We are certainly aware that "iris scanners" are being tested as another "futuristic identification system", and appreciate your reminding this thread.
You may also know that Mytec had its Touchstone verification device installed in a Royal Bank ATM recently, to demonstrate future remote banking technology.
The biometrics market seems to be opening-up at a pace slower than anticipated by previous MYT management and "associates" for their own personal purposes.
Quantitative market information is not abundant for the time being. A company by the name of VeriSign has announced its IPO for early 1998. In the Prospectus it is mentioned that the research firm Forrester Research estimates Internet business-to-business commerce alone "will grow to more than $327 billion in 2002 from less than $8billion in 1997". It would be reasonable to expect that the market for "futuristic identification systems" will grow accordingly.
I feel betrayed by previous management and "associates" for their actions, and only hope that they receive the punishment they deserve, better sooner than later.
We must realize however that a new "professional" CEO is now on-board:
his credentials, including previous experiences and managerial style, should suggest that we give him confidence and support his efforts. To the best of my understanding he has confronted the major issues without hesitation, making the "product" ready for sale and marketing, refocussing the strategy, and reorganizing the company by bringing-in competent managerial talent. Sales have begun. A communication channel with shareholders has been opened. If the information I have is correct, Tom Grecco purchased 40,000 MYT shares @ 3.78 on Septemebr 2, 1997:if he has put this chunk of money in MYT he must be sure that the technology is valuable and that it can be successfully exploited.
It is extremely depressing and upsetting to see the stock price performance these days. The "old" guys are condemned for their actions, they abused our confidence, and took advantage of us. But now, we must look ahead with a positive attitude, and watch the new management team carefully.
My expectations are for seeing positive and substantial developments at MYT by March 1998, at the latest. I would also expect that a second Conference Call takes place before the end of the current year.
Your comments are welcome.
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