Linden, It appears LOCK has over $2 million in inventory stock already produced and in storage taken from the April Q report..
In May 1998, a new Vice-President of Marketing, Stephen Eccher, was hired and shortly thereafter three sales representatives were engaged to spearhead the Law Enforcement effort. When production was abruptly curtailed, as explained in a previous section, the Company had excess inventory of approximately $2,010,000. In addition, almost another $ 490,000 was immobilized in receivables from USA, tying up approximately $2,500,000 in cash much needed for Law Enforcement marketing efforts and general operation of the Company.</>
More from the Report</>In February 1999 the Company identified an investment banker with whom it has entered into negotiations to obtain additional capital. With the anticipated infusion of funds and some sales revenue for 1999 the Company believes it can continue operations and its Law Enforcement marketing program through 1999.
On March 1, 1999 the Company concluded its months long negotiations with the U. S. General Services Administration, the purchasing arm of the Federal government, obtaining a five-year contract easing the way for Federal and some State agencies to purchase Saf T Lok(R)s at the negotiated terms and discounted prices.</>
Anything could happen as you well know
TK |
