Earlier today NVEI posted a Third Quarter President's Letter on their website. There is quite a bit of important information in this letter, and I urge you to read it in its entirety.
Here are a few key highlights to be followed by the entire contents of the letter:
"First off, contrary to the opinion of some, we have but one mission: to become the best fabless semiconductor firm in the world."
"As for the first of these, product innovation, we have been jointly developing a new kind of transmission and modulation method that we'll put inside our first semiconductor parts with the help of our key partners at Cambridge University in England, Adaptive Networks and Zaiq Technologies, both in Boston. Our successful in-house testing has enabled us to initiate in-the-field simulations of our first device on outside physical plant with a carrier partner; we plan to deliver our first hardware prototype to both carrier and system partners later this year."
You may want to note that the words "successful in-house testing" in the previous paragraph. These are key words in my opinion.
In addition to the letter a Shareholder had recent correspondence with NVEI and the text of that will be posted below the President's Letter as well. _____________________________________________________________________
President's Letter, Third Quarter 2002 _____________________________________________________________________
Just a week has passed since the annual shareholder's meeting, where I had the opportunity to meet some of you in person. I'm still pleased that nearly one hundred fifty of you came just to hear us talk! As I become more acquainted with San Diego, I understand why so many of you come to visit our splendid home town. For those of you who could not take the time to join us at the meeting, I thought that a short recap of the meeting would be in order.
Our major business at the meeting was to introduce to you the new executive team and to tell you what we'll be doing in the year ahead. I would encourage you to explore our improving web site (www.newvisual.com) to see the actual speeches and presentation materials. Despite our best efforts, there are those who continue to propagate misleading information about New Visual. We live in a time where corporate ethics are rightly under the microscope. Well, I would point out to a few mischief-makers that investor ethics are important, too. So, I think that I should put a stronger exclamation point behind a couple of the things that I said.
First off, contrary to the opinion of some, we have but one mission: to become the best fabless semiconductor firm in the world.
Second, our product direction is clear - we are developing semiconductor products that address the performance bottleneck found in the "last mile" of the public transmission infrastructure. We are not going to build systems or boxes, we are not going to build Local Area Networking (LAN) parts, and we are not going to make any more movies. Anyone who tells you that we are doing any of those things is either uninformed, or is telling you so in order to forward some other agenda. My agenda is to make this a great firm through product innovation, by creating an exciting and rewarding working environment, and by creating shareholder value through excellent financial results.
As for the first of these, product innovation, we have been jointly developing a new kind of transmission and modulation method that we'll put inside our first semiconductor parts with the help of our key partners at Cambridge University in England, Adaptive Networks and Zaiq Technologies, both in Boston. Our successful in-house testing has enabled us to initiate in-the-field simulations of our first device on outside physical plant with a carrier partner; we plan to deliver our first hardware prototype to both carrier and system partners later this year.
As for the other two, making the company a good place to work and getting you more shareholder value, you'll just have to watch us over the coming months as we put in place more employees, more product successes and a stronger balance sheet for you, our shareholders.
Finally, I want to thank you for the opportunity to let me take this company into the market for high performance semiconductors over copper in the local loop. Many pessimists don't think that we can do it, since some of our competitors are much larger than we are, and have delivered many successful products before us. Those folks say to me "they have so many engineers working on the problem and we have so few." My reply to them is the same one I said seven years ago at my previous firm - it isn't the number of people you have on a project, it's the quality of the ones you have there.
So, I am excited about all of you who have come along with us. Ignore the self-serving rumor mills, and focus on what I am focusing on – coincidentally, the title of my talk at the meeting – delivering the promise.
I've been going over the recent 8k information and earlier public information and I've noticed that the acronym "VDSL" no longer appears in presentations or press releases. This peaked my curiosity so I went to the press archives and searched for the term "VDSL".
VDSL last appears in a New Visual press release dated August 27, 2001.
We subsequently evolved to providing "semiconductor technology " solution in our press releases. Is this terminology change indicative of change in technology and/or provision of a business solution above and beyond a pure VDSL solution?
Answer:
You bring up a good point. We are now and will be in the future a semi-conductor company. That is a physical device that enables services. VDSL is one such service. That type of offering is made by the service providers such as the phone companies. Because of how our technology will enhance performance over copper wire, VDSL will become a more viable service delivery offering for the consumer. It is the demand for services that will drive the demand for our chips. Our goal is to provide a delivery technology that surpases any other. VDSL is not the end objective, it is simply one of the services that will be significantly enhanced.
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