GM Gang, just woke up, long ride home.
I want to say something positive and be balanced, but I came away more disappointed than I was before I went.
Robert and Andrew were present and both seemed like nice guys with good intent. Robert was wearing a neck brace and says that surgery was why no meeting in Indiana. I think 7 shareholders showed up, Rfizzle, GW, Beer, Tony and not sure of the rest. One shareholder that is a heavy hitter with manufacturers in China, his name was Mark, wish I had gotten his card, Robert did get his card, hoping he could possibly help in some way.
We were told no vid allowed, no pics, they would provide a pic of outside of the unit on their new website. Robert worked on a short presentation after his surgery and that was completed day before the meeting. He provided some numbers on his graphs/slide show, but not all numbers as he admitted during his presentation when asked for them. No effciency numbers were provided...
Robert and Andrew were adamant this was a preproduction unit, most of the attendees would say absolutely not. A preproduction unit to me, means a completed unit, hand to manufacturer and go make this a 1000 times over. This unit was completed with plastic plumbing fittings and needs design and consultation work with a manufacturer as of yet. Let's put it this way, if a cord was hooked up to it and plugged in, it would NOT work. So that was a point of contention that got heated in the room after the unveiling and opening of the door on the unit. I wish that door was open and a clear pic for you guys to see so you could make your own decisions for yourself, for me peronally, tells me long ways off yet, but that is just me, hope I'm wrong. Makes me wonder what's been going on the last two yrs, looked VERY amatuerish to me, again, just my opinion. Seconds half of the meeting got heated up as a few people voiced their displeasure and were disappointed in what we were shown, leave it at that.
A few notes:
Robert works on this part time and does not get pd by Wanderport, spend his other time on Posilight and says we have Design 1 to assist him on this water heater project.
The manufacturer they have been speaking with is large and in the USA, they have products that heat water Robert said.
Product will hit a couple different markets before ours because of UL requirements here. UL does and will do testing for efficiency, not just safety.
First 5 units off production line will be given to UL for testing.
Hoping down the road to sell dealership territories and let dealer buy product as needed.
Robert said he would be extremely disappointed if we aren't taking in revenue by end of 2012.
They are hoping to release their new website this week or next week.
Andrew said "dilution is coming, bound to do it, mark my words."
Andrew explained the AMF situation and makes it sound like little to be concerned about, we'll see, hope he is right.
For me personally and my biggest concern, maybe being a worry wart for nothing, but not a completely resolved issue maybe? Read on: Andrew on Transfer Agent issue from a couple months ago. I'm paraphrasing here: The old transfer agent was stopped or halted, whatever the right word is. Wanderport was on the ball scrambling to get the records to a new transfer agent right away so stock could keep trading. They were sent a bill at the same time, Wanderport paid it and received the records electronically, no physical records. Old transfer agent has diappeared and can't be found according to Andrew. Andrew hopes there won't be an issue down the road because of not having the physical records, actual paperwork.
In summary and only my thoughts: Short term investors will be unhappy. Long term investors may do well down the road? Tony, Beer and myself all walked out and down the hall shaking our heads at what we saw, sounds like Tony had some more time to think about it, maybe processed differently since then. That other guy Mark with China connections, was heated during Q&A period, so was Beers. I vented about things in general, just being unhappy over the past yr and why. Then what they showed us did not comfort me in any way.
That is about it for me, I want to love this company again, but it's going to take more time, period. Unit we saw does not work, needs design suggestions from manufacturer. I asked why the prototype wasn't brought if that heated water and Robert said it was smaller and had a cord on it, which you can't bring across the border with a cord attached? No clue if true, but a cord is easy to attach again for a demo, but that wasn't an option since it wasn't there to see in action.
Make of it what you will, Robert seems like a good guy, this is not a full time effort on his part, may be a great stock down the road, 4 months, yr from now, who knows, remains to be seen. I am less confident today then before I went, but that is only my opinion and I have no knowledge about technology or any of that stuff. Beer owns a machine shop and does things like this all day long, let him explain more. He stayed overnight and will get home today, he was very disappointed also as mentioned.
I'm done, still glad I went and saw for myself.
