Steve and C. Horn: This news release backs up everything I suggested about the situation.
1) MTEY refers to Antaeus as being "newly formed". In other words, it evidently did not exist in any meaningful sense in February, when DCHT claimed expectations of millions in orders. Antaeus then was, as it had been for several years according to MTEY's financial documents, only an IDEA for a company, not a real company.
2) Antaeus "plans to institute a research program" with DCHT. That is written in the future tense. That means that DCHT's website characterization of Antaeus as being a "customer" was a falsehood. A customer is someone who has bought something from you. Antaeus didn't yet exist, and, as of today, still hasn't yet begun the research program which presumably will result in business to DCHT at some future time. Several months ago Antaeus was not a customer, it was at best a prospective customer, and that evidently remains the case today.
3) This program is labeled a research program, not a commercial sales operation. Only if the research works out (and that may take many years - we are talking about bridge rust here, for Pete's sake!) might there be a commercial product. Furthermore, there is no mention of the government R&D money that MTEY's last two 10-K's said was necessary to get this research off the ground. MTEY itself has extremely limited financial resources, to say the least, and there is no mention in the press release of the private company, SIMS, that was supposed to be involved in the deal. If SIMS isn't involved, or has as little money as MTEY, there isn't going to be an awful lot of research done. Little research = small chance of there ever being a commercial product. No commercial product = no chance of DCHT selling millions per year ever, let alone "going into the millennium".
In other words, this press release is a clear admission that DCHT's February 17th press release and website puffery was misleading. My viewpoint has been vindicated 100%. |
