Stay long or take your loses.We all here are speculators.Speculating is like gambling and serious investors shouldnt do that .I got email from Tom.
We are somewhat limited by the Exchange and the SEC with regard to what we can and cannot say. We are also restricted on what we can release while a private placement is ongoing. Now that the placement is closed we should be able to update everyone on our progress very soon. As you know, the research we are doing and the technologies that we are developing are on the leading edge of where the industry is going but new and advanced technologies are sometimes a difficult sell even in an industry that is using technology that is 10 or 15 years old.
I can tell you that with the progress we are making in the laboratory in Rochester and the work we are doing with NREL, Fraunhofer and Eurotron, we believe that both the black silicon process and the all back contact HIT cells using our patented laser technology are very close to commercialization. These scientific and solar equipment manufacturers approached us when they became aware of the work we were doing and are excited about assisting us in bringing our technologies to commercialization. We are also making great progress with our consulting projects.
We are also working with two independent sources to verify both the efficiencies of the cells we are making in our lab and to build a cost model for savings achieved by our manufacturing process. When this is completed we will be in a stronger position to approach manufacturers.
As you know, we feel we have technologies that will benefit all of us significantly as well as the industry. We have a world renowned Advisory Board that feels the same way and is very engaged in our development. They are very active in introducing us to important potential partners and customers in the industry.
Perhaps I should comment on the Private Placement. As you know, both Chuck and I have worked on Wall Street for over 30 years. We understand and are very much concerned with things like shareholder value and dilution. We have been raising capital in small amounts because we are sensitive to those concerns. We have raised enough to accommodate our immediate needs and think the placement was reasonably successful given the current market conditions.