Here is a second person that actually attended the Sh meetings opinion:
DonKeyhoti
The meeting lasted about an hour and a half. Dean's general comments were direct and he didn't duck any questions. He believes the company has adequate funding for the foreseeable future. He said there are funds available from a venture capitalist. He told us how much, however I think it's best to let the company tell you.
I was comfortable with the answer. Again the device was not operating as it's not practical to do it on the shop floor as it is a radiation emitting device and unknown civilians were present if you get my drift. He said there are 3 machines operating; one there and 2 off site. Someone said "In your garage?" and he laughed.
I could see he's clearly frustrated with the whole process. He said that he is confident that using MWE is the correct strategy and regrets the length of time it's taken in the past. He didn't make a bunch of excuses. He took responsibility period.
He was more guarded about making prognostications as to submital dates, approval or the like.
He was asked if the Dominion produces real time images in 3D. His answer was a firm one word answer: "Yes." (I know the firestorm this will create on this board so let er rip).
He was asked the usual questions of, will he manufacture it or sell the rights, how about the airport screening market, how about veterinarians and the like, etc. His answers were consistent with what he's said on the same subject ad nauseum in prior calls or on TV. He's focused upon the medical imaging market as it's the biggest. Possibly he might sell the rights or not. Or he will see what the situation is at the time of expected approval.
I've held this stock for about 3 years. In that time, I can see how he has evolved as a CEO. He's made mistakes and possibly cost his company and some shareholders money. Easy for me to say. Buy the way, I was a CEO and I've been there. Fortunately, unlike Dean, every decision I made was correct and I only made money for my investors and we all lived happily ever after. And all my shareholders loved me.
That said, I still believe he is worthy of my investment. He's learning in some respects the hard way which is not untypical of an inventor who must wear the hat of a CEO of a publicly traded company.
The technology is there in my mind. He says the patents are strong and have 25 years to run so it will be difficult for competition to replicate.
Can he get this thing over the line? That's a tricky question. He's doing the right things after foolishly thinking he could do it all on his own. Good CEO's take corrective action, they don't dwell upon the past and to use the Midwestern term; get er done. Let's just say the boy has potential...as does the stock.
Woodberry578
I just got home from the Imaging3 shareholders meeting. As promised, I wanted to let you all know my take on the meeting.
First off, I would agree there were closer to 100 people at the meeting vs. 50. As we all expected, all propositions easily passed. While Imaging3's CFO and an independent accounting firm tallied the votes, Dean gave all attendees a recap of where the company is at regarding the new FDA 510K resubmission process and opened up the floor for questions relating to anything Imaging3.
Here are some of the key points for me:
Dean is optimistic the new resubmittal will happen by either the end of February or March (I would not hold Dean to these specific dates. Remember: it is his best "guess-ta-mit"). The resubmission will be proceeded by a face-to-face meeting with the head of the FDA's Medical Devices unit and our FDA reviewer. On the Imaging3 side of the meeting, Dean will be there, Jim Cohen (lead attorney at MWE), and our Consulting Firm's Technical writer. The goal is to iron out key points needed to gain FDA approval once the new 510K is submitted. Again, the impression I got is: Dean is hopeful of a June answer from the FDA (again, an estimate on the timeline).
During the question and answer period, several other key questions and answers occured that I know the I-Hub Board members are interested in:
Is there enough cash to keep the company going through the new resubmittal process? Answer: several million dollars more are available (if needed) from the Investment firm who gave Imaging3 the recent million dollars. Money will not be a problem!
Will there be any new PPM's or dilution with the new approved shares in the mix? No new PPM's on the horizon. I'm assuming there would have to be some dilution should the Investment firm provide more cash! Also, the majority of the new approved shares will only be used in case of a potential "hostile takeover" occuring.
Are any OEM's still interested in the Dominion? ALL OEM'S are STILL interested in the Dominion and Imaging3! Also, Dean is prepared to manufacture (conservatively) 36 machines first year in Burbank. Cost to make each machine: $250,000. Sale price: $500,000 ($250,000 deposit to start each order). Possible 100 machines per year after that. Dean pointed out that the Burbank office / warehouse will be used for assembly only as all parts for the machine are subcontracted to outside vendors.
Are there any WORKING MACHINES in existence? Dean says there are TWO COMPLETE FULL WORKING MACHINES in existence! One was in the warehouse, and one is offsite (sounded like he has the other at his home so he can work on it after hours).
Anyway, those are the key points I can think of recapping at the moment. If anything else comes to me, I will post another message on the Board.
If anyone else who was at the meeting would confirm my recollection of events, please post so others will know I'm not "exaggerating! :)" Also, feel free to add to this. I think the more the shareholders know, the better for all of us!
Good luck to all!!!
AI
