I took your questions and went looking for answers. Below is the communication I had with Brett Davidson.
The below questions were posted on Stockhouse could you please provide some insight? I understand the market is being beat down but to return (again) to levels we were at four years ago simply can not be dignified with silence. I know I have reached out to you before and you have responded, which I greatly appreciate. Shareholders will turn to anything in a time of silence. We have waited several years for WEE to grow only to be over promised (quote of doubling expansion every year). Perhaps you can't answer the questions below but as shareholders we should not be left in the dark. This is not meant to be mean by all means but answers not doubt would be greatly appreciated. This company has had long enough to develop but we are beyond frustrated with the company. If this company can't find a way to grow perhaps we should bring on additional board members or outside council who can. Please respond as soon as possible. We greatly appreciate your hard work and understand you must be frustrated as well but remember one thing....You know what is going on and we are only left to wonder. Any communication at this point would be beneficial to you shareholders.
1.What happened to the 64 client list of Votech? It is over nine months later. We waited, and it doesn't look like a single long-term EOR deal from what we've seen. This is one of most ignorant questions we have seen to date. It’s foolish to think that the only reason for the intellectual property acquisition of the Vortech patents was to expand our EOR presence. Wavefront has a multiple prong approach. The three pillars of that approach are EOR, stimulation, and now, performance drilling. All three of these pillars are based on fluid pulsing. We are very excited and very optimistic of the growth potential in all three areas.
2. What happened to the multiple key U.S. anchor clients? They've had nearly 2 extra months to deliver on the 30 day goal and we've heard nothing. What Wavefront has suggested is that we desire to establish anchor clients in all regions including the United States.
3. What happened to profitability dangerously close, very soon? They've now had an extra year, and the losses are still large. Was the technology rejected by a client(s)? Where is the follow-up guidance? If the same person who penned this question actually looked at our revenue he/she would conclude that we have consistently grown said revenue.
4. By this time in the past WEE as informed the market of an expansion for the coming year as its lead client goes through the budgetary process for the next year. We've heard nothing. Really? Whoever penned this question is woefully uninformed about certain events.
5. What happened to the doubling of installs last year, and doubling thereafter claim of last year? Did WEE face wide-ranging rejection from clients? Is this why the market isn't valuing the portfolio of companies testing the technology as being worth much anymore? Wavefront continues to add new clients and expand the EOR market. This will always be a key focus. More importantly, we have diversified the technology portfolio into the three segments as identified above. We must view Wavefront by the sum of its parts. If one actually investigated the drilling market opportunity with the Trailblazer drilling system one would quickly determine that the recurring revenue stream potentially attributed to that market over a 12-month period is actually more significant than the EOR market as we build the Company out and establish Powerwave EOR projects on a global basis.
6. Why only 2 new client announcements in about a year? This subject was addressed extensively at the February 2012 AGM. We will only announce what the Company classifies as material events.
7. Why did those two Directors with the large share holdings leave, and two others who don't seem all that interested in investing their own money in WEE even in the $.40 cent range join? Where is Harvest? Why are we seeing former key WEE employees now with othe companies? Wy did the CFO sell about 10% of his stock at $.61 into the validation news? We live in a free world. Board members and employees leave companies for numerous reasons including health, family, new opportunity, more money, termination for lack of performance or other factors, etc., etc. Why should this be a surprise to the pundits? We would have to assume that the people asking such daft questions have just arrived from a far off solar galaxy where oppression reined and there wasn’t a free enterprise or democratic system. In the two cases posed about Board members these fine gentlemen vacated their seats for personal reasons. The Company continues to be very friendly with these gentlemen and both continue to hold significant share positions. We do not comment on any directors decision to buy, hold, or trade stock. We will however point out that Management and Directors are now in a quiet period. That is to say, we are prevented from any trading in the Company’s stock from year-end until the February time frame when the first quarter 2013 financials are released.
8. Where did the 25% of long-term EOR revenue go sequentially? Is the technology bein rejected by those testing the techology, as few new clients are willing to sign on? As above we have diversified our product portfolio and it’s better to evaluate overall revenue growth rather than one segment.