PowerLinx Inc (PWNX)

[DeadManWalkingInGA]

Don't think about pulling the plug on SeaView Video Technology Inc.

http://tampabay.bizjournals.com/tampabay/stories/2002/12/09/focus1.html

That's the word from George Bernardich III, chairman and CEO of the oft-challenged underwater video technology company. It also focuses on security productions and applications developed to transmit voice, video, audio and data over power grids.



Benardich breathes a bit easier since publicly traded SeaView received an initial investment of $1 million in October. SeaView slowly has ramped up revenue, he said.



"You just take baby steps and keep building on the sales day by day," said Bernardich.



To turn baby steps into giant steps, Cory Tellbuescher, sales and marketing director, pushes SeaView's trademarked SecureView Light Bulb security camera on the Home Shopping Network LP.



Cable television proved beneficial in late 2002, and SeaView will take to the broadcast airwaves in 2003, said Bernardich.



"We need to broaden our distribution of our retail products and Home Shopping (Network) was really the first major step toward that coming to fruition," he said. "We were very pleased with the results, and consequently we are going to expand our television marketing presence."



New SecureView products for 2003 include Powerline Communication baby monitors, doorbell security systems and cameras for monitoring warehouses.



SeaView also plans to enter the transportation sector by offering Powerline principal vehicle system cameras, designed to replace semi-trailer fleet under carriage mirrors with day and night video systems.



"If we accomplish those things in 2003, in addition to the daily operational issues of raising capital and things of that nature, you could say SeaView could be a success in 2003," Bernardich said.



The former J.C. Penney Co. Inc. executive and his management team have faced challenges.



Together SeaView officials have invested more than $1 million of their money, own more than 24 percent of the company and didn't receive salaries in 2001, Bernardich said.



Bernardich followed in the footsteps of controversial SeaView founder Rich McBride who stepped down as CEO in February of 2001 and died in October of the same year.



As previously reported by The Business Journal Serving Greater Tampa Bay, SeaView faces an ongoing investigation by the Securities and Exchange Commission for reporting inaccuracies under McBride's watch and accusations that the company hyped sales projections in McBride's news releases.



In addition, Bernardich faced a December 2001 class action by shareholders that claimed McBride misstated revenue.



In May, SeaView reached an agreement to settle the shareholders' suit. It will pay up to $125,000 for costs incurred by plaintiffs in the litigation and tender 6 million shares of common stock to class-action participants.



"The biggest challenge was just cleaning up all of the issues left by previous management," said Bernardich.



Bernardich calls patience a key business virtue.



"It takes time to execute a good business plan as the days of the boom market back three years ago are long gone," he said.


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