Rim Semiconductor Company (fka RSMI)

[pengy]

As you know, the Shareholder’s Meeting was last week in San Diego. Since that time I have compiled the various thoughts of some of the people that were in attendance as well as a summary of the Q&A session.

I think you will find the thoughts of those in attendance to be quite good, and that NVEI does indeed have a very bright future in store for us.

You may also want to note that this was the shortest Q&A session ever at any Meeting that I have attended. I would venture to guess that it was short due to the fact that most of the questions were answered during the course of the Meeting. And that’s a good thing.
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THERE IS DOUBT ABOUT IT, WE HAVE THE TECH AND IT WORKS!!! CARRIER TRIALS THIS MONTH, AHEAD OF SCHEDULE AND WE HAVE AN A CLASS TEAM BEHIND US! STOCK PRICE MAY NOT ROCKET UPOVER NIGHT BUT WE HAVE A WINDOW OF REALLY GOOD OPORTUNITY TO MAKE SOME DOUGH!! STAY THE COURSE, THE TECH UPDATE WAS SUPERB AND I BELIEVE THAT THE WEEKS AND FEW SHORT MONTHS FOLLOWING WE WILL BE SITTING PRETTY...

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TC expects speed and distance results will be released in the coming weeks, in response to a shareholder question on the subject.

It was a truly worth the price of admission (all the yrs, time, effort, and money invested) to be in attendance @ Friday's mtg. I certainly walked away feeling very calm and confident that it's not a matter of if, but of when, and given that NVI is ahead of schedule on beginning their in-ground field testing with a telco I believe TC is setting a new trend we can all look forward to being the norm; not if, when, and no over-scheduled, but ahead of schedule.

More info as I unwind from what was a great meeting.

It was a pleasure meeting all those of you who made an effort to find me in the crowd and to introduce yourselves. This time next year I don't think we're going to be able to fit all the shareholder's in ballroom G of the Marriott. And I don't think we'll be going to next year's meeting seeking confirmation of what we thought we knew, but to celebrate what NVI has already accomplished. "Significant revenues in the next 6-12 months" has a nice ring to it IMO.

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I can't change the past, but if you attended Friday's meeting and if you were willing to look ahead, down the road, through the windshield, rather than focusing so much emotional time and energy looking in the rearview mirror, you would find that there is a very very very strong probability that in the next 6 months NVI is going to burst onto the mainstream radar as the newest major contributing chipset company, one that will significantly aid the telcos (RBOC mainly) in their ability to leverage their existing full-depreciated copper plant into an higher margin profit center.

From the outside looking in, more often than not a host of seemingly unrelated events go into creating something from nothing. It takes a rare vision to see how you get from here to there when there isn't a road map. Not everyone has the ability to see into the future and recognize that if one does this, and does that, in a specific order, that the result is something (new) of unusual value.

Under Cooper's direct control, NVI's development team is working from a clearly defined written business plan. Weekly (Wednesday at 10AM PST) conference calls between Greaves, Wilson, Propp, Tom, Brad, Chen, and others on the advisory board, where Propp is leads, occur without fail. These guys have a road map, yet their individual experiences blend together to provide the collective team the ability to effectively work in a very dynamic environment, where changes can are made as new data arrives on the scene. Anyone doubting that Cooper has pulled this team together into a focused developmental machine is mistaken in my opinion.

NVI is not going to reinvent the wheel itself, but they have figured out a way to make the train roll down the tracks faster, and further, allowing the train operator to collect more money (@ higher margins) by getting more people to where they want to go faster (a lot faster). That's the beauty of what NVI is doing; they're taking the existing infrastructure (fully depreciated), not creating a new one that involves new tariffs for telco, and allowing the telcos to offer significantly higher speeds (and higher value to the telco's customers) to their existing business customer. Take this card out, put this card in w/NVI's ASICs (application specific integrated circuits), for a fraction of the cost of fiber, you have fiber like speeds.

IMO - the next 3-6 months will be full of change for NVI and its shareholders. Testing, IMO, is being done sooner than later because there is a strong demand for the NVI solution, and NVI has more than one entity saying, "yes, if you can do what you say we're a buyer - "show me"; show me the speeds and distances you can crank out of our local loop". So, NVI is now in a place to "put up or shut up". This is going to be interesting.

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Overall, I thought the meeting was good. Cooper declaring that the tech was working and that field testing would begin this month were the two most positive comments for me.

I think it should be noted (if someone hasn't already done so -- I'm working on a borrowed computer with limited line time) that none of the original tech by Blevins and Sheppard is being used. That is something I asked about in the Dallas meeting. Something Rich couldn't comment on at the time because of the litigation involved. This may understandably upset some of us. However, it will become totally insignificant if what Cooper told us at the meeting comes to pass. I think they have the goods.

