The June 10-sb filed by ADOT stated that before production of the flat panel displays could begin further R&D needed to be completed, that they would need to purchase additional equipment (costing between $165,000 to $250,000) and hire four technicians to assist in the setting up of this equipment and be trained to operate it. The company expected the total cost of this to be about $425,000 and be completed by December, 1998. Once they finished their R&D and had the equipment in place, ". . . the company will be able to complete the production of the first panel in approximately 180 days." That's approximately June, 1999.
It also stated that in March, 1998, the company filed a Reg D to raise approximately $1,000,000 ". . . to be used to complete the remaining R&D, purchase the additional equipment for production, set up the equipment, and obtain additional technicians and marketing personnel." It didn't mention that that money would be used to increase its stake in Biomoda.
Yesterday's first release "announced the company is gearing up for assembly-type production of its display sytems by adding key technical personnel to the production team." Sounds like they're about on schedule. Relatively, that's good news!
The release substantiated what the honorable Leslie Robins purportedly told Brad about setting up a marketing department in January. I personally can't help but wonder what they mean when they said that they "pre-qualified" several buyers for seven more flat panel displays. They did that without a marketing department, and before they even finished their R&D, and for billboards they won't be able to begin working on until next Summer? Someone suggested that these entities that "qualified" had found out about ADOT's billboards through their website. Companies that have $1.7 mil to spend on a flat panel display and that meet ADOT's stringent standards for "qualification" chose ADOT's billboards after surfing the internet? How many applications were rejected because the interested parties didn't "qualify"?
Give me a break.
Then, the company releases an unsubstantiated and "irresponsible" report (by BIGFRED's account!) that Biomoda is soon to go public. The company sells into the brief buying frenzy it generated, and people on this board start counting how valuable their shares will soon be and proclaim and acclaim Robins' concern for us shareholders. Sheesh!
When Disney sets up the first ADOT billboard in South Florida, I know what it's going to say on it: FANTASYLAND.
If Biomoda were to go public soon, I would sell my shares in ADOT at a loss and put what's left on Biomoda. |
