Progress Report from Jeremy Feakins, MTEN CEO, from Leroy Stockman Forum:
Hi LeRoy:
The LensCrafters pilot trial, following the purchase of the 28 PhotoScreeners
for the Chicago area, is progressing very well. We have heard of several
positve reports where the Doctors in LensCrafters stores utilizing the MTI
PhotoScreener have discovered eye problems in Children - especially those
falling into the 'special needs' category. Generally speaking, this is neither
feasible nor practicable with current methods and equipment. The PhotoScreener
is doing it's job well, as we said it would. LensCrafters seem to be very
excited. We should know within the next month or two what their next steps are
to introduce the MTIPhotoScreeners to all of the LensCrafters stores .
Your correspondent was correct when he wrote that the other chains would
probably
follow suit. Why would they want to be left behind? The MTI PhotoScreener is
the ONLY portable, instant screening device for the detection of serious eye
problems in young kids before irreversible damage takes place.
Our revenues for the period ended Dec 31, 1997 are a good indication that
things are working here at MTEN. For the quarter, our revenues were over
$1.4m, up from around a $1.0m the prior year. For the first half of this
fiscal year, revenues total over $2.4m, up from about $1.8m a year ago. Losses
have been slashed in half, proving again that we are heading in the right
direction. We will probably report losses of ($.040) compared to ($.124) this
time last year. We are headed for a profit or at least break-even by the end
of this fiscal year, which will be a welcome relief after reporting a loss
last year of ($3.5m.) The turnaround will be startling, and I hope the market
rewards us appropriately - its been a very demanding time for the Company as
you know.
I would like to thank those members of your forum who have supported us during
our early years. Although as Investors we like to make a profit,
participating in MTEN allows the Company to pursue it's goal of distributing
the MTI PhotoScreener in an effort to save the eyesight of thousands of
children worldwide who might have suffered serious and irreversible vision
problems as a result of disorders not being detected in time for corrective
treatment to take place.
Thanks again.
Best regards
Jeremy P. Feakins
Chairman and CEO
reply: Jeremy, you sound like you have things under control there. Don't be
a strange to the forum....thanks..LS |
