*#*#*#* Comprehensive D.D on SEVU and Management *#*#*#*
Here is a complete re-cap of most of the available Due Diligence material on SEVU, starting with a recent on-site report in conjunction with a Meeting of shareholders and supporters of the Company...
The shareholders Meeting took place on 22nd January at the Tierra Verde Resort & Marina, which is a large complex including Hotel, Restaurants, Bars, Conference Room, Pool and Docks in Tampa... SEVU has its Corporate offices upstairs in the main building and storage and work shop downstairs... All the manufacturing is sub-contracted and they only execute special orders at Tierra Verde...
1) Shareholders' Meeting...
About 150 people turned up, comprising Company supporters, Dealers and investors... At the entrance were several cameras in action providing black & white and color pictures of the surroundings and people passing by... The flood light bulbs containing the security cameras ("Secureview") and the TV monitors were all plugged in the hotel's electrical system and working as well as one was led to expect after reading all the literature on the Website... One big surprise was an underwater camera operating in dry conditions and providing as good a picture as the security cameras...
Rich McBride clearly runs a very tight ship, financially speaking, as the food served was barely sufficient for all the attendees and one had to pay for his own drinks... On two huge screens, underwater scenes taken with SEVU's cameras were fascinating: large fish being caught on the hook, predator fish feeding on schools of bait fish and the picture of even distant objects underwater was quite clear... Rich gave a quick intro, followed by the delightful Jennifer, his girlfriend who did a great job... The Board of Director was voted back in, Rich confirmed in his President/CEO position and the name of the Business changed to SeaView Video Technology...
Next we had a speech from a retired Army "big wig" who takes care of the commercial relationships with the Department of Defense, since SEVU's products are widely used by Government for a variety of purposes... Rich commented that Sheraton Hotels in Fort lauderdale were to install the "Secureview" system and that some Banks were in the testing process... Mass production will ramp up slowly to ensure that the system is completely reliable and foolproof, in order to avoid potential problems or recalls in future... While the final commercial version should be ready by the end of February, it won't be till sometime in May that the product will hit the shelves of the major Retailers in large quantities... Home Depot is very interested and awaits the final version with all the details about packaging, box dimensions, etc... being necessary before a large order can be placed..
Rich also explained that a lot of efforts and expenditure were deployed to have strong and enforceable Patents on all the inventions supporting the various products... His business approach is risk averse and very conservative, which is good news for investors... After he Meeting was over, I was invited to have dinner with Rich, Jennifer and another close associate and Director of SEVU...
2) Military Procurement through retired Army Colonel L. Hoffman...
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3) Rich McBride, President and CEO...
Rich is clearly the key to the success of SEVU... The man is tall and lanky in his late 40's and strikes me as a straight shooter... He has the education of a Medical Doctor, although he has never practiced in that capacity... He has a very keen sense of observation and great scientific curiosity... His endeavor is not to re-invent the wheel but to find new applications to existing technology by tweaking the parameters and applying a simplified approach... In short, Rich is a very prolific inventor and "Secureview" is just the tip of the proverbial iceberg, as numerous new and exciting inventions are either well into the testing stages or on the drawing board... One of his favorite demo for the camera's ability to focus in close range and in complete darkness is to stick it in his pocket: you can actually read the numbers on the Dollar bills...
Besides being a very talented inventor, Rich is also a very experienced and successful Direct Marketer, which is a rather unusual combination... All the substantial and necessary advertising is produced in house and the suite of offices includes a production studio for infomercials... At the meeting, we were treated to a "draft" T.V commercial that really made you want to buy the "Secureview" camera system...
4) SEVU has far more potential than just "Secureview"...
It is quite clear that "Secureview" is only one facet of the Business... The Marine Division has 16 Millions potential customers and a number of products, one of the latest being a one Million candles Green Light, waterproof to some 300 feet, that is very efficient for attracting fish at night... It retails for some $59.00 and will likely sell millions of units worldwide... Likewise, the Industrial Division sells some special cameras for inspecting pipelines and cased well, others to facilitate accurate placement of pallets handled by forklifts and a number of other applications... We also discussed the creation of a new division that will encompass inventions currently being developed that do not relate to the camera business... This new Division could later be spun-off into a new Company, while SEVU would retain a controlling interest and give current shareholders dividend shares in the new entity in direct proportion to their holding in SEVU...
5) Existing Due Diligence...
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6) Conclusion...
SEVU is a very special situation and it has already been courted by large corporations that want to acquire it... It's a "squeaky" clean Company with a range of current popular products and a bevy of new ones being refined for future marketing, worlwide... It's currently the largest underwater cameras manufacturer and will become a force to be reckoned with in the Security industry... It is led by a lean, efficient and practical Management with a clear vision... I can only reiterate my previous share price forecasts of $10.00 when a Letter of intent or a major contract is signed concerning the marketing of "Secureview" and $30.00+ by the end of the year when financial results become available to confirm our expectations...
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7) Disclaimer...
This is only my opinion, not a recommendation and no responsibility is accepted for errors or omissions... Potential investors should carry out extensive Due Diligence and only invest what they can afford to lose...
JMHO, F. Goelo + + +
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