Lightwave Logic Inc (LWLG)

[SteveSchiets]

Diner with Lebby 08/09/22

I just got up on a Saturday morning. Thinking about LWLG while I sit still at my table drinking my coffee. My wife is working her butt off at the airport and I'm joking
about being an underperformer at work, online. Damn that coffee is good. I want more.

Reflecting back on our dinner with Michael Lebby and what always stands out is what a wonderful person he is. Never is there any tension in the air or something 'off'
that I would say afterwards to Walter "did you see that?" or something like that. I even thought about it that I may be too forgiven when it comes down to Michael. But no, he is just really good and humble. But also the people at the table, some new faces, some less new, always a pleasure meeting all of you. And younger people as well are coming on board. New in LWLG and enthusiastic! Love it!


Lebby has qualities were Buffet speaks about. If you have people acting like crazies, avoid them. But if you can find brilliant people, be grateful to be around them. Invest with them.

At the table Luc Jansen said sorry Michael to interrupt you but your Queen just died. Michael was really shocked that it happened so quickly. He knew she wasn't good but still it came as a surprise. Not long after the news
, I was sitting on his left, his phone didn't stop ringing and lots of messages pop-up. I tried in a very sneaky way to look on his phone to see if there were names I could recognize from the industry. 

But no such luck, my eyes are failing, I even had to ask Michael to read me something on the menu. I suck as a spy.

ML told us also that his uncle used to work for the royal family as a photographer. He worked a lot with (now) King Charles III. His uncle said that he is a great guy,"Charley" Lebby smiled.

Back to LWLG, we already said here the timelines are intact and the material is advanced enough, it doesn't need to get any better (but it will over time) to keep us out of the foundries. Any concerns about the material is just like how OLED's were in the beginning. "Now we don't second guess OLED's anymore". "They are in our phones" while lifting his Iphone. "OLED's are everywhere".
ML said in his example companies like Global Foundries, TMSC, Tower, etc (yes he named them) wants to run a lot of wavers. They don't care what is on it. As long as it sells, they will produce it.

I brought up the display company ML told us about more than 2 years ago in the ASM. "Want to be a partner?" I asked him if that was still ongoing...
He answered it by saying if the foundries call us up that they have a client who wants to produce a display with our tech inside, it sure is a possibility.
During our dinner I didn't really realize it but I understood it better now. In short, the foundries get calls from companies who want a certain chip (could be anything) and they in turn call LWLG
to work something out. I understand something like that happens only if you have a PDK with them. If ML says he wants polymers everywhere, well that foundry co-operation/partnership is a really great one.
"Someone from IMEC approached me," ML said, "that was really a smart move to work with foundries that way." ML really smiles after saying that. To get this kind of feedback from third parties that your business model is shaped that way is indeed really great to hear. "Foundries are expensive" ML grinded to the IMEC crowd. They chuckled, he said. But it's still cheaper to build your own fab. "That's why I showed us on the Nasdaq," ML said about the technical IMEC crowd "showing them we have the resources to pay for those expensive foundries"     

RKLY chooses another route "if you build it they will come". "Doing everything yourself costs a lot of money (you don't really have) and it's not sure they will come". ML knew about the crashed share price of Rockley and their high burn-rate.

We compared burn-rates between the companies. Let's say the man opened my eyes again. Sigh (I'm down on that stock, -85%)


The Semi Bill from congress, ML was really clear, 52B is just one fab. It will be important to continue these efforts in order to stay on the lead.On chip shortage he said to expect an over-abundance. 

On GF: I said to ML remember that video with Anthony Yu, you both appeared in, that Yu said in that same video GF is willing to press 'the reset' button when it comes down to photonics. He said: "Anthony yes, Tony"
 (talking very familiar about his name, like a friend) Just before ML was saying big fabs don't really move quickly to migrate to newer technologies (photonics industry)

The volume foundries (Imec is a foundry but more R&D oriented) like GF, TMSC etc, are pretty conservative, imo despite what
they say online. The fact we have 5 signed up foundries and 2 in the pipeline shows the ambition of Lebby/LWLG to be Ubiquitous (or for Walter-> Everywhere )

What else did we talk about? Oh active copper cables! He slammed quickly my hopes I had another great investment by saying it's "the end" for copper in DC's. I stumble to say "yes, but not tomorrow. A few more years, no?"
Continue making my argument ( to save my investment in copper cable's) that DC's are slow to adjust to new technologies; So we agreed I still got 4 or 5 good years ahead. Phew.
He knew ex CEO Tony Stelliga very well from the 90's (Intel days), the CEO who died of a heart-attack during the early years of Spectra7. He said the man was really sharp and good. Suddenly my cable investment looked better.

That's about it guys. Hope you enjoy my write-up.

Steve