I greatly appreciate the time Moe has taken to provide this clear and concise update to shareholders, and I congratulate the BoD on selecting him as our new CEO. It sounds like he is doing his best to put ZEN on a clear path towards success.
A couple of things, however, jumped out at me when reading this update. First, after everything we have been through, it seems Albany has gone to being back on the front burner instead of the back burner, which I find a bit surprising. Moe states: "...our high-purity graphite deposit which is our lead value creation asset..." That appears to go against some of the thinking on here, and Moe's letter also seems to express that we are not technically ready with Albany to seek out the sale or joint venture arrangements some here had been hoping would happen sooner rather than later.
Second, although I am very happy that Moe has taken the time fully analyze our situation and that things are being cleaned-up, it strikes me that Albany, ZenGUARD and Triera/apatmers were always our 3 core platforms of value creation, although the apparent sequence of priority seemed to previously often shift around to feed weary investors some new excitement.
To be honest, I kind of find the tone of the letter a bit downbeat and in the end there is nothing really new in Moe's letter other than some cost cutting... Same 3 pillars and still waiting for HC for ZenGUARD HVAC...
He is certainly offering a more structured approach than GF, but what's next remains to be seen. True he has to show that he is taking the bull-by-the-horns and also putting his own approach into action or else people would question why he was appointed the CEO, but his letter is just words, so now let's see the action that will result in much better market valuation... Moe is not reinventing the wheel, but rather sharpening or refining ZEN's approach to further advance our long-standing 3 platforms with a fresh management approach. It also sounds as though he is also working hard to put ZEN in good standing with HC.
It also appears we are no longer an "IP development" company, which I have to say was a business model I was never comfortable with... I say this because my understanding from reading his letter is that he is focusing on developing the business of the 3 existing core platforms rather than continuing to introduce and develop new IP, as well as advance our other existing IP. |
