RE:ConclusionHey Innovative, your points are all valid and what I'm going to say here doesn't discount anything that you've addressed. I, like you, was recently doing DD on ENP and shared all your same concerns, but I chose to buy in for the following reason:
In September of last year ENP signed an agreement with CHEMSBRO to build a jointly funded ESD system in Saudi Arabia. Then in June (I believe) of this year the head of the water division of CHEMSBRO joined the BoD of ENP. Just my personal opinion but I have to believe this is more than just coincidence. Beyond that over the last year they've really beefed up their board with some other impressive names who give the company more global reach. I agree with you completely that the leadership here has proven they can't sell (to date), however as I believe the technology is impressive I'm planning on giving the new board members a year to see what doors they can open... if they still have no sales then I'm out. Completely speculative I know, but at the end of the day isn't that why we're even looking at companies like ENP?
I'm sure you saw all this as well as you did your DD and decided it's not worth the gamble, which I get. There are far more companies that I watch than those which I actually invest in. That said, if you're looking for new names to research take a look at CZO, that's my only other recent buy. Good luck.