I wish I had more time to define the meeting, but I am off traveling this morning.. but believe me, it was extremely impressive. Lev, to my surprise, was open, affable, very sure of himself, well dressed and receptive. He said at first what he couldn't say (lawyers were present) and spoke about the problem of PO's, saying things don't work that way. The thing is a process -- batteries go out, are tried, evaluated, refined, go out again, tried again, OEM's express new ideas, etc., etc., and eventually they come to an agreement, but there are no PO's. Only when the batteries are actually SHIPPED will it be possible to announce anything, and that will come from the OEM's. Hopes to have an ID similar to Intel's (Valence Inside or something non-infringing like it)). He's aware of our web, intends to be more web--friendly. Because there is so much flux in this process, the final sizes of the bateries are yet defined, but they can make them in any size, and very quickly. The film was absolutely amazing to me. Yes, analysts have been there are more are coming, but they like to come alone without other analysts and more are due. They have all been approving and impressed, but do not release info until it's a sure thing re sales. There are 211 patents with 135 more pending. These are all protective and developmental of the Manganese oxide approach, which is proprietary, and an enormous advantage. The main problem is energy density -- this has to be constantly improved and they are doing it. Small b's can be made at 25/minutes, lge and 4/min.
Really, the ONLY problem is RISK. Lev said if he ships 5000 batteries that are junk they will be dead, over, finished, he will be sued, and by us. Thatis why there is such enormous emphasis on quality control, quality assurance, he calls it.
Their relationsihps with OEM's are healthy, and ongoing.
Burn rate still high, but money not a problem.
Most impressive: the line checks EVERY battery as it goes thru, not spot checks, so any defect is identified immediately.
A CFO search is ongoing, and Lev smiled, was optimistic.
No more time. Back later. Further deponent knoweth not. |
