I'll tell you what I feel comfortable disclosing as I don't want to jeopardize my relationship with Rich or imply that the company leaked any news to me(they didn't). First off let me just back up what others have said (like Francois) that Rich is first class all the way. He was gracious in meeting with us on short notice and took an hour from the middle of his day (and he was busy) to answer our questions and give the SecureView demo. Also let me mention that I had a good grasp of the business and all the PR's so my questions were meaningful and direct, ie -- he didn't have to waste any time explaining the business model or their products. Let me also say that I believe Rich is a prolific inventor with exceptional business acumen and these combined traits convinced me he will turn this into a multi-billion dollar company.
When I arrived I looked over the board in the entrance tallying the SecureView sales since Oct. 15 (i'm pretty certain that was the date he said). It totalled $5.5 million. We then went into the hallway where he had a monitor plugged in showing video from a SecureView. Then he took us into the conference room and gave us the demo that many of you have witnessed or heard about-- putting the camera into his pocket. I could read the serial #'s on the bills, the clarity and infrared technology was truly impressive. He also inserted it into a tackle box and closed the lid and you could hardly tell the difference from when it was open. I'm a trader/investor so I was interested in what he had to say about the naked short position and if he believed it to be significant. He said they thought it was but there's really no way of knowing exactly what the number of short shares are until the move to AMEX. So of course I asked him if he could tell me what the hold up was for AMEX. Like I mentioned before there were several factors going on with AMEX that were causing delays unrelated to SEVU. Apparently AMEX has gotten some heat for allowing a few marginal companies on board and this had slowed the process for new applicants. I asked if it was also due to the shareholder equity being below the $4M figure and he said that wasn't an issue. Another big factor was the state of the market. He said that timing has been an issue given the nasty market and I concurred and then told him December has historically been a great month and he agreed. I will say nothing more on this matter other than that I got a very good feeling. Next we talked about the LAN technology and he tried to explain to me how it works but my level of IT skills is quite limited so I can't really comment. I asked if we could expect to hear any big news/alliances on that issue and he said "no comment". I did get the feeling this will be a big deal next year. We talked about Logis-Tech and Taiwan and the potential US govt. orders. Again, I won't go into detail but he seemed very confident that Taiwan would come through as well as the 500 buildings in the US. Remember when he talks about a building, it's approximately $15,000 each for the SecureView package so these are huge orders. Oh, I also asked about funding and would they need to do a secondary offering to finance all this growth. He said no need, that he had arranged a personal loan (we had heard about this). He also said there were many offers for equity financing so there is no shortage of cash if he wants it. We both agreed it's in the best interest of the shareholders to minimize dilution. Lastly, he took us down to the first floor for a quick tour of the engineering/storage area and there were half a dozen guys working on something and he told me they were developing the stand for the denta cam. He then graciously gave me a bunch of T-shirts and Go SeaView license plates and I bought one of the mini-underwater cameras for a Christmas present. Rich tried to give me the camera but I told him no way, I wanted to contribute to the bottom line. He was so gracious in his offer and I truly appreciate him taking the time to meet with us.
That about sums it up. I think I have bought shares everyday since we met. I just hope this helps those on the fence here realize how close we are and that selling now will look very imprudent in the coming weeks.
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