In attendance
Louis DiNardo CEO, Julie Stein DIR, Adam Osseiran DIR, Mick Bolto Chairman (and Chair of meeting), Mark Pitts SEC.
Only 30-40 shareholders.
After voting Louis spoke for about 25 mins. With a Qand A sesion at end. Many of the questions which were answered are embedded in the following comments.
Presentation was similar to WebCast.
Regarding $6m Private Placement
Numerous questions were asked of the Chairman about
why the size of placement,
why Fosters
why such an offer to investors and sofs,
the cost of the placement to BRN and
why it was not offered to rest of SHs.
Discussion was as expected a bit rowdy and regrettably a bit rude by one. Bolto took the position these matters are for corporate and the decision was in BRN's best interest and therefore SH's best interest "it is what it is"
Staffing
Confirmed that total staff are only 22 at present. From memory 12 in Toulouse and 10 in California.
Regarding Casinos
Louis talked about the new Las Vegas Casino trial subject of today's announcement. Not prepared to name Casino ie. Casino's very touchy about trials being made public; sensitivity of commercial intelligence being released into public domain etc.
Louis went to lengths to explain the benefits of BRN's SNAPvision product with the addition of JAST technology; specifically how it can process a significantly larger number of video streams than the existing SNvision software only solution and how it will provide end-users with a wide range of analytics. This went some way to explain why with the current SNvision software there are limited cost benefits available to casinos at present, ie with a complete roll out using existing software version each moniter can only handle 4 video streams (4 tables). I assume the current economics of the software version versus the SNAPvision hardware product no doubt factors also into why existing Casino trials have been so protracted and why there has been a slow take up to date of the SNvision product so far by the casinos. Not prepared to talk about level of current charges to casinos, but advised SNAPvision when implemented will be considerably more expensive for the casinos than SNvision. He was not prepared to confirm if trials are underway at Crown in Australia
Regarding CISCO
Perhaps the biggest sweetener from Louis was regarding his recent meeting with CISCO. He advised he is very happy with how things are advancing and developments are most exciting but was unable to convey any details as a non disclosure agreement is currently in place.
Regarding ROCKWELL COLLINS
Confirmed this is alive and well with BNR working with R/Collins as a partner. From LDN's description it sounds similar situation as SAFRAN. ie in the area of machine vision where BRN is meeting their need for highly accurate visual inspection methods in their manufacturing areas and also used in work associated with R/Collins aviation contracts.
Regarding NY State School District Contract
When LDN was asked if the $600,000 was a once only up front fee. He said it may well be structured that way.
From his comments the funding and hence finalization of this deal is not imminent.
Regarding SpikeNet Acquisition
LDN was asked where is the cash flow following from this acquisition. Replied that the acquisition was pretty much all about purchasing Spikenet IP.
QandA time was kept to a strict time limit. No discussion about SAFRAN. Advisian. or litigation with SNAPchat.
If any others, who were at the meeting wish to amend, correct or add other comments I missed (which I'm sure I have) please feel welcome.
(20min delay)