2 cents from a newbie...
I tend to focus on evaluating the technology, identifying various applications and market potential for LEI products, and learning more about the military's requirements and timetables for fielding systems.
It's not my intent to get into personal arguments with other investors here, and I have no desire to defend management's past actions. I will however suggest that there are some things that are simply out of LEI's control.
IMO, part of the frustration up until now is LEI's primary customers will be government entities (federal, state, local, take your pick), and we have to deal with agencies that are dictated by cash-strapped budgets, appropriations, and bureaucratic red tape. I say 'up until now' because I personally believe getting our foot in the door with the military will be the catalyst that leads to snowballing future sales. The JNLWP and U.S. Military are driving safety requirements and performance, and once everyone sees acceptance by the government, they will begin incorporating these devices into their own police departments, security departments, etc.
Navigating the federal govt procurement process can challenge one's patience. They may have indeed built a better mouse trap. But the customer will first need to secure funding for mouse traps among everyone fighting for the same money for their projects, and develop mouse trap specifications, and solicit other mouse trap manufacturers to submit designs for comparison, and verify that our mouse trap meets MIL-STD-MICE, is capable of capturing the 95th percentile mouse on a rainy day in the desert, can perform after being dropped in the water or exposed to a salty fog, can eliminate at least 1000 mice before requiring any maintenance, etc., etc., etc.
That doesn't even take into account any technical and design issues that come up during the prototype phase and testing. By all accounts, the technology is sound and they have made additional improvements over the last year. Also, government/military customers are notorious for always wanting more... you can hand them exactly what they asked for, and they'll still want to tweak this and that... or add additional features. Eventually a line is drawn in the sand.
We are on the customer's schedule, not ours... and the Marine Corps chose now, April 2011 to kick off the RFI/Industry Conference for Ocular Interruption (OI). And coincidently... LEI happens to have production representative systems at the same time!
This technology is fairly new... there is obviously a need for the capability, yet the military has been slow to act. There's no better example than the Inspector General report from a couple months ago (Marine Corps Response to Nonlethal Laser Dazzler Urgent Request). Even when faced with the "Urgent Request" from commanders in the field... the end result is that they are still writing reports years later. Not to mention the fact that (and perhaps most important for us), the major issue with fielding systems back then was eye safety... which hopefully the Dazer product line has overcome.
My point is that there is a real demand for optical distractors/dazzlers within the DOD and all branches of the military (and from other countries around the world)... for both hand-held and weapon station/vehicle mounted systems. Requirements are evolving, and programs of record are currently being established. I really only have one reason for being here... and that is because someone WILL be awarded contracts to provide non-lethal lasers which meet the desired specifications to the military. If anyone knows of a public company with patented (non-lethal) laser technology that meets or exceeds LEI's product line, I would be very interested in hearing about it! And, I will start loading up on them too.
For anyone with a dog in this fight... what good does it do to day after day call the CEO and management incompetent, lying scum bags? It is incomprehensible to me that anyone that truly feels this way would stick around. This is a non-reporting pink sheet company that for all practical purposes up until now is/was development stage, and thus issues shares to execute their business plan. The fact that LEI is a speculative play shouldn't come as a surprise to anyone. Unfortunately, part of being first in on a new thing... is waiting longer than everyone else. Everyone accepts their own risk-reward tolerance, and part of playing the OTC Markets is piecing together parts of the puzzle and placing your bets accordingly.
Some would argue that nothing has been accomplished. But, one could flip that around and say that for the Dazer Laser product line alone... LEI has secured a manufacturing agreement with General Dynamics, designed a more powerful GreenStar laser which will be incorporated into the Dazer Laser, has pending sales to Palm Bay Police Department and Lehigh Valley Health Network. Finally, most important in my mind... they have successfully demonstrated the Guardian to all branches of the U.S. Military, NATO, Homeland Security, and the Canadian Military during the JIP event at Nellis AFB. And now recently we have learned that the Marine Corps is starting a procurement program to meet their Ocular Interruption requirements going forward.
It may be taking longer than most hoped... but I would argue that these are steps in the right direction... all my opinion of course.
Like everyone else, I'm looking forward to updates on progress made during the 1st quarter, and further validation that things are indeed moving forward.
GLTA
AI
