Friday, December 16, 2005 10:00:00 PM
I was VERY IMPRESSED by management. Chas Fritz an expert on the technical aspects. Jensen on the business side. The new fellow from Dupont (I forget his name) heading the paint division, and M. Copus from 12Snap were ALL very knowledgeable and I think we've assembled a great team. Copus really understands the marketing potential and applications. So, interms of management we are very well served in my opinion.
All speakers were very aware of the company lawyer being present and all were careful not to say anything forward looking that could break SEC rules.
As stated before 13,500 shareholders in NEOM and 50-60 present.
Options are NOT being sold to buy stock at 1 cent. Options are issued to new employees at exercise prices close to when they started work at NEOM, to serve as an inducement for better share price.
Virgin payed $100,000 (via law suit) for PAST use of NEOM technology. No further revenue deals with Virgin for their stores OUTSIDE the U.S. which means there is potential for MUCH MORE REVENUE in new world wide Virgin entertainment deals.
Virgin Key names seem to have been part of the law suit settlement, meaning not much added revenue from them for names.
MOBOT was present and giving out info at SHM so MOBOT closing deal seems to be a non-issue now.
NEOM burn rate of cash is $2,000,000 per quarter. They are looking for revenue from BSDS and Micro Paint plus NEOM has UNTOUCHED 100 million dollar line of credit with Cornell so NEOM can afford to stay in the game as long as it takes!!
NEOM is not concerned about Cornell/SEC investigation.
NEOM thinks that a lot of the RFID usage by other companies today is crossing the NEOM bridge.
NEOM got rid of SAIC because they were too slow and NEOM replaced them with SI. Jensenn regretted wasting time with SAIC.
The potential market is HUGE due to the fact that there are billions of barcodes. One barcode could generate $1,000 in yearly revenue but a company wlike P & G would be getting discounts due to the number of their bar codes. Plus the number of images (i.e. MOBOT) is huge. Therefore our potential revenue is VERY GREAT.
Nasdaq isn't the only market to list on. AMEX is relaxing its rules and could be VERY interested in a company like NEOM.
Shareholders complained of the lack of communication from the company. Jensen said they don't have the staff to handle e-mail questions. He had to greatly downsize the co. following the 2000 tech crash and law suits. They would now like to hire a PR FIRM to help with communications. The company has greatly wanted to communicate more with us but just as they were recovering from staff cutbacks following the tech crash, they were hit with the QP.
People on the board have questioned if NEOM is hiding behind the QP. My impression from SHM is the opposite. NEOM wishes to be free to talk
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