Clarification from CEO of ITT via phone call at 8:12pm NR from June 23rd stated - "Our first purchase order and payment were booked last week."
Michael clarified, yes he did take a deposit prior to June 23rd when they were still building the ThermalPass.
NR from August 6th, 2020 - "Accepting Conditional Purchase Orders in Advance of Commercial Rollout"
My post in Stockhouse Aug 25, 2020 - 4. How many pre-orders does the company have and when will be the first shipments to the customers start.
Answer: Sports teams, airports, etc have come to them.... and they have engaged other organizations world wide.
- No pre-orders have been accepted until ThermalPass has completed testing.
- I did ask why not accept pre-orders based on contingency of test results? He said they could not accept deposits at this time until testing was complete.
Michael clarified: The deposit received prior to June NR was return before Aug 6th NR. The reason was due to his direct investors/partners at ITT were engaged with Makel and they wanted to ensure that there would never be a recall on the ThermalPass. So, they are accepting conditional purchase orders as per the Aug 6th NR. Condition being - with no deposit until ThermalPass has completed testing.
He acknowledged how that could be confusing for stockholders.... He also said that from our conversation he understood the term "pre-orders" as being an order with a deposit. Therefore, that is why he answered... "no".
I also addressed the concern of those that fear the company would go private pending a successful Thermalpass launch or prior to....
He said with great passion that the company will not go private. There are lots of investors at ITT not just shareholders and would not have the ability to single handily do so. Nor does he want to.
IMO This is going to be global. He is a very social guy, a people person. Which makes for a great marketer/ salesman. This is his first public company, so learning curve. Let's give him some support. He's working 12-15 hour days. He was successful in the private industry....no reason why he wouldn't be successful here. I think we just have to be patient until early September.
Believe