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jl2002lj

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  • UniPixel: Hey Citron, Where's The Beef? [View article]
    The Prospectus was recently filed with SEC.
    The SEC approved the prospectus.
    Any clarifications it may have sought would have been addressed by the Company and Underwriters.
    The trail of XuHua Zhou arguments and those of other similarly positioned is many months old. It was there for SEC to study and investigate.
    The SEC didn’t force Uni-pixel to stop raising the money.
    Shorts kept saying SEC will investigate; SEC has to stop the fraud and so on.
    Well, SEC just allowed Unipixel to carryon through their doors – SEC approved the documentation - and Unipixel concluded a very successful offering that (1) ACCELERATES their business plan; (2) pulls-them out of the one-by-one-deal mode, and (3) shifts them from a 2 million lines a month to a 10 million lines a month player.
    Strategic business sense required this offering because of the pull-through from the market.
    So now we can add SEC to the team that approved Unipixel in their areas of expertise – DELL, TXN, INTC, EK, nTrig… and the Shorts have who - Ben? Ivan? Citron?
    Btw, Ivan was gracious and smart to modify his opinion as he did further research and more information came to light; lets keep him out of it.
    Apr 19, 2013. 10:18 AM | 4 Likes Like |Link to Comment
  • UniPixel (UNXL -13.3%) adds to today's losses after Citron Research takes aim, stating talks with a director at i-bank Alvarez & Marsal lead it to believe "Unipixel sold 50% of UniBoss to Kodak for [$12M]." Citron adds the deal is payable in installments, and that it believes it makes UniPixel worth less than $5/share. Citron: "Shareholders should demand an immediate 8-K filing with full disclosure of the complete terms." (stock offering) (Kodak deal[View news story]
    Thanks for the links, Chris - Citron and INTC!

    UNXL's management team background always makes me wince. But they're delivering now for the most part over the past 6 months; So give them a chance.

    I find the report quite backward-looking, while investors are looking forward to determine the valuation. Past history is important when it involves people; but it would have been fair to talk about the technology and Intel and perhaps Dell, as well as what can be if all this truly comes together.

    Reed has mentioned non-dilution in the past. However, you can sense the shift in his position based on the pull-through from the market that the Company is receiving for UniBoss. The Company has shifted from a 2 million line/month production mindset to a 10 million line/month. This is a key shift, that resulted in a secondary.

    Don't forget - the secondary ACCELERATES the business plan.

    Strategically, if the market is looking for product and the Company is unable to supply as it goes along doing its one-by-one deals for 1 million units each, then manufacturers will start looking elsewhere. The Company had to move beyond its slow-and-steady pace, because the market dynamics have changed - for the better it seems.

    The Company also just raised "sufficient" money; they could have done a 2 million share or higher secondary too. This was just enough to give them control over their production schedules. Furthermore, Citron doesn't talk about the benefit of doing the secondary now after the EK announcement and at $32. This resulted in far-less dilution then if the deal was done last week or some weeks before (when Insiders sold).

    Citron's record has been good, even though not 100%. So someone with their credibility makes an investor pause. However, this piece will not qualify for their "Hall of Fame or Shame" wall. One thing I agree with Citron, JUST DELIVER PROFITS. Nothing else is meaningful or acceptable.

    Ps: the Cody Acree and the Dogs to Investors comment was amusing. I do think Cody conducts the conference calls very thoughtfully, and is really putting his name on this company. The rest of the analysts are more in the background. Hopefully, Cowen will join with vigor.
    Apr 18, 2013. 02:47 PM | 1 Like Like |Link to Comment
  • UniPixel (UNXL -13.3%) adds to today's losses after Citron Research takes aim, stating talks with a director at i-bank Alvarez & Marsal lead it to believe "Unipixel sold 50% of UniBoss to Kodak for [$12M]." Citron adds the deal is payable in installments, and that it believes it makes UniPixel worth less than $5/share. Citron: "Shareholders should demand an immediate 8-K filing with full disclosure of the complete terms." (stock offering) (Kodak deal[View news story]
    While I don't have access to this report, the headline and Quotation from the report shows complete lack of understanding of Uni-pixel's business, to the point that the comment is unintelligible and incoherent.

    UniBoss is a product. If Uni-pixel sold 50% of Uniboss - then I hope it means they sold half their 60,000 unit production for April for $12 million to Kodak. Or Citron is suggesting 50% of production from Rochester facility? This is too garbled.

    If Citron means to say that Uni-pixel sold 50% of the company to EK for $12 million, then Citron Research is playing with its own credibility. The preposterous nature of such a statement defies a thoughtful response.

