According to a call Jim made to Kristi yesterday, neither Paul or Allen Smith are drawing a salary right now, although I suspect they are deferring that income until such time that they can recoup their yearly dues. (the S-1 shows Smith's income yr. to date is $140K+ and Paul's is $70,000. But, this could be deferred income.)
PIC is not producing anything to my knowledge, and really never will produce "production level" work. Their whole strategy revolves around entering into one or more competing or non-competing strategic alliances, where their partners will produce product using Microlink's/PIC's proprietary plating technology and in turn pay INCE"s subsidiary a royalty.
Sigma I believe is running at about 1/4 to 1/5 of what is will ultimately produce at, meaning their idling. They need a significant infusion of cash (hence the private placement that we're being told will be funded just prior to Thanksgiving) in order to implement Gil Olachea's plan to grow their business to $25-30 million by fiscal year end. INCE continues to give every assurance possible that it is not an if, but a when situation. They say there is no chance whatsoever that they won't get the money Gil needs to move forward.
I wonder when they're going to announce the addition of Neuhaus, Olachea, the departure of Bauer, and the change of name and equity stake at PIC? Perhaps they're saving up all the press releases for after Thanksgiving to coincide with announcing the successful completion of the private placement? If so, December could end up being an interesting month (interesting to see how all the various pieces of news are received by the market, and what effect it has on the stock price).
Bill |
