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  • Prana: Right Drug, Wrong Dose [View article]
    I'm sure the Author would have preferred to not have such a sharp decline, and would have liked the drug to show some promise. But he did go by his convictions even if it was against the grain at the time. For that he deserves great credit today. Hopefully, PRAN still holds promise and will probe further.
    Mar 31, 2014. 10:18 AM | 3 Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Peter Shin had not been responsible for day-to-day operations of UniPixel as its COO. Robert Rusenko was being considered the future COO, and was operationally the person managing day-to-day stuff. From what I had learnt from outside the company, Peter was more responsible for alliances with Asian partners, and was believed to be mostly operating out of California. I would suspect COO would be a fairly soon internal appointment, and it will be Rob Rusenko.

    I was attracted to the Additive Manufacturing part. That was verified. The question was can they do it in volume. When they scaled to 700,000 units by September, that was a major milestone, and thereafter an initial PO. It then came down to commercial production. The volume was to be small in Q4 for these initial orders, probably 1 to 2 days of volume production run. But why it didn't occur has to be clarified. Since the Company was able to bring the Printer and Platers online in Lufkin for same equipment capacity, it was a process that needed to be replicated in Rochester. One has to wonder if that is still as planned and would now be there in January 2014 instead of December 2013.

    The reasons for CEO's firing can be many. But the Company has to break its silence. At any other time, the departure could have been considered a positive. At this point, it raises questions. Till the Company discusses the state-of-affairs now, the situation remains in a flux and we are groping in the dark. And the tendency is then to assume the worst.

    A quick, bad update is better than none at all. If there is no update, then perhaps there isn't material deviation from the announced Plan. The Board would be receiving legal counsel, and the relevance of an update in case of material deviation would not be lost on them. Perhaps we see something this week. For the time being, the situation remains unclear.
    Jan 1, 2014. 05:35 PM | Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Richard,
    Whether the revenue expectation in 2013 line remains in 10-Q is most likely a question of being "material." The initial order revenues will be small in Q4. If removal of the line from the 10-Q is a concern, then the offset is the mention of a similar expectation of Q4 commercial revenues in the PR for Q3 results on the same date, "...we continue to expect the start of production revenue in the current quarter and ramping production revenue throughout 2014."

    You mention above Plating is not Additive, and the resulting toxic waste. Well, at least Printing is Additive. The Plating bath was never supposed to be Additive. Since Plating is not a new process unique to UniPixel, any byproduct issues have been around for years and are managed by the industry. It's not that ITO by-products are wine and fruitcakes or that other companies using Plating are all being investigated by the EPA.

    In a few weeks we will learn about the Company's ability to bring Kodak's Rochester facility online, further indicating whether it can successfully Print and Plate in volume. The final proof will be in the Volume Orders, which should be a Q1 event.
    Dec 16, 2013. 02:45 PM | 3 Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Thanks for clarifying the Fifth point. Since that's quite "sensational" I wanted to quickly present my thought.
    There was a shipping delay that was announced. So on November 07 when the Q3-10-Q is filed, It makes sense to remove that line for 2013, which says "We expect to sell the finished products to OEMs in 2013." The symbolic revenues for Q4 are going to be very small.
    Dec 10, 2013. 04:21 PM | 1 Like Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Richard,
    It’s a long post covering many things. So a long reply.
    The presentation makes for very interesting reading.
    I didn't say I can't read the 10Ks and 10Qs of the past.

    From Nov 2010 presentation, no slide talks about a Capacity Ramp Plan - meaning dates when they expect to have a certain # of printers and platers installed. Slide #17 cites advantages of roll-to-roll. There is a picture and they talk about sub-5 micron width and 500 ft/minute speed. The 500ft/min seems very high; so most likely they're not referring to Additive printing. One doesn't get a sense whether they're talking about the promise of R2R process, where they're planning to go or are they talking about the current state of affairs as existed in Nov 2010. It can be understood both ways. At no place I find any mention of how much equipment capacity was already installed. So the capacity you're talking about may be a right calculation, but the equipment was not even there - at least I don't find a reference to any existing ability to produce. I even looked up a 10-K quickly for 2011 and didn't find any reference for equipment installed to produce such fine line films.

    Furthermore, the 5 micron reference in 2010 can't be an existing state of affairs in Nov 2010, because they were at 20 micron lines in 2011. Overall, I find the presentation fairly vague and the company's market strategy at that time quite diluted as they plan on going after so many different opportunities. I'm surprised money could be raised solely on this presentation. At the same time, we're missing the soundbytes and Q&A that would have accompanied the presentation, which would put some of the slides in context.

