The following was from Robert. I hope it would clear up some of the questions people have.
water boy
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Dear XXX,
This is the best that I can do before leaving. I can’t comment on commercialization of the product xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx at the end however I respectfully submit that any thinking person may suggest that some markets do not require UL and that they would provide a logical “launch” for the product.
Best regards
Robert
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From: [mailto:xxxxxxx]
Sent: Friday, July 29, 2011 5:00 PM
To: robert@posilight.com
Subject: Re: email
Dear Robert:
The following is my summary of our conversation. xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx. Please review and revise as needed. I would ensure to put it up on the board to clear up these questions.
water boy
Q&A with Robert S. on Friday, July 29th, 2011.
1) Allegation on Andrew Barakett: Why the company choose to keep him an IR?
Response: Andrew Barakett is a Wanderport's Contractor working as an IR. The ground to terminate his contract has to be reasonable. For example, AMF recently begins their preliminary allegation on Andrew. If Wanderport terminates Andrew now, it could result in a lawsuit or worse still, the summary conviction of a potentially innocent man. I believe in due process. Our forefathers have fought for this right and it is one that I will not dismiss lightly. I vehemently object to any form of vigilante justice and would oppose that Andrew be cast out based upon allegations. Please understand that I take these allegations seriously and would like it if the company were to closely monitor the situation and act according to the developments.
My opinion as the licensor and advisor to the company is as follows: From the practicality standpoint, Andrew has done a commendable job at keeping investors informed. Certainly, he might not do a super job in several people's opinion, then again, arm chair quarter backs are a dime a dozen. In addition, given Andrews commitment and enthusiasm coupled with the terms and conditions of Andrew's contract and compensation, it may prove difficult to find a replacement. It is possible that once the investigation proceeds to the next level, there may or may not be sufficient grounds to drop Andrew from his role. Time will tell and I am not sure that swift action in the incorrect direction is in anyone's best interest at this time.
2) There was a claim on patent pending as reported on the following that the patent on CONTINUOUS FLOW DEMAND CONTROLLED MICROWAVE WATER HEATER got withdrawn. We would like to have a clarification on the withdrawn and other patent pending.
Response: I have applied for several patents relating to this microwave water heater and other wares over the years. This particular patent application was approximately seven years old and it was a joint patent. As a part of the patent application process, it requires certain amount of maintenance fee to be paid periodically. Since I have other more recent and pertinent patent pending on this technology, I chose not to request examination nor pay maintenance fees on this older technology application, resulting in 'Application withdrawn'. Patent applications, whether in the pending, pct or national phase is public information that becomes available according to prescribed schedules. I won’t accelerate the publishing of this information which, in my view, could compromise my position as licensor or Wanderports position as licencee . The information filed and that I continue to develop and file periodically represents my continuing work in the field and my concern is that by prematurely releasing anything that it would be to the detriment to my work and commercialization efforts in this field.
3) Product efficiency. People do not understand how Wanderport product could excel the energy efficiency of the products in the market, since they all claim to have close to 100 percent energy efficiency.
Response: I do not attach much importance to any non-verified vendor released specifications relating to efficiency. A “typical” gas tankless water heater has efficiency approximately 65-85 percents. Many electric tankless water heaters, on the other hand, sometimes claim their energy efficiency to be 100 percent efficiency. For example, one of the electric tankless water heater claim that they could achieve 100 percent energy efficiency, while we see on its’ face an LED indicator. In addition, the unit also has an internal electronic control circuit. Both the light and control circuit consume power and therefore it is impossible from the outset that this unit operates at 100% efficiency. I insist on not providing any misleading or half-baked information on efficiency and instead wish to pursue this within the context of a qualified 3rd party evaluation which will likely include comparisons and comparables. It is within this context that I believe that we will compare favourably.
4) Robert's commitment to Wanderport: People concerns that Robert may pull out if this investigation got deeper and related to several complications.
Response: I am concerned about the allegations against Andrew and how they may affect the company. That being said, so far, I am happy with Wanderport and its staff but I will be watching this as it develops further. That being said, I have already extended my share restriction to March 2012 and willing to extend it again if need be. My interest is in Wanderport's long term growth. The terms of the licensing agreement are clear with respect to termination of the agreement and , in absence of force majeure, I believe that the agreement will be in force for a long time. Wanderport has contributed towards validating the market and supporting the technology over the last two years and I do not take their commitment lightly nor for granted. Andrew has been an enthusiastic “flag-bearer” during this whole process and I do not discount, in any way, discount his contribution to where we are now.
AI
