While we wait on our equipment to be delivered, I want to communicate to shareholders and followers that we continue to work diligently on your behalf. After we’re able to review delivery, training, and initial production to determine yields, we will communicate in short order our production schedule for near and long term.
I want to once again reiterate my utter faith and confidence in our current team—specifically Stanley Chao and Cameron McLeod. These two leaders have worked tirelessly over the last five months—literally non-stop. They’ve accomplished more in five months than others have in much more time.
Which brings me to a delicate matter. I would like to take this opportunity to apologize and take responsibility for some senior hires in the past that went awry.
What happened? It’s quite simple. When you run a business, every day you have to do two things: 1) Ask yourself what is going right and 2) attempt to isolate and fix what is going wrong.
The new team has dissected the entire process and, as you have read, we have isolated the troubled spots and put the fixes in place. While having to make fixes is frustrating, we are making progress—substantial progress. Our shareholders now have the right team in place to get us over the finish line and deliver our bulbs.
Nothing is being left to chance. I have been exceptionally transparent with our team and the board, telling everyone in no uncertain terms that we will have ONE more bite at the apple. This is why we are taking our time and not shipping our bulbs until we have it right. We have learned from our mistakes and are the stronger for it.
Again, I am confident that Stanley, Cameron and the many people they have brought on board to help us deliver an exceptional lighting experience will be able to deliver for Vu1 shareholders. More importantly, they will deliver on promises to purchasers of residential lighting who need not accept the compromise we believe our competitors offer.
William B. Smith
Chairman and CEO