    Perhaps UNXL learnt their lesson, and have focused on a single touch sensor opportunity since 2012.

    Slide #28 clearly shows use of proceeds at $3.5 million Capex out of $15 million with the rest for Note repayment and working capital. So if they used $2 million for equipment as you say, instead of $3.5 milion, that doesn't appear alarming. The total $15 million was never allocated for equipment capex.

    You wrote “by July 2011, UniPixel had installed and calibrated equipment capable of making 10,000,000 sq ft of touch sensors (assuming two-ply sensors and two 8-hour shifts), according to its earnings calls.”

    Since you’ve found this somewhere, can you kindly post the link. I couldn’t find any reference to existing capacity in July 2011. In fact, the Q3-2011 10-Q just carries $1.2 million of Property & Equipment. Fairly small and not the amount one will expect to produce 10 mil sq ft you refer to above.

    ===========

    Coming to 2013, the 1.3 million capacity mark has varied but within a reasonable deviation - instead of end of 2013, it's Jan 2014. The Company has not Sold any sensors, but they have Produced them. POs have to get issued only after prototypes were Accepted. That’s the natural progression. But no one disagrees that it's time to see some Sales from the capacity in-place and we're much closer now than at any time before. The PC OEM partner wants this minimum volume capacity in place.

    ===========

    I disagree with your characterization of the Summer delay as being a deceptive tactic on part of UniPixel. The supposed issues which you highlight are dictated by PC OEM partner Dell. You've to take it up with Dell for delaying the product, changing the design, and the supposed date of Win 8.1 release.

    If you're suggesting that Uni-Pixel is misrepresenting the real reason for the delay and is using its key Dell relationship as a red herring in the misrepresentation, then the manner in which they’re doing it defies logic. Will an emerging technology company jeopardize a multi-million dollar cornerstone relationship in this unethical manner by dragging their anchor customer into an elaborate deception? If this was true, Dell would not be validating equipment, granting waivers, and issuing a PO to Uni-Pixel, but instead would be serving something else. After all, Dell has to realize that the PC OEM that Uni-Pixel refers to is “Dell.”

    ==============

    Regarding my reference to your "disappointment" for lack of POs, it was triggered by your multiple such comments. Here are 2 examples:

    "…Dell discarded the entire shipment by Uni-pixel and has no products using UniBoss, Intel has been promoting Uni-pixel's competitors, Synaptics is firmly entrenched with ITO, and Kodak is eyeing silver, not copper. Whether I have credibility or not is irrelevant. What matters is that Uni-pixel has not received even one purchase order despite being in pilot production since Q3 2010 (if we are to believe the press release)." Richard X Roe, , Aug 08, 2013 ; 12:22pm

    "…Uni-pixel's "technology" is inherently low-yield and high-cost in addition to being optically inferior compared to the current products on the market. Otherwise, Uni-pixel would have received at least one purchase order by now…" Richard X Roe, Aug 08, 2013 ; 08:33am

    ===============

    Regarding your comment that recent 10-Q states that UniPixel no longer expects to sell in 2013 or 2014, I had to re-read after your "sensational" remark. The only reference that I could find which remotely can make you say such a thing was the following on P18 of 10-Q:

    "LIQUIDITY AND CAPITAL RESOURCES
    We have historically financed our operations primarily through the issuance of equity and debt securities and by relying on other commercial financing. Until our products begin to earn enough revenue to support our operations, WHICH MAY NEVER HAPPEN, we will continue to be highly dependent on financing from third parties."

    Perhaps I missed the relevant lines. But if your remark is based on this boilerplate language that has been used since Q1, 2013, then you’re twisting things again.

    ===============

    I agree that the management team has to prove themselves. The opportunities they outlined in the past have not much to show commercially. This is their best chance to capitalize and they have done something special with developing their Additive process.
    Dec 10, 2013. 02:30 PM | 2 Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Lindon,
    Since Kodak has been discussed so many times, I don't know if this is an error or just your re-crafting of the agreement. The details that have been announced are a % of the Gross Profit, after production costs. It's NOT % of Revenues.

    You've a right to be annoyed at UNXL infringement since you're a Carclo shareholder. What you believe to be under-handed tactics have disappointed you further. I can't comment too much on the lawsuit. But your concern about management reliability has been brought up by many throughout the year. That's a key argument for the Short side. So what you say about the Legal stuff may be true or not, and we will learn with time.

