It's he car and the kid.
Give the kid his due. He invented a car that passed the initial inspection for racing, will do 225 on the turns and 315 in the stretch. Many witnessed the demonstrations but no team wants to buy one. Why?
They don't trust the kid or the car! They don't trust that he can build more than one because he didn't invent it with engineering discipline, meticulous documentation and quality control processes. And, other drivers refuse to let the kid drive in a real race because of his immature past behavior and lack of trust that the car will continue to perform in a safe manner.
Nobody has been given any reason to trust JB, BI, or their product. Ultra uses ceramic plates for which they certainly don't give up all of the engineering documentation but they do get complete specifications and performance data and they can rely on Ceradyne or other suppliers to provide consistent quality controlled products. The processes of production are just as important as the product itself because they are a major part of the product. Even a passive application, such as heat sinks, is a non-starter. While the heat sinks made this month may work great there is no guarantee that next months production will work at all. Therefore no trust in the supplier.
After several years of owning this stock there have not been any significant trust building activities. BI cannot be trusted to manage their stock, their finances, or their product and the former CEO is in jail. In any successful company risk is always a concern. No company is going to add risk to their product by purchasing materials from a high risk supplier. Risk must be identified, managed, and REDUCED. I see no effort on this subject.
You are right about the necessity of turning the business over to a center of trust (another company) that understands the elements of quality controlled engineering and production. The members of the BOD have the power to make decisions but an unexplained reluctance to do so. Hiding behind loyalty to JB is no excuse.
My conclusion at this point is that the existing BOD doesn't know what to do and therefore does nothing. They apparently don't understand the term "fiduciary responsibility" either. The opportunities are certainly there but are slowly fading away.
My suggestion, which will fall on deaf ears, is to pick one product, armor, and find an established company to take it forward. Make the decision and move on. 10% of something is better than 100% of nothing.
Candyman your telephone conversation just underscores the situation. No matter how many conversations you might have with prospective users of Kryron, it won't help if the BOD doesn't make some smart business decisions soon.
Come on BOD - go to SCORE and get the executive help you need. Those retired executives have track records that can help BI be successful.
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