    Unless Citron was missing a '0' and meant to suggest that UNXL sold 50% of itself to EK for $120 million. Then why would UNXL be raising money today. Go figure!

    I don't know how Chris could even figure this one out to respond. But he has the benefit of the report. At least the Quote here doesn't make sense. Perhaps someone can post the report on Investor Village.
    Apr 18, 2013. 01:58 PM | Likes Like |Link to Comment
  • Uni-Pixel: Following The Money [View article]
    Silence_Twain - Thanks for posting a litany of undelivered milestones by this management team from an 'expose' on UNXL. Undoubtedly, this is no proven management team. It has to prove itself. Past performance doesn't inspire for sure, but at the same time things have transformed in the marketplace to the point that the management team can pull-off a successful Uniboss launch, inspite of their shortcomings. Windows 8 is creating a significant opportunity for cheaper ITO alternatives. The $5 million payment of purportedly a total $10 million or $15 million milestone-based payment is something Unipixel never received in earlier relationships. The Ecosystem partner, once announced, will also be the first time a similar relationship has been consummated (Samsung was never a ecosystem partner), and provides another tranche of confidence-inspiring, milestone-based payments. If we focus on these pieces coming together, perhaps this time the story may have a different ending. The ugly duckling can turn out to be a Swan. It's all in the Revenues now - execute, produce and show us the Revenues. Btw, we now have a price target range of $1 to $100 (Chris). So from last night's $24 price – we have a situation for either a $24 profit on shorting or a $76 profit on going long. I for one am skeptic of management’s past performance, but quite willing to give the CEO and COO room to prove they can hit a Grand Slam! As GRA said, there'll undoubtedly be blood :-)
    Apr 3, 2013. 09:41 AM | 2 Likes Like |Link to Comment
  • UniPixel, Atmel And Carclo Aim To Dominate The Touch Sensor Market [View article]
    Silence_Twain - Thanks for posting a litany of undelivered milestones by this management team from an 'expose' on UNXL. Undoubtedly, this is no proven management team. It has to prove itself. Past performance doesn't inspire for sure, but at the same time things have transformed in the marketplace to the point that the management team can pull-off a successful Uniboss launch, inspite of their shortcomings. Windows 8 is creating a significant opportunity for cheaper ITO alternatives. The $5 million payment of purportedly a total $10 million or $15 million milestone-based payment is something Unipixel never received in earlier relationships. The Ecosystem partner, once announced, will also be the first time a similar relationship has been consummated (Samsung was never a ecosystem partner), and provides another tranche of confidence-inspiring, milestone-based payments. If we focus on these pieces coming together, perhaps this time the story may have a different ending. The ugly duckling can turn out to be a Swan. It's all in the Revenues now - execute, produce and show us the Revenues. Btw, we now have a price target range of $1 to $100 (Chris). So from last night's $24 price – we have a situation for either a $24 profit on shorting or a $76 profit on going long. I for one am skeptic of management’s past performance, but quite willing to give the CEO and COO room to prove they can hit a Grand Slam! As GRA said, there'll undoubtedly be blood :-)

    Great Job Ivan, for a rational fact-based explanation. I feel ATML is a good story, but too diluted with the baggage of other businesses. That may change once ATML stars experiencing stronger touch-sensor revenue traction, and consequently begin to put their incredible manufacturing muscle into greater production. G'luck to you!
    Apr 3, 2013. 09:40 AM | 1 Like Like |Link to Comment
  • Uni-Pixel: Following The Money [View article]
    This is an insightful article. It's at least got more factual 'negative' insight then some earlier ones. It's appalling how the top two guys have been paid so much for so many years. With such a small company, what do we need such a highly paid CFO for. There's not been much # crunching or financings or investor interaction to do for past 4 years. A chief Accountant with a CFO title could have done all that for one-third the cost. These things stick out like a sore thumb, and it's disgusting that no activist shareholders have raised concerns prior to 2012. So 'Special Situations,' your observations are spot-on - an overpaid management suite thus far.

    Now having said that, I also feel your observations are somewhat anachronistic and would have carried significant weight a year ago - perhaps in 1st half of 2012. I feel there is some credit due at least to the CEO, although I still find the CFO highly overpaid. Reed has been able to guide product development or had the foresight to guide the company to this UniBoss screen, after stumbles. You can call it astute or you can call it plain dumb luck or a providential hand at play. But the fact is that Reed has the company now at the right place at the right time. The story seems right, and the earnings potential is there. Since you've written a good insightful piece, and not a simplistic article that many others have (both positive and negative), I would assume you've enough analytical experience to agree that many emerging companies don't get it right the first few times. But the whole idea is if the management team has the chutzpah to keep trying and modifying, and not roll-over.

