From the most recent ceo update;
Distributor Networks: Negotiations continue with potential distributors for negotiating performance terms and securing country clearances. In my recent disclosures at a presentation made at the OneMEDForum held in San Francisco (January 2013), I confirmed that 14 international distributors were still actively evaluating the PEN for use within their territories. Several have accepted applicability of use of the device and have moved to requesting country clearances secured for the licensed import and sale of these devices and our software. It is a long and detailed process that unfortunately cannot be sped up despite our desires to move forward with high-volume sales.
In the December missive grima wrote this;
The posted loss largely represents a delay in going to market with the HeartCheck™ PEN of approximately 2 months. This was related largely to delays in approvals for the sale of the PEN in Canada and continued anticipation for the CE mark to enable European sales.
I am confused. They blamed the Q3 loss on approval delays in Canada and the EU. But even today months later they have still not announced deals in either country. Deals they could have actually been negotiating prior to approvals. So fast forward to today they now have CE approval yet they are still awaiting country approvals? Does this mean the 14 distributors noted above are all in countries not in the EU or the US? If so what about the EU. As per the above it seemed they were just awaiting approvals so they could start generating revenues there. And in Canada as well to be fair. So all of this leaves me scratching my head. When do these revenues that they were expecting per the above start to flow? Why are all the distributors they are negotiating with in countries not covered by the FDA/CE/HC approvals they have already received? With the excpetion of the 2 US distributors that are not yet selling much/anything. So what is the timeframe for contracts. A "long and detailed process" makes it sound like a long time. OK then what is my point? As a shareholder I would like to see improved disclosure. It is very difficult to get a sense of what they are doing and where they are doing it.