along the way, but in light of the recent abandonment of previous strategy (not refinement but a different direction entirely) we need to hear from YOU how you feel this will affect your original stated timeline.
You once said your goal is to get LQMT relisted on NASDAQ. What are your current thoughts on the matter and what should stockholders expect in terms of the time needed to achieve your goals for LQMT?
Respectfully yours,
(BloNGo)
AI
