Wednesday, June 4, 2008

Immersion SH Meeting

from the IV board:

>>Just got back.
Nothing really noteworthy to say but the biggest take away is in regards to Clent.
Going into it I was a little concerned that he was a "typical sales" guy. Completely not the case. He is a seasoned veteran who is more of a sergeant then a softy. He looks you in the eye, speaks very well and is very thoughtful and personable. Yet there is a no BS side to him that you can tell right away that he will not be standing still if performance can be better. He seems very hands on and detailed but knows he needs the right team to execute. If I worked there I would now be on notice and know that I can’t bs my way around him.

I had the opportunity after the meeting to spend ten minutes talking with him. Spoke about Apple a little and TIVO and the experiences there and how they parallel some of the challenges at IMMR. I understand why he lasted so long in Steve's regime. He is an execution guy that also understands strategy and structures for fulfillment.

He understands the shareholders’ frustrations and said is he working quickly with what is in place to continue to the execution and to better focus effort in the most profitable areas. He said organic growth is going to be good but that he was not hired to do that and is working hard to take this to the next level. Very passionate about the areas of opportunity. I asked about Vic’s comments regarding the two future phone contracts and he said they are working on executing and that is the focus and would have to leave it at that.

Very few shareholders there, Maybe 6 to 8 with lots of IMMR members. Good to have the time with them just to get a check on their moods. All seemed fairly fired up about what the future product line….but of course no specifics. So I don’t know anything about Apple or RIM cars etc.

I asked Clent about future guidance and he said that it will remain the same for now with no guidance. He did say he is setting it up so Canadian investors and I think he said UK investors can invest. He has met with 27(I think…? Any way a decent number) of the largest institutional shareholders and will expand the investor relations department to bring more potential buyers to the table. Lastly he said that some of the new/future hires on the medical side will help them better control the sales process and at better margins. He was bullish on medical.

Take away….another 6-9 months for some Show Me on the revenue side with some the expectation of some announcements for new deals between now and then, so I will stay 100% in for the announcement(s) pop.

No comments: