Steve McCormick: In our company’s accounting and reporting practices, we include contracts that have been awarded to us and are expected to be executed. We specified many times that the backlog was both for signed and awarded contracts. We considered it a firm commitment when the client awarded us the project after the process. We concluded this in good faith based on client information.
Rodayna Kafal: What measures are you taking to avoid being delisted from NASDAQ?
Steve McCormick: The Company is focused on improving financial performance and making more sales. What the stock price does day-to-day is beyond the Company’s control as there are numerous variables that affect daily stock prices. The Company has 180 business days from the initial notification from NASDAQ to regain compliance at USD1. It can also ask — the Company can also ask for an additional 180 days extension for close to six months. Once the first 180 days expired, we will keep investors up to date as time progresses. So, generally what the stock price does day-to-day is out of our hands but we’re just trying to do better as a company and hope the stock price rises to appreciate those efforts.
Rodayna Kafal: We have received numerous questions about the status of various potential project announced in the past, such as the of $40 million upstream project that the Company was shortlisted for and the aluminum joint venture for dross residues and the building of a factory to process this material?
Steve McCormick: We cannot provide any new information until we receive it. And for these and other similar projects that are asked about, no news is available to share. They are still considered open or ongoing until we are informed otherwise.
Rodayna Kafal: What is the status of the qualification process with the global aerospace company?
Steve McCormick: The process continues, and we are so far successfully meeting the requests of the aerospace company as the requests are provided. We have no further news at this point, but the process continues as planned at the behest of the client.
Rodayna Kafal: The Company has stated several times that its metal powders are the highest quality at a low price. If this is true, why hasn’t there been any sale?
Steve McCormick: The Company is heavily focused on the process surrounding the qualification with the global aerospace OEM. We feel this approach is best for that client and for other potential clients as the rigor with which the process is designed is positively impacting the metal powder division overall, creating a likely better outcome for the future. That process has led us to new approaches and even to a better product. It’s important to know that many of the large companies that would be interested in high quality titanium metal powder of this nature would also want to undertake a qualification process. So, once again, our strategy is to do this current process at the highest possible level to show the marketplace and potentially reduce future qualification processes.
Rodayna Kafal: What is the status of the distribution agreement? The Company indicated they were working on for various parts of the world.
Steve McCormick: Those agreements continue to be negotiated and pursued. The recent hiring of Mr. Olivier Dubois as principal advisor for European operations is part of that plan.
Rodayna Kafal: And what is the status of the site acceptance testing for clients A and B for iron ore pelletization torches, both of which were delayed, but no new timelines given.
Steve McCormick: The scheduling and timelines of the trials are up to the discretion of the clients. We have no material information we can report at this time, but nothing has changed in regards to both clients’ intentions. These trials have not been canceled and are not at risk of being so despite what rumors may appear online at times. We remain excited by their prospects, and we await the results.