    When you say "poor quality of InTouch" compared to other competitors, is it your opinion or you've read/talked to some industry folks. The poor yields were being experienced in Colorado Springs, but Atmel overcame that issue. If you mean to say poor yields for UNXL, then the same continuous process improvements will apply here, and btw "poor" is a relative term in the absence of numbers. Moire pattern is amongst the early issues that needs to be resolved for a metal mesh touch sensor. Coming this far and still facing that issue appears unrealistic. Millions being spent to produce a Moire pattern metal-mesh doesn't sound savvy. Imagine the egg on Kodak's face, and even Dell for issuing a PO and not able to view the Moire pattern that you see. And I'm being understated with the "egg" expression. Btw, my reference to Moire here is in the context that it makes the device hard to use or unpleasant for the enduser. If Moire exists at a range outside typical viewing angles, then it should not be a serious concern.

    Your point would have had great relevance last year and perhaps early this year. But now we're well beyond that point. I do realize anything you or I say is just opinion till we have the product on the shelves to view.
    Dec 9, 2013. 05:21 PM | Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Richard,
    One has to wonder if in the year 2013/14 you're doubting that metal mesh opportunity exists, then what would you be saying in 2010 and July 2011 about metal mesh. What was the Company going to do with 32 million sq ft/month touch sensor capacity in 2010, and what were the participating investors thinking?

    If Uni-Pixel used a fraudulent investor presentation to raise money in 2010, don't you feel those investors would have something to say about it in Courts. It's not that they made out hand-over-fist. The rally really started late last year.

    Since Q4-2012 quarter, Uni-Pixel laid out a capacity schedule and has been largely meeting it. There has been a documented delay, but no derailment. I've not read what they presented in 2011 and 2010.

    What you talk about if true is a concern that keeps you on the Short side along with many others. You've found a pattern that you believe in. My viewpoint is over the past 12 months. I'm looking at capacity rollout milestones and I see some slippage but still on-track with what management discussed. I'm in no position to evaluate management's track record beyond the past 12 months.

    You've expressed your disappointment many times about UNXL's lack of POs. Now you're upset about zero revenues. Well, POs finally came, but this is just the start. Q1 should deliver more POs and meaningful revenues too.
    Dec 9, 2013. 05:04 PM | 3 Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Real Time 1,
    Management - well, you've been in the same shoes running a public company. So you're entitled to your opinion. If you feel uncomfortable, then so it is. Lack of prior history of success is a concern. But you've to note that the pitfalls they experienced before are being avoided this time. They learnt from their mistakes. They control the product a lot more than in prior situation when Samsung was in complete control. As a public company CEO, you've to believe that a Company is also valued by the "Company" they keep. Won't you feel a bit comfortable doing business with an emerging technology company that is in business deals with Fortune 100 companies and some household brand names, like Kodak. This is an emerging technology situation, and we all have to see how we can find elements that diminish risk and add comfort. No such situation is perfect.

    I do find this comment quite thought-provoking - "I am very critical of insider sales stock when the company is not yet profitable or has even had a single unit of product hit the store shelves."

    I would say, it depends on industry-to-industry, but nonetheless a nice sentiment.

    JohnFenn's post that you highlight - this comment here,

    "My question is, does Unipixel's InBoss product have a "lot more to offer" then the other 10-12 mesh manufacturers that have already been incorporated into existing touch panels?"

    Yes, it does. The Cost. We will have to wait and see for ourselves what happens in Q1.

    The next comment "As an aside, when I asked a Kodak person, who is in a position to know about the Unipixel/ Kodak program, about how things are going, he just gave me a smirk and a chuckle and told me not to bother with any more questions as there was not much to report. I have known this person for many years and trust his input."