    Today, the company has the sizzle and a growing list of credible and paying partnerships. The potential is incredible - and that's where we start. Then we move to Execution, which is now the key. Slowly the right pieces are beginning to come into place - OEM, Ecosystem. This time last year, your article would create a justifiable stir and smackdown of the management team. Today, this management team will receive more leeway to execute. Your article would definitely and rightfully assure that the management team doesn't award itself further cash raises or bonuses. They've to now live-and-die with the shareholders. The team has sufficient options. Also, there are now enough professional investors in the stock to get the message through to the team. It's Delivery Time.

    By the way, the cast of characters may be all clowns in their past lives. But together these clowns can come together and make a good circus show that people will pay to watch.

    If you wrote this to have an immediate and substantial negative effect on the price, I feel you'll be very much disappointed. But on an analytical basis, I do appreciate your original insights ahead of even some of the long articles. Keep writing!

    Also, a rumored secondary will be the best thing for the company for it will ACCELERATE the business plan. Reeds slide of various phases will comfortably accelerate by 6 to 9 months. That's great for valuation.
    Apr 3, 2013. 02:25 AM | 1 Like Like |Link to Comment
  • Touch Sensors: The Next Generation Update [View article]
    Ivan, thanks for clarifying the touch sensor technology in your series of articles. I'm a bit late to this discussion, but I thought you may be best suited to answer. I've seen press releases in Feb from Synaptics on delivering next generation touch screen solutions for premium and low-end smartphones. They have even introduced their on-cell technology. Although these solutions for now are for small-form factors relevant to smartphones, I was wondering is Synaptics operating in the same space as Xsense. Is this additional competition for Atmel? Any insights into Synaptics technology and its implications for metal-mesh touch screen providers will be very helpful. Thanks!
    Apr 2, 2013. 02:04 PM | Likes Like |Link to Comment
  • Kandi Technologies: Right Time, Right Place, Right Disruptive Technology, Right Now (Part 3) [View article]
    Marc, I have read your report series on Kandi with great interest and find them very well-researched and well-grounded. You are methodically connecting the dots and building a cogent case for Kandi being a golden child of the Chinese EV industry - a prominent beneficiary of the massive EV spend. I should not be surprised by the analytical merit of your presentation, since it has always come through quite extraordinarily in the interactions on message boards.

    One thing that stands out is the critical thinking that has been going on in China for many years now behind creating a viable and sustainable EV model. This is not something that started in 2010 or 2009. It is a well-though out and deliberate strategy that has taken years to gel together. China seems to be quite ahead and quite involved at the State level, as opposed to US where much of it is being driven privately. For this reason, a battery-swappable model appears more attuned to the Chinese market at this time, for it requires massive infrastructure support from state entities, which is already available in China, and it requires mandated standardization, which will happen soon.

    1. In the 2 schematics, you've elegantly captured the Hangzhou and Jinhua EV Model. I was wondering how the Federal/State Subsidies can be overlaid on the model flow. It seems the subsidies will be paid directly to the "Trinity," while the EV buyer or lessee pays the net price. Similarly, the subsidies for charging and swapping will be paid once again to service providers while the end-user simply pays the net subsidized price. Would that be correct?

    2. The size of the opportunity means that Kandi will need access to a bigger credit line too once the program ramps up, as there will be a subsidy collection period which can probably run from a few days to a few months. I would believe this can be comfortably handled as Kandi's credit worthiness will be boosted tremendously once it becomes embedded as a favored player in a State/Provincial program.

    3. In the Hangzhou model, what do the dotted Red and Blue lines between the EV Lessee/Owner and the Leasing entity suggest?

    4. Finally, as you have built the investment case you have carefully provided a documented timeline. Would you care to extend this EV timeline into the future with some timing estimates with regards to key Kandi-related events to look forward to? From your reports and postings one could glean a few such events - the possible announcement of the Hangzhou leasing program with Kandi vehicles perhaps as early as next week or before end-of-the-year; a national EV standardization policy with battery-swapping as the preferred approach written into the document perhaps by Jan 2012; a new EV subsidy policy broadening the appeal of Kandi EV model in Q1, 2012. Maybe you can tighten this further, but does this sound reasonable?

    Thanks for helping create an informed Kandi investment community!
    Dec 13, 2011. 02:56 AM | Likes Like |Link to Comment
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