Please copy and repaste this into responses
----------------------
-------------------------
Re: Audit
New controller has only been on the job 23 days so that's a large reason for the delay. 2011 and first quarter 2012 will be done by approx. mid July. The intent is to have two years worth of audits 2011 and 2012 to be able to register for the OTC BB exchange without any reverse split. Going backwards and doing 2010 didn't seem to make as mch sense.
One caveat is that the Miller's Group continued involvement is contigent upon having audited financials. They do not work with companies that don't have audited financials. This was noted in response to a question about whether or not the Miller Group has done an assessment of strength and weaknesses of VTSI and Miller Group was rather emphatic that they have to have audited financials for this to happen
---------------------
---------------------
RE: Gander and commercial sales
As part of the power point presentation questions regarding VTSI working relationship were pre-empted by Ferris pretty much as noted in the power point. In Q& A when the question was asked as to the existing tenor of the relationship betw VTSI and Gander, Ferris basically said if gander wants VTSI's state of the art equipment, Gander will come to them for it. There were a couple dissenting opinions expressed before the meeting regarding this. Regardless until gander builds facilities using another vendor's equipment, nothing definitive can be concluded about the state of this relationship. Ferris did note that VTSI's agreement with Gander was amended to allow for VTSI to pursue other commerical opportunites. This was a complete aside during the Q & A not connected to whether or not gander will or won't use VTSI in the future.
---------------------
--------------------------
RE: Lockheed and most recent website annoucment
Ferris read the news annoucement at the meeting. He referred to it as a "game changer". He cited how Lockheed has successfully utilizied smaller companies. According to Miller, Lockheed though doesn't allow smaller vendors to make news releases, so don't expect to see the website information in a broader PR.
In Q & A, a question was asked regarding Lockheed and Meggitt's relationship to which Ferris said he didn't know the nature of their relationship, but see that between Lockheed and VTSI as something completely separate.
Note: Miller, in general, has changed the PR policy, since previously unspecified news had been released prematurely. Therefore don't expect as many sales PR 's to be released until the sales are actually realized.
------------------------
-----------------------------
RE: Sales to Law Enforcement
Ferris presenting a map demonstrated all the opportunites for sales. By noting how VTSI's simulators provide law enforcement agencies with legal protection against wrongful death suits as well as savings on ammunition, Ferris stated how even in this era of austerity, VTSI products were very marketable for their potential cost savings for these departments. He noted how sales strategies are being changed to take advantage of these opportunities. During Q & A he said these new strategies have already resulted in new sales.
--------------------------------
---------------------------------
RE: Miller Group's Involvement
In Q & A Rudy Miller was asked about what he perceives to be VTSI strenghts and weaknesses to enhance or change moving forward to take VTSI to the next level. To which Miller responded that his compay only works with companies with audited financials, so as noted above, the audited financials are obviously a prerequisite for Miller's continued involvement.
He did though say to date a lot of Miller's role is to make the company more transparent to potential investors starting with the audit, which he said he'd rather get correct and a bit late rather than rushed and inaccurate. For transparency, it included having the correct attorneys, and reestablishing share holder mtgs plus trying to get more shareholder participationespecially in proxies.
All in all, my personal impression of Miller was a good one. He seemed quite legit wanting to get rid of the questions and any sense of shadiness that would keep investors especially institutional investors from investing. Again though he seemed a bit constrained until he gets the audited financials
-----------------------------------
-----------------------------------
RE: Board of Directors
The last question posed in the Q & A was what were Jeff Brown's qualifications to be a Board Member to which Brown responded his role as a CPA in growing another unrelated company's revenues. Brown certainly didn't seem to have any expertise in any of Virtra's targeted sectors or any background in law enforcement or the military thus his presence on the board wouldn't raise VTSI's stature in these communities. he really seems like just a place holder who should be replaced as quickly as possible with someone who has more credibility. Is he a yes man for Ferris? Probably, and it seems that to a large degree for VTSI to move forward that Ferris has to be willing to reliquished some control of the baby he birthed and nurtured in his garage.
This was the first time I met Ferris in person. His presentation was competent, though not the most dynamic. He certainly wouldn't make any one forget Steve Jobs. Ferris doesn't seem to have that type of inspiring personality. At some point probably sooner than later, if Ferris wishes to maximize the value potential of the company (and his own shares), he'll realize his limitations, and find some one who is more inspirational with his leadership style. Some in attendence seemed to think that Ferris would never let go of his baby which he tends to micro manage too much.
