I have just spoken with our engineers in China and wanted to share this update regarding our bulb manufacturing process. I can assure you that no one is more eager than myself to have our bulbs launched and on sale here in the U.S.
Candidly, we are still engaged in essential testing on critical components. This is an important quality control step that must be completed before we can begin to ship bulbs to America. We simply cannot afford to send out bulbs that have not been rigorously tested.
Huayi Lighting, our manufacturing partner, has all components on hand to assemble enough bulbs to satisfy our initial purchase order. Once testing is completed successfully, final assembly will take place and shipping will commence via air.
I am continuing to work with multiple interested parties on securing additional financing. The company is examining multiple scenarios and wants to ensure that our financing deals are as favorable to shareholders as possible. As a side note, we have reduced our burn rate significantly.
Finally, we have secured three new patents this year, making a total of seven awarded patents and four pending for our proprietary ESL technology and related processes. Our IP protection remains very robust.
I expect that my next communication will be a precise shipping date.
Thank you for your patience and interest in Vu1.
William B. Smith
Chairman and CEO