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Ann: Results of Meeting, page-66

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Rokewa

1,252 Posts.

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21/06/17

19:51

Post #: 25414755
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Originally posted by Key Sole ↑

NOTES from my attendance at yesterday GM
=================================================================================
Resolutions
- All passed from Proxy’s received and a show of Hands within the room
- This took all of about 5 Minutes

Question Time
- All questions by Shareholders were predominately asked & answered via Justin, with a couple of times both the Tech gurus in Alan & David providing the finer detail if and when required.
- This went on for about 1 Hour, which was amazing, and almost everyone in the room put forward a question, the interest and passion form shareholders both young, mature and old were extremely encouraging (this was the 3^rd GM / AGM I have attended, and as yet had never seen so much interest in question time (all questions being Valid and certainly straight to the point)
- NOTE – All questions were answered straight up, with Justin never 2^nd guessing himself, and only a couple of times asking for clarity

FLEX
- FLEX – Relationship is extremely sound
- There is a 3 Month Official contract / window NUH have in place with Flex on ordering Inventory, etc, etc
- But Nuheara can pre-empt and ‘Forecast Orders’ of Inventory up to 12 months out additionally, and can change this to some degree.
- As we must understand that this involves placing orders for ‘Componentry and the like, especially the Batteries
- The Batteries are one of the biggest sticking points atm, especially with world supply / shortage of batteries
- One thing Share holders have to realize is that NUH Management have to deal with FLEX in the US firstly, not deal direct with Flex China, so as dealing with the US takes further time, then China FLEX proceed thereafter on orders given via FLEX US I assume, IMO this is better in conversation and for Manufacturing purposes on product certification and quality control for instance. This is why there should never be ‘recall’ for example (Note - that is just my opinion)

Online Retailers (US & Europe)
- This as everybody probably realizes, is going Gangbusters
- Demand / Supply seems to be at a reasonable ‘Even’ keel, and Justin stated they are in constant contact weekly / fortnightly discussions to either upgrade / downgrade inventory (leave that up to you lot to figure out!!!!)
- Amazon US is now officially selling, and Amazon UK now have inventory in their own warehouse
- Amazon Australia (those whom follow Amazon, probably realize that Amazon at this stage are coming to Australia 2018, this again will add further online Retail
- Online Retail equates to around 10% of the Market for such Electronic products as the Nuheara IqBuds (against Brick & Mortar – 90%), but obviously the IQBuds are very accessible and the type of product that customers can and wish to purchase Online

Brick & Mortar Retail
- Brick & Mortar still equates to around 90% of sales for this type of Electronic product
- Right up until this exact moment in time ‘Online has been the focus’ for the Nuheara Co.
- * Brick & Mortar is now the next target
- Inventory levels have to be built up though for this, I had the impression Inventory needs to Up-ramp considerably to achieve this Globally

Australia Retail / both Online and Brick & Mortar
- Negotiations are still ongoing for most likely, Wholesale Distributorship here in Australia
- For those not in the Retail game here in Australia, it is extremely difficult for Australia Retailers to gain margin, particularly on Electronics (I am a Footwear / Accessory Retailer and understand the Business), Justin stated they are in negotiations but obviously need to achieve margins for both Retailers, and Nuheara to keep the peace let’s say. So in the meantime this is why we can buy from www.nuheara.com
- Unfortunately the US Market is the focus, which involves Shareholder value / simple (Australia is unfortunately a dot in the ocean. imo)

Marketing / Reviews
- Spending $Money on advertising & Marketing is Not Paramount for the Company
- Hence our latest Review from ‘UNBOX THERAPY’ this has created over 1.5 Million Views, and over 50,000 Likes. Justin Quoted. We spent $ZERO on this (Only supplied the guy a Set of IQBuds – FREE Advertising) THIS REVIEW IS NUTS. Imo
- Management are up with the Tech and how Social media works, so the outlay in this area is seems minimal, but seem to be hitting the right area (let’s say in comparison to Doppler labs Here One, whom are spending a fortune).

Cash Flow / Company Details
- Spending per month was quoted at up to $400k per month (Not including Manufacturing of course)
- NOTE – Nuheara currently have 26 people employed world wide, not bad for a start up, less than 2 years of age

JUNE Quarter
- One question was asked presumably by a share holder near the end, as to why the Share Price was only around where it sits today @ 7.7 cents
- For me / this was the dumbest and most selfish question of the day for mine, even though we would all be like to be North of here.
- Remember we listed at 2.5 cents, 18 odd months later we are at nearly 8.0 cents (who cares!!!!) A lot of Tech start ups can only wish to be held in the same breath as NUH. This quote came form Justin

Questions I personally asked of Justin
Language Translation (Question to Justin: – Are you working or collaborating with any Companies on Language Translation)
- No – This type of tech is in its very early infancy, quoted such companies as ‘Pilot’ whom have mastered it, but believe it’s a fair way off for ‘In-Ear Translation’
US – FDA Approval (Question to Justin – Is the apparent the ‘’Over the Counter Hearing Aid Act’’ submission being voted on in July)
- The United States FDA Approval of the ‘’Over The Counter Hearing Aid Act’’ is supposed to be voted in the Senate Early July (This should happen from all accounts)
- From my own research this is a massive Game Changer, and much bigger than the WIDEX partnership
- From my research if FDA Approval is given for the New Act, then each and every Individual Company would have to apply to the FDA for Approval for their own Tech / Device (As I follow NTI (ASX Listed Neurotech for example) – As they have a Mente Autism Device, in which they just recently submitted the device through the FDA, in which the submission alone cost $510,000 Dollars, and will take approximately 9 Months for Approval.

Other Items of NOTE – In the Pipeline
- Accessories / could be too many to mention (Don’t forget Accessories are where the Margins are. imo)
- Pairing other Bluetooth devices, that generally require a Phone Jack, Your Air-Plane seat headphone Jack for Example
- Training being conducted at the Australia Bloom Hearing Aid Clinics

Patent Application
- Something that has rarely been discussed, I am in the belief Nuheara deserve a good amount of Coin to be returned at some stage by Government.
- All I will state is Patents have been filed in there 1^st Phase, which initially has a 12 month window of change from submission (as your submission can be varied / changed if required in that 1^st 12 months)
- R&D Refund may be forthcoming once patents are filed, and obviously the Tech has been designed / sold.

Wrap Up
- Shareholders, Great mix and bunch of people, and even had a very nice discussion with a mature lady on her own experience with IQBuds, luv, luv, and she was stoked and congratulated Justin along with all of us in attendance.
- Justin – to be less than 2 years of Age, and to be rated No.1 in the Augmented Hearing device area, well all I will say, he couldn’t wipe the smile off his face. Well done

Negatives
- Didn’t supply Beer / nor Guinness at an Irish Pub!!!
- 1 Page PowerPoint Preso (Note – Hearing Justin speak for an hour, you soon forgot about that)
- Chairs were quite stiff (oh well, got over that, let’s not rest on our laurels I say)

Kind Regards
KS

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A great overview Key Sole. Thank you for sharing. Suspect they may need to hire a larger venue for their next AGM. Many must be considering attendance. Nothing like getting it from the horse's mouth.

Rokewa

NUH Price at posting: 7.7¢ Sentiment: Hold Disclosure: Held
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0 Great analysis

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