A message from the CEO
I want to thank everyone who has supported us and sent along their comments, questions and concerns. We have not posted much on the delivery times because the manufacturer has mad several promises to deliver which at the last minute where pulled away. The order is paid in full and we can only wait. Also, just so you know we still owe the manufacturer money for the development of the Lapboard. Yes, thats correct, they were never paid for the original contract to engineer the first samples and then tooling for production. The manufacturer has graciously allowed our current team a payment plan over the next 12 months (over 100K) while continuing to produce Lapboards. We cannot just “find a new manufacturer” as this would have a six figure price tag to just see a few handmade samples. In all fairness, they have every right to demand the engineering payment in full before they ship…but they did not. We owe them patience and gratitude right now.
We did not blow through the original investors money; its not baggage we will carry. Below is an excerpt from an email dated April 6th from the manufacturer. I am in constant contact with them and this is where we stand:
“The membrane will be ready on April 17, 2009, so we can finish the production within one week after April 17, 2009. I am very sure this time the schedule is confirmed. Due to the old membrane doesn’t have the ability to produce it, finally we changed to another supplier to solve the problem.”
As far as posting finances, we will not do it without counsel approval. NASD investigators have called me and asked for some company documentation over two months ago. Everything checked out and there are no issues but it makes no sense to do something which might jeopardize our efforts. Not one (1) share has left the company treasury since we took over, rest assured. We have made one wire to the manufacturer and not on person on our team has been paid anything yet.
We are still slightly ahead of the technology curve for the Lapboard so as long as we do ship shortly…we have a chance to make an impact on the industry. I promise an update at the end of next week, just realize I cannot take their dates at face value yet. Hopefully this will change.
This entry was posted on April 15, 2009 at 9:05 am and is filed under Message from the CEO. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.