I also liked the clip from Step into Liquid. I have a brother-in-law who works as an executive producer in the LA area. I was just talking to him a hour ago about the film, and he told me that word of the film was already filtering through his network and that the word was good. That sounded good to me.

I'm going to be out of pocket for the next week, and I doubt that I will be in a position to check in, but I will be looking forward to reading all the comments about the meeting.

Again, I thought it was a good one, and I have a much more positive feeling about the short and long term prospects for New Visuals.

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What a difference a year makes !! IMHO there is no doubt in my mind that Tom Cooper is a take charge guy with great leadership qualities and we have a very professional supporting staff that will get the job done. The next couple of months should be interesting.

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A few comments from the meeting...

The Technology Works!
The Prototype is Done!
Testing to begin later this month!

Three VERY important things.

The PR plan or approach that NVEI will be taking with Quint is the "Rolling Thunder Approach" where they will start with trade and similar publications (which the analysts read), then as momentum builds there, they will be bringing their PR campaign more mainstream.... It'll build upon itself, thus "Rolling Thunder".

I must say that Cooper, Ketch, and Greaves were all exceptional speakers and they got their message across to us at the meeting. They sure said more than I expected, and that's a good thing!

They do expect the chipsets that they will be marketing to manufacturers, etc... to provide the Company with high gross margins with revenues to increase signifiacntly from these in the second half of next year with the initial revenues to begin in the first half of next year.

They are about a month AHEAD OF SCHEDULE with the Technology.

Speaking of the Technology, as you already know it will begin testing later this month with a yet to be named teleco. The reason given by Cooper that the teleco is yet to be named is that the teleco wants to fly under the radar of their competitors, and that makes sense to me. Also, remember these tests are the in-house tests, and not the carrier trials, but conducted by NVEI and the friendly teleco. However once the tests are complete & successful, these tests will pretty much be the equivalent of the carrier trials, and that is yet another good thing.

Financing/Funding, etc.... They do expect revenues from the movie to help to fund the technology development/testing, etc... and thus they will not have to seek as much financing elsewhere.

With the movie, they did mention that they have distributors contacting them, so there does seem to be a great deal of interest out there for the movie. The more interest in the movie generally means more revenues from the movie. The more revenues from the movie means less financing needed.

Now that I'm on the topic of financing, they have financing, the terms of which are confidential at this time, but we will find out more about that in the near future, as it seems we'll be finding out much more about many things in the near future.

I would also like to add that the Q&A session was indeed the shortest Q&A from ANY of the NVEI meetings that I have attended. Another good thing as it seems that many of the questions that people came there with were answered in the presentations. I know that during the break I had the opportunity to speak with a few people that I knew had questions before the meeting, and none of them had questions after the presentations.

I will be adding more later after I have a chance to further review my notes, etc... and read over the printout of the filing, etc...

It is not a matter of "if", but a matter of WHEN now! (and when seems to be approaching at a high speed).

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Wow, what an AMAZING meeting. My first thought when I walked into the room is... not as many "surfer dudes" (nothing against Dana and the "Step into Liquid" team... the movie clip was great). But, it means we have officially crossed over from being the entertainment company we once were, to the Technology company we have come to be.

Oh yeah, and speaking of Technology, IT WORKS. I know that has been mentioned before, but I just wanted to say it again. The presentations (as you saw w/ the 8-k) were strong, thorough and convincing. NVEI is expecting revenue from the tech in the first half of next year and SIGNIFICANT revenue by the 2nd half 2003.

I will leave most of the specific detail to Travelingpenguin since he is so great at taking notes and posting it here for all of us (Thank you as always), but I just wanted highlight a few things.

- Field Trials to begin THIS month.
- Producing a family of products that will have few competitors and yield high returns
- Funding will be continuous, ongoing and confidential. It will be a combination of movie revenue and outside elements.
- When asked about speed/distance, Cooper said we will be hearing more on that soon as well as info on patents and addition of key personnel (mgmt, board members, etc.)
- Greeves called it the "Worlds BEST" simulator for the telco environment (not worded right I am sure, but you get the idea)
- Greeves said we had an IMPRESSIVE team of professionals working on bringing this tech together.
- Fernandez (Camb. student) has made a significant contribution to the tech.

Cooper, Ketch and Greeves all had wonderful presentations and are all strong professionals that have the education and experience to take this company to the top. We have only seen the tip of the iceberg... and I am excited for the upcoming months.

I came away from the meeting feeling very secure that things are ready to roll and that we have the right people in the drivers seat. Actually, when I had a chance to meet w/ Tom Cooper, that is what he said. Ray, Rich, John, etc.. have given us a strong technology to work with, and now Cooper and Ketch are in the drivers seat to get it going full steam ahead. I definitely feel that everyone is working together to make this dream of ours come true.

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WOW, all of you that were not in attendance at the meeting, don't know what you missed. WE ARE IN VERY GOOD HANDS!!!!!!

