Dear Board Members. First I want to say that as a President/CEO of a USA public company I am very restrained in saying things on a forum. Basically anything I say must already have been made public by the company through either an SEC filing or widely distributed press release. Or it's a matter already disclosed in the public domain. While we are in an historic high stakes litigation I am sure you will all understand our measure of caution in what we say as a company.
Having said the above I would like to answer and clarify some confusion using facts and publicly disclosed information. On the question of the card. We have made no secret that it has taken us just over a decade to create the in-card fingerprint biometrics. It has required an immense engineering effort that we have undertaken frugally, methodically and persistence. We have already disclosed that our plans as a company are to launch the MedicalKeyring and then release commercially our biometric card. The reason for this is to conserve our capital and spend it as wisely as possible. I can not state here our funding program but I will say this that as the President and more importantly the largest shareholder who is by the way not selling stock, I have been very careful to minimize ALL existing shareholder dilution. We will only take in funds for each step of our now growth and marketing phase in a way that will be in the best interests if all of our shareholders.
Regarding the court case. What someone on this board posted was the defendants arguments filed with the court. If you read it you will see they are desperate to knock me out as an expert witness on damages. They have failed to present any coherent defense or argument in respect of infringement. They have glaringly failed to provide an argument saying where we are wrong in our calculations of our combined defendants claim of $13.4 Billion. As I said in an earlier post, the throwing around of claims that we missed deadlines is not substantive to the issues at the core of the case. If they are hanging their hat on a strategy of winning on technicalities then their case us in very serious trouble. Especially when the delays on our part were as a result of their disingenuous manipulation that any Judge will easily see through.
Some have brought up wether or not the defendants in this case are required to make a disclosure of this case in their SEC filings and reports to shareholders. The short answer is YES. A publicly traded company is required to disclose even threatened litigation. This case is not threatened but very much underway and has been for some years. With each defendant being sued by SmartMetric for multi billions of dollars. THIS IS A MUST DISCLOSE EVENT. It is so serious that many shareholders could sue the defendants if they loose any money in either buying or selling because they can say the wouldn't have sold or would gave sold if they new about this case.
Regards to all,
Chaya.
AI
