Just read the President's letter and suffice it to say, it just about covers the issues discussed at the recent breakfast. Let me make one observation, or elaborate on one, I went to this meeting not expecting to get any real juicy info. I knew there was a limit on what could be discussed. I went primarily to meet Mr. Ketch and get a sense of what kind of CEO he was. I have met my share of CEO's in the past, some of whom I wouldn't let sweep my garage. I'm no expert but, Mr. Ketch was honest and answered questions directly. He wasn't evasive and he was to the point. He was confident but not arrogant. He was knowledgeable about the industry and our tech. He pointed out the issues of concern and the positives. He didn't come across as a cheerleader or a bad salesman. To sum it up, I think we have a capable CEO. He's no figurehead.
Additionally, he is cognizant of shareholder's desire for some solid positive info and the frustration. He said our tech is unmatched and is confident that we have the best solution. Funding, naturally is the big issue and he said, essentially what is in his letter. He also told us that he had dinner with Tom Cooper the night before our meeting to discuss, again, what is referenced in his letter. He said the mercatus deal is still very much viable and other sources are actively being pursued too.
As for the movie he pointed out that because NVEI is essentially a "one and done" company in the film industry(my quote, not his) negotiations were initially a bit trying. In otherwords, if NVEI was going to be a repeat player in the fimmaking industry, some of those he has negotiated with may be more wary of taking advantage particularly if there was a possibility that we have another film coming down the pike. For example, if we were PIXAR, potential suitors would be less apt to try and screw us over because there's a distinct possibility that the next film we make could be a goldmine and then they would be left out in the cold. NVEI has a great film, but no such leverage. Consequently, each deal/ offer, and there have been multiple offers in writing, is carefully scrutinized. Mr. Ketch said the last thing he wants and or can afford is accepting a deal that will leave us depending solely on box office profits because we all know about how those "profits" can magically dissappear once their accounting department has a chance to fudge numbers. We cant get embroiled in litigation to chase those profits down. That's counterproductive and expensive etc. Having said that, Mr Ketch said the offers are getting better and there is still time to see others that are in the works. Tribeca is only going to help. I did not get the impression that the tech funding efforts were tied to the movie. Mr. Ketch said he viewed the movie $$ as a nice annuity, to go on top of other primary sources of funding that are actively being pursued. Hope this helps.
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