ANNUAL MEETING NOTES PART ONE
Good meeting. Looked like 150+ in attendance. Mostly us ordinary working people, hopeful that this could be a good break for us – Mr. Brock’s gift to allow our very small investments from the beginning in his garage.
Generally a good attitude by questioners. Probably the hostile people that try to destroy the company on the message boards didn’t bother attending.
They had the towable WindTamer out front, quietly turning to catch each change in the wind. Brisk weather, but some stayed out there to talk to the salesman.
Here are my notes. Disclaimer: Not responsible for errors, misunderstandings, or missing something. I can only scribble so fast while listening. No recordings were allowed, I suppose to avoid lawsuits.
The meeting seemed to be carefully scripted, probably for legal reasons. This was their first meeting as a public company. Mr. Brock and CEO Bill Schmitz spoke. It would have been nice to hear from the new Directors with the impressive bios, but they probably don’t have much to say yet.
Most questions could not be answered because the information had not yet been publicly disclosed, or were answered with the public answers that have generally been referenced on this message board.
NYSERDA approval is in process, may be a couple months yet.
Production is expected to be in Western NY in a different location, and plants will be built in other states to reduce shipping costs. They are happy with their current suppliers.
The military sale of a trailer unit includes batteries and fancy electronics to make it able to accept and distribute power from whatever source is available. They have not forgotten to continue to investigate battery technology and cost reduction. Ultralife was not mentioned by name.
Military is interested because diesel generators are easily detected [probably noisy], and have a heat signature [probably allowing enemy attacks at night or with heat-seeking missiles]. It costs $400 per gallon to fly the fuel in. They also like the WindTamer because they don’t have to build tall towers. In about two weeks, the military will come to Geneseo for a “critical design review”. Among other things, they will try to “ruggedize” the unit to resist sand and salt. Then in about 10 weeks WindTamer will deliver the unit to Aberdeen Proving Grounds.
They are not going after wind farms, including the Lake Ontario offshore proposal. [Maybe after they have their 15 kW unit, that will change.] AWR is in litigation and WT would not comment on that.
Why is stock so low? It’s a startup with more supply than demand. “Extremely undervalued.”
They are not pursuing large companies [for buyout and technology?]. They like smaller companies where they can “partner” on an “equal footing”. No examples, like Ultralife or others.
They have three grant applications in, probably more in the works. They mentioned the $1 MM line of credit from First Niagara, but no discussion of financial projections.
Would not discuss sales and profit projections until they are publicly announced.
They are getting 30+ leads per day from their new website. They will have the mobile unit at the Dallas wind show, and will be at other trade shows. Current advertising is very narrowly targeted, didn’t say where.
