Fam - first of all you misunderstood. I did not make contact with the commercial banker in question. Out of the blue I rec'd the email I posted. The individual was not responding to me, they initiated their comments internally, between two bankers, and one of them forwarded the email to me knowing I am up to my eyeballs in NVI stock. The one who had the harshest comments was the one who knows Ray.
Unfortunately in the case of the entity whose employees commented on today PR it would be impossible for them to help NVI as NVI has no assets to leverage against a straight debt loan. I believe there would also be legal issue preventing most public commercial banks from banking a start-up in NVI' current financial position. If not, the chief credit officer would probably lose his/her job if they approved a credit ap delivered to him/her by a credit officer on any company similar to NVI. NVI is highly unbankable, in traditional terms.
Now there are plenty of alternative sources of capital, countless methods to get the job done, and VC money, which you know I have tried to help NVI obtain is simply not one NVI is willing to discuss. The sources I have tried to provide NVI have been turned down out of hand, without any individual consideration. NVI's stated belief is that ALL VCs simply want to control the business and take majority ownership. BTW, sometimes that is not a bad things for investors, as most well run, reputable VCs are more capable than existing mgt teams to create a successful, flourishing company - because most VC principles have already done it over and over again personally and they are very connected to the proper people who can easily get the company from A to Z.
In any event, no one intended to be damaging, including me. I simply shared comments from those who make their living analyzing deals and determining the credit worthiness of current and prospective clients. In this case, I happen to agree that today's PR should not have been approved for public consumption because $300,000 is practically nothing and it seems like a desperate statement to say the company landing financing when we're talking a low 6-figure number. $300,000 does little more than cover the $100,000+ NVI recently paid ANI to trigger subsequent delivery of the long awaited (over 1 yr from the time NVI said they would be delivered) FPGAs.
It's a bit like shouting from the rooftop.... I sold $5 worth of widgets, when your quota is $10MM.... oh... congrats, not lets get on to the other $9,999,995 you have to sell during the next 364 days left in the year.
I'm glad they got $300,000. Great... we need $10-12MM....
And I clearly don't like even the hint that convertible financing may be in our future - not given my personal experience with other OTCs who ran out of options and had little choice but to go down that road. My concern is why that is the best option if the technology has such a bright future and Brad is so connected within the telco industry, not to mention the glowing comments shared in two President's letters after recent trade shows. It just doesn’t ring true… for me at least.
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