As Pengy summarized:

* The TECH WORKS, as publicly stated by Tom Cooper
* The PROTOTYPE is DONE
* FIELD TESTING YET THIS MONTH
* and THEY HAVE A PLAN

I can not say enough about the quality of people we have on our team, from TOP to BOTTOM. Without all the hard work from all the "oldsters" to the "new" additions to the team, we are on board for a very special ride with New Visual.

Our future is now more clear than ever. It is not a matter of if, but when and how much $$!

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I was just reviewing my notes from the meeting and if I recall correctly, the various voting percentages have not been posted yet.

Here they are:

There were approximately 37 million votes cast.

The Board was re-elected with at least 87.6% of the number of votes cast.

The options plan was approved with 69.4% of the votes cast.

The auditors were approved with 95% of the votes cast

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Well folks...The meeting was much, much better than last years...The new faces all presented themselves very well! Much experience and knowledge and all good speakers. I liked Cooper and what he said. He made it clear that the tech works, and are currently working with a telco already in the process of testing it. Also, that they were well ahead of schedule and WILL have the testing completed in a few weeks- period! Greaves was very brilliant and the short 9 minute prelude to the movie was very good. I would say attendance was up by maybe 100 people over last year. Good turn out. I left just before the Q&A..Were any speeds or distances mentioned? TIA. Overall, it was a good experience for me-I'm pretty confident now because I heard it from the horses mouth! Now COOPER- DELIVER!!!!!!!!!!!!!!

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Recap of Q & A from SH Meeting- anyone who attended, feel free to enhance and/or correct my notes.

1.) Question regarding business model of company, technology vs entertainment portion.......
Per Tom Cooper: Core business model is a "Fabless Semi-Conductor Company".
Per Ray: Any future entertainment products will be via a separate company.

2.) Question regarding NASDAQ..........
Per Rich Wilson: Getting off OTC is a priority. There are a couple different ways to do that.

3.) Regarding NV's PR stategy........
Per Matthew Quint & Associates (correct name?)..... Using a "Rolling Thunder" approach... build credibility and interest with each new announcement of progress/success. First targets will be the trade journals that telco engineers and specialist Wall Street Analysts read. First articles will provide explanation and background on problems/needs.

4.) Question regarding institutional investors and profitability:
Per Tom Cooper...... Institutional investment is an important part of balancing investor package. He will keep progress in that area confidential. Business plan will not be made public. However, he anticipates revenue from first products in first half of next year, with higher volume revenues in latter half. No revenue projected for this year. (unclear to me as I read my notes if talking fiscal or calendar year.... can anyone else comment?)

5.) Question regarding the prototype specs.......
Per Tom Cooper....... NV will announce how fast and how far "shortly".
Per Rich Wilson....... From the weekly technical discussions they have, they feel NV is really launching a platform, not just a chip. The bulk of software code they are developing is reuseable, and can be capitalized on for further applications (fiber was mentioned somewhere in meeting)..... Also, somewhere question was asked if we are still a Layer 1 app.... Rich said there is some extension beyond Layer 1 for signal quality, but tech is still essentially a conveyor belt, moving bits physically along copper.

6.) Question about financing company with stock, dilution of shares from 28 mil to 48 mil over past year
Per Tom Cooper........ Dilution is a serious concern, but company will continue to use stock as a tool to attract add'l funding if that is deemed the best alternative when required. However, the plan is to use revenue from Liquid and from restricted investment to fund technology whenever possible (after $2.25 million in Liquid production cost is returned. BTW, 2.25 million for the movie is considered very low cost.)

7.) My extra comments:
I had a chance to talk with JP, Liquid's cinematographer. He said that the clip we saw has not been thru a final post-production process (a computer manipulation process which he invented) which will greatly increase the graphical quality of the film, to be in line with the clips which MSFT is using to promote theit new product (forget what it's called- starts with C.... anyone?). Also, the film projector for theatres is much better than the one we saw yesterday. So while we saw great footage, know that it will be even better before being released.

Greaves said in his opinion, NV has the "World's Best Simulation Environment" for copper wire transmission. Just thought I'd emphasize his superlative, as he's a pretty technical and low-key speaker.

I am really impressed with Tom Cooper and Brad Ketch- personable, straight talking, and appropriate in the information they are willing to disclose. While I have always had faith, the credibility of this company and its plans increased by an order of magnitude during this meeting. JMHO.

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One Addt'l Question from Q & A

For the sake of thoroughness, I had forgotten this one:
Someone asked about insider sales by corporate officers, citing a report pulled off the internet. Rich Wilson responded that Yahoo misleadingly reports 144 sales as insider trades. All corporate officers confirmed that they are current shareholders and have never sold any shares, with one exception. John Howell sold a small percentage of his holdings in the past for unique reasons. That fact has been known for a long time, and was discussed in this forum and others at the time.

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