Bank, I would be glad to take a class from you any day. I think your grades are fair, given the information you have. I would up 3-4 based upon public information that would be hard for an average shareholder to get but I can be a generous grader at times also. So I won't critique your grading at this point.
Personally, I would under promise and over deliver but I don't know how it works with publicly traded companies. I also tend to over communicate as you can tell (LOL) so the present strategy of management is beyond my temperament and experience to critique. IMO it is strategic/intentional in that they could dribble out some news that they don't. But, as I think about it, talking to partners, visiting partners, etc. isn't really material. It would encourage SH's but so would an 8-K of a teaming agreement or joint venture--and they would be required 8-K releases IMO.
UML IMO was the right idea but the wrong partner. UML is a consortium itself and WSGI ends up being one possible grant opportunity in a hopper of opportunities. IMO they are a second tier team in a second tier midwestern state. Learning from their slowness when we need to go fast, personally, I would build a dedicated consortium in the northeast, central Florida, WVA or Ohio/Indiana. I would include at least one university research institute, a contract manufacturer, a marketing partner, an engineering partner and WSGI. The consortium would focus and derive shared revenue from just one product line--I'd start with the Argus, personally because I think BiB is pretty far along. You could do the same thing with GTC but you probably wouldn't need the university partner--or I haven't figured out how yet. The sole purpose of the university partner is to attract SBIR and grant R and D money.
I dig in the mideast so there is hardly ever any mud. :<) Thanks for your kind words. Actually, this is not me being enthusiastic--I would say this is me in my realist mode on this board. You should see me when I am enthusiastic! It is only the context that makes me look positive. Good grading, the students always need challenged. Respectfully, Indy.