Nick's report from the annual meeting as posted on Yahoo. Good luck to all.
Fellow Shareholders, I did attend the Annual meeting, but did not return home until late Saturday night. Please accept my apology for not posting sooner.
A SPECIAL thanks to Carol Morse and Restorator for their sharing of information. I, too, will share what information I have that they have not already provided.
Initial Observations: Mr. Bramson did not, in
anyway, try to be coy, deceptive or cunning in his responses to the questions. He responded,
in my opinion, openly, candidly, directly and forthrightly ...if he felt that it was inappropriate to respond directly to the question, he so indicated. I will indicate in the appropriate places where I thought he could not appropriately respond beyond the provided answer.
The information will be provided in a "major concept" form communicating only the major thought as we all are aware of the underlying factor.
l. Patents: ITG patent protection was submitted a little over a year ago. The process takes about 18 months. So, we can expect approval any time within the next few months. Fast Track was not requested.
Additionally,all patent submission,enforcement research (with very few exceptions) is done in house. So, earlier fears about not having the financial resources to pursue violators is a non issue. The MAJOR difficulty is trying to find the patent violation because of embedding technology.....which was not an issue until that technology was introduced. It is now a more difficult task.
2. ADS Sale: There were two potential buyers.
Mr. Bramson explained it "matter of factly" One buyer wanted to steal the company by low balling the offer...the offer was rejected..period, and IMHO, wisely so. The other buyer wanted too many of the patents which provide us with needed income. The price (terms and conditions) were simply not acceptable.....Offer wisely rejected. The ADS is still for sale, but only for a price that Mr. B thinks is fair.
3. iNEXTV: There was a brief discussion about the ipo of iNEXTV. Mr. B. indicated that the market conditions were not right, at this time. I surmised (although not discussed) that when the time is right, it can be done very quickly.
4. Operating Expenses: I thought that I heard 2 Million a Quarter
5. CEO Inextv: Mr. B indicated that he had looked at quite a few resumes, and none was acceptable. He felt that the kind of person that would be needed would be a "marketing" type. And, that there wasn't very much money...
My feeling was/is that he recognizes that the company needs a particular type of person and sooner or later that person will be found and hired.
6.VC, equity position, Microsoft: Mr. B indicated that they are looking for money......
but declined to be more specific, then adding
"even if we were talking to MSFT or some other company it would be inappropriate for me to comment". I think that he is right. I also believe that the company is aggressively looking and PROBABLY has "found" the money.That
is an intuitive feel based upon the totality of the discussion.
7. Keepered Media: The EXCLUSIVE agreement with UPGD expired in March. The technology is still available for marketing. IF UPGD uses the technology, they must still pay according to the agreement.
8. Syndication: Work is being completed to obtain more syndicating partners. Mr. B. responded to a question about AOL being a new syndication partner. He simply stated that it would be inappropriate to comment about any specific company, including AOL. He didn't confirm BUT he didn't deny the question, either. My opinion is that we will have AOL as a syndication partner sometime in the very near future....How many more millions of eyes?
9. Infusion of Cash: Nothing specific, but Mr. B did state that if we receive an infusion of cash "things can change very quickly" There
was no elaboration of that statement.
10. Stock Exchange Inquiry. Mr. B indicated
that a written response had been provided to the ASE inquiry and a reply had not been received. The FEELING that I got was that this is not really a big deal. Again, that was how I felt (feel), i.e., they asked a question....we gave them an answer! Apparently, they did not see a need to go beyond answering their inquiry, at this time.
11. Press releases: We may see web sites using our material.....no press release because the contract, terms and conditions have not been finalized. When the agreement is complete, we will then see a press release. There will probably be a press release next week on one of the new syndication partners.
12. Work has stopped at the Berlin Studio. Lack of money, but an office is maintained there.
13. Wireless Application of ITG. Carol commented on this issue based upon questions that I had asked, but I just wanted to add that, of the many arrows in our sling, this is the one that may provide a quantum leap into the exclusive world of superior wireless video.
Incredible opportunities here!!
Carol Morse and Restorator really deserve our thanks for their efforts. They really provided the guts of the meeting.
Lastly, IN MY MIND, what was most important was what was NOT said contrasted to that which was stated. I BELIEVE that there is so much more going on that can't be legally and ethically commented upon at this time. Mr.B.was determined (almost forceful) in his statement that we will make it! There was NO discussion about filing bankruptcy, private placement, etc.
Those of us, alone in our thoughts, sometimes reach too far in our analysis. There WAS discussion about all
of the things that would be needed to move forward ...some issues with more specificity, others with less..as reported by 3 people.
Mr. B believes that we will make it! He so stated. He is the quarterback/coach on this team and is aware of all of the plays and the strategy to make a touchdown. He believes and I believe him. However, each to his/her own.
And, I don't feel dumb and stupid about my investment!>> |
