Sam, good questions and analysis of the company’s current position. Initially you will recall none of you knew anything about Tier 1 or Tier 2 GPS providers until suddenly, the company announces they are going from Tier 2 to Tier 1. That had to be somewhat of a shock because all PR that preceded this announcement stated that the company had this great product, or had developed another great product, or was being tested by this or that government agency. All of this was being done by another reseller and Navicom was claiming credit because of a loose affiliation with them as one of their many distributors. They were actually a Tier 3 provider procuring services from a Tier 2 provider (designers, which produce only application software), who was buying hardware from a contract manufacturer, which, in this case, was CSI Wireless, a Canadian company and true Tier 1 provider. Navicom from the very beginning was merely taking a product and service available to everyone from a company called Aircept, giving it their private label, and marking them up some with the idea they could offset the high cost of covering their own vehicles. What they have done since is move from a Tier 3 to a Tier 2, which is to buy someone else’s product directly from the manufacturer, (some savings here, but not much) but are still renting the use of the application software from another company with whom they apparently formed some kind of a strategic alliance. Again, anyone can do this. Navicom has designed or created and own outright, NOTHING, but they represent to the public that they have. Ask to speak to their CTO or software developer, you can’t because they don’t now, and never have had one of these positions in their company. They tell you their product works in 98 % of the US, Canada and Mexico. Not true. It may work for 98% of the population of these places, but is supported by an antiquated and very expensive to use, wireless analog system. The government has mandated that after 2007 the various wireless carriers no longer must support this system and they are coming down, rendering all devices attached to them either inefficient or totally useless. For now there is not a single GPS user with high use demand that buys it, and high use is where the money is in GPS tracking. Navicom’s so-called the new product will use the GSM or CDMA cellular-based systems, but they will still just be a distributor of someone else’s product and application software. They will have 100’s of competitors with the same exact products, but these competitors won’t have the high cost of a public company to support or pay for someone else’s software, so guess where the already thin margins will go. The company will bragging about hitting 1000 units a month, but that won’t even pay Keith Tench’s salary, and with the high cost and low usage of the current analog network, they will have practically no re-occurring income from their sales. I could go on and on, but this is already more than anyone here wants to read about this company. And please people, don’t tell me it’s only semantics, WORDS MEAN SOMETHING, after all, it’s the non-supported-by- facts words, that explain why this stock is so ridiculously high.
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