Was at AGM, here's feedback FYIHey gang....Sorry for the delay in responding to the many quires about what happened at the AGM, I have been busy. Meeting started with introduction of board members then went to the formal part of the meeting to pass resolutions. There was several interruptions during this portion of the meeting to ask questions about finances, reverse split, and transfer of assets to a newly created subsidiary. To summarize the way I understood it, all resolutions passed, this does not necessarily mean all will be carried out to completion. Plaintree is positioning themselves for any opportunity that may come along and will be able to react quickly without having to seek shareholder approval. A big hurdle for financing has been the large outstanding number of shares. If an investor comes along wants to invest, but wants a lower number of outstanding shares before investing, Plaintree is now in a position to meet the demands of potential investors. According to Watson this has been the major difficulty in obtaining financing. After David Watson spoke about the company progress and was correct in saying everyone thought Plaintree would have been dead 18 months ago, but Plaintree is still alive. Sales are still below expectations, interest has picked up considerably recently, many world wide companies expressing interest. VARS no orders were cancelled, just not bought due to capital spending cutbacks. Sales are still on the radar screen hopefully, customers did not cancel or buy from anyone else, they believe in Plaintrees products. Japan is an area showing great interest as laser is undesirable there and LED is the preferred choice due to eye safety. The most important thing I picked up on is that Targa Group is considering more support, David was quick to say this was not a sure thing but was being considered again. If the insiders are now starting to see some turn around and potential for future sales this looks promising if Targa continues to support Plaintree until sales become a reality. Jason Lee, VP sales, was introduced and he uncovered Plaintrees newest product, 400 series. Explained modifications for ease of use, cost effective @ US$ 6,500 for a link and is very competitive with other technologies. A person from the Middle East was pointed out in the audience as an observer of the meeting and products. I spoke with him after, Khaled, and he explained that he was a consultant interested in Plaintrees products, saw potential sales in North Africa, Middle East, Kuwait to name a few. Potential, repeat, potential of 1M in 2004 and 3M in 2005, obviously we will need to wait to see if this becomes a reality.
As to other questions, TSX listing, not a concern presently.
Dino declined to be on the board due to concern of director executive insurance. Now J. Vickers is on the board, I spoke with him and seems to have a solid background in the stockmarket and financing.
Will Plaintree survive, not out of danger, lots of interest in financing, still trying hard.
This was my interpretation and details may not be exact as my memory of the event has already started to fade, but this is a reasonable summary of the AGM.
All I know is I will be staying invested with Plaintree as I believe in the product, management and their future potential. Hope this helps, good luck to all. kmapp