I would like to welcome Greg Owens back to Vu1 as our Chief Operating Officer. Greg was instrumental in helping the Vu1 Board and the company restructure as a member of the board of directors. He had volunteered to step aside to make room for independent directors in the fourth quarter of 2011; but his guidance was always appreciated, and we are honored to have Owens in the COO role. At present, I do not see any other management additions or changes until Vu1 is successfully shipping R30s to the United States.
I would also like to make everyone aware that I have asked the board to change my compensation structure to equity, and I expect this to be approved and in effect shortly. I believe this further aligns the interest of SAM with those of all shareholders.
I would also like to reiterate what I have said previously: No one is more disappointed in the operational performance of the past and resulting product delays than the largest shareholder — me. The company is now my responsibility, and, as of today, we believe that the stated goals that I have recently communicated remain achievable. Should anything change, I will immediately communicate this to our shareholders and retail partners.
I will also say that during my recent discussions with institutional and individual shareholders, I have agreed that most — if not all – of the criticism has been warranted and there is no excuse. This must change if we are to earn back the confidence of our shareholders and there is only one way to do this, by executing a proper business plan and delivering on stated goals.
I would also like to apologize for the delayed posting of Charles Hunt’s conference review. I did not realize that Charles left for family vacation right after the conference — he returned Friday evening and we should have his comments posted shortly.
Lastly, I wanted to mention that we continue to take steps to protect our proprietary ESL technology – we were awarded an additional patent recently for “System and Apparatus for Cathodoluminescent Lighting,” which essentially defines how our lighting output is generated. Needless to say our patent portfolio is extremely important.
William B. Smith
Chairman and CEO