    You know, it's this friend vs the CEO of Kodak talking directly about the product. The CEO would definitely know how things are going before he puts things in writing and in public domain. The "friend" - we don't know what role he plays in Kodak team on UNXL project. Unless the friend is a CTO of Kodak, who is literally spearheading the project. And the CTO was not in Santa Clara at that conference during those days. Dr. Fenn is a coating expert, and his opinion is worth listening to. But these are all kind of soft arguments like - everyone else mentioned real devices, while UNXL didn't; even if UNXL has viable approach, they're late to the party, etc. He doesn't have reason to doubt his Kodak friend.. But this is not a clinching argument as you may somewhat agree.
    Dec 8, 2013. 11:39 PM | Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Auction 12 and Lindon,
    The risk of Carclo lawsuit exists. But it's not something that's going to be crippling. I don't know why Lindon has used 50% in case of breach. For me to even comment on this will be unwise, for I'm no expert. But what I have come to understand is that the two processes are markedly different. So perhaps the issue will be around the way inks are made. In any case, as positive as Carclo sounds about a breach, so does UniPixel sounds about no-breach. I've focused here on the potential of generating production and revenues, for that to me is a critical issue. How much share will Carclo receive, if it does, comes much later both from the urgency of the issue standpoint, as well as the legal timeline.
    I'm just happy that Carclo and Atmel have started to witness traction in metal mesh, for they're presently the flag bearers of metal mesh in the US.
    Dec 8, 2013. 10:50 PM | Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Bullchin,
    Management - laid out an equipment capacity schedule and have been on-target. Every quarter they announce their installed capacity schedule. You can revisit the transcripts if you missed.

    ISO - if you follow manufacturing closely, then you'll discover that ISO is a highly detailed certification that takes many months as it requires minute details of each process and sub-process, and data readings to back all that up. Don't expect it for some time. Many suppliers get certified based on customer's validation and continue to ship for a long time before receiving their ISO cert. Not a show-stopper. UNXL needs to pass PCOEM and Intel's certification.

    20 sq ft - you can do your own recalculations and paste the model which we can then comment on.

    Insider Buying - would be helpful to see if permitted around the SEC investigation

    Rest is all your opinion. And like me, you're entitled to yours.
    Dec 8, 2013. 10:39 PM | 2 Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Stever,
    Thanks for the kind comments. Season's greetings to you as well.
    Dec 8, 2013. 11:39 AM | 1 Like Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Thanks and the mention was worth it!
    Dec 8, 2013. 11:37 AM | 1 Like Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Mukticat,
    Welcome back!
    I feel Insider Buying will be a positive. It's probably not something that would have escaped the thought process of the Management and Board. Their Buying would be a positive outright. Their lack of Buying makes one wonder, but is not a negative outright. Majority of companies do well without insider buying. I always wonder if Reed buys 5,000 shares at $11, would we let him sell when stock reaches $20. Or would he have to wait longer. At what price is it Ok to sell. Probably some of these things go through the heads of the insiders. But I do recognize the vote-of-confidence message in the present situation that exists and I'm all for it.
    I also don't know, but I suspect that the SEC investigation in some way creates a "cease-and-desist" kind of situation where no Insiders are allowed to make any transactions till the inquiry is concluded. A few insiders were on Plan sales.
    Dec 8, 2013. 11:36 AM | 1 Like Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    Tony,
    In reply to your 2 comments, you're like quite a few investors who have lost faith in Company management. It's a well-manifested concern amongst the investor base that writes on boards and even institutions who have taken an adverse position. There is a credibility gap that has definitely built up. I believe the management (basically Reed Killion because he is the face of the company) is not deceitful and highly committed. He has delivered key milestones, and doesn't get credit for it. It's not been easy managing an investor base that comes with a volatile and promising stock. They could have done a better job tightening up some of the expectations. Lets not forget, this is a new technology, and inspite we're not much off-track. A few months is not going to kill the market. Look at Atmel. It was in the game earlier, but encountered problems. It's back in the game now. Anyhow, there is this perception of low Company credibility, which needs to be overcome. It's not impossible.

    Insider buying will be helpful. No doubt. It's one of the things they can do to rebuild confidence.
    Dec 7, 2013. 12:26 PM | 2 Likes Like |Link to Comment
  • Uni-Pixel: Production Progress Is On The March [View article]
    I wish some legal savvy person can opine on the process in greater detail. Is there a "Clearance Letter" issued. The SEC gets in and looks at everything. Not just housekeeping. They will turn the contracts upside down. Not much to do with accounting books. There has not been much ink wasted on financials there anyhow. Hardly any revenues. Eventually, I believe an SEC issues a letter only saying that the investigation is closed from their side. No 'Clearance' letter as such. If there are issues, they will write a letter highlighting the issues, and the agency's intent on how they'll pursue this further.
    I would also think the process can take 2 to 3 months. An early 'clearance' will be great. Anyhow, more savvy opinion will be welcome.
    Dec 7, 2013. 12:04 PM | 2 Likes Like |Link to Comment
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