Here’s Part One of my personal snapshot of the 2016 OBJ AGM, held on the 28th October 2016.
Was enjoying the company of fellow holders all yesterday with a few cold beverages, which was brilliant.
Time2Shine, Pinnacle, Longman, cmk1969, Homebuilder, Jadfree, TeamWilly, Kiwidub, JasetheAce, Ric45, and a few others whom I apologise I didn’t get their usernames – great to put some new faces to names we see on HC forum regularly.
AGM.
At the beginning of the AGM, as we are all now aware, Resolution 5 through 7 was withdrawn/abandoned by the Board, albeit proxies were in favour.
Personally I have absolutely no qualms about Management being in the position where additional shares are requested/captured, however when this is proposed again, I look forwards to having it done with appropriate performance hurdles put in place based on the progress at that stage, and these milestones successfully achieved prior their issue. A lesson learnt I am sure, and Glyn commended the positive criticism that was put forwards by many - the Shareholders’ voice to which they listened.
Dr. Quirk was re-elected, which was good to see. Many question his involvement, however he is a key and integral part of the team. He is a highly respected party within his field, and one that Mr Edwards consults on a very frequent basis. Mr Edwards is a very astute gentleman, and there is a reason for why he has been by Mr Edwards’ side for many years. The $25,000 he is paid, alongside some equity, is a small price to pay - especially where this company is heading.
Note: Keeping up with writing my notes during the meeting was difficult at times, so please feel free to add to what I have below, once Part Two is completed.
- Mr. Glyn Denison
P&G’s relationship with OBJ has moved to another level. The relationship is now much broader, than just the Wave I Micro Array applicator/technology.
Discussions are well advanced for P&G looking to secure a 2nd OBJ Technology Platform, other than the Static Micro Array.
N.B. - No Devices were mentioned/able to be shown/named, due to confidentiality. There was no naming of what the possible technology platform could be, as OBJ were forbid from discussing.
[more on this just a little further down.]
P&G have created an entire new division/part of the business, which is to be known as Device Amplified Chemistry - to which it seems OBJ has been the catalyst.
OBJ is close to receiving sustainable revenue, initially from P&G, and then additional licensees to hopefully follow in 2017.
OBJ HQ Skin Laboratory has been upgraded/expanded. New Lab Manager employed. New Spectrometer purchased. Lab under many requests from multiple potential partners doing initial due-diligence on what we can do for them/their products.
Renewing of the PDA was successful, up until 2021. Execution of the MLA also successful.
Wave II is very close to being released/executed/term sheet added.
Jeff & Glyn in Singapore 2 weeks ago to discuss the 2nd un-named technology being added to the MLA. Hopefully the technology in question can be announced once the Workplan negotiation has been finalised. All terms have already been completed/agreed upon. Scope of Works is what is outstanding, in order for agreement to be completed. Critical level of confidentiality, no further elaboration entered into, or allowed by P&G.
SK-II pipeline has now further increased OBJ’s tech integration into their plans, further products now scheduled out to 2024.
Bodyguard – hydro gel/kinesiology tape all sorted, OBJ now know how to make product very well. George T. and USA consultants have been an integral part in the progression of the product, and 4 potential Major Partners are now in deep discussion with OBJ.
One of the major partners that’s considering the BG suite has finished their technical due-diligence and they’re currently in the process of completing their consumer testing. Glyn stated that all BG feedback from potential partners is very positive, and hopefully we will start to see something happening in the very near term.
Coty wanted to change the formula they wish OBJ tech to deliver, so further OBJ Lab work has been, and is underway. The first consumer trial of this new formulation has been completed.
DCE is another tech that is also under assessment by P&G.
OBJ Board numbers are looking to be increased, alongside increase of OBJ Senior Management personnel to help Mr. Edwards. This will only be done in 2017 once significant revenue and market cap has been established.
Jeffrey Edwards’ efforts highly commended for what he has achieved to date.
P&G way in which they are conducting business with OBJ commended. 2nd Product already committed to – Wave II. Wave III-WAVE VI already underway.
Surface Hygiene – two parties actively testing their own formulations, using OBJ Micro-Array Tech.
Part Two.
Mr. Jeffrey Edwards.
To Follow Tonight/Tomorrow.
Kiwi.
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Note: The Above are my thoughts only, and do not consitute investment advice whatsoever.
OBJ Price at posting:
7.6¢ Sentiment: Buy Disclosure: Held
(20min delay)