agm and presentation, page-8

G'day,Brian and Co.
I have just flown back home after the AGM.
I agree with all Bev had to say.(Especially about trying to summarise all that was covered)
I had conversations with Maartin VanDujin and Mark Bouris,and a shorter chat with Mark Schwartz before and after the presentation.In the long (yes nearly 3 hours! shareholder meeting,each presenter gave extensive slide shows.I asked each of them to put these on the website and/or put them out as an ASX release.They promised to do so.
There is loads of interesting content there,so look for it hopefully tomorrow.
Here goes with some observations:
The AGM itself was over in 30 mins.A simple reading,seconding and voting on the 11 resolutions,all of which passed comfortably.
Mark Bouris chose not to give an address,as he said he had said it all in the annual report,and didn't need to add to it.
Then we had a break for a full hour as refreshments were served.A great chance to talk with directors.
I had a conversation with Mark Schwartz.It is definitely true that there was friction previously between the old board and PDT.I think he is more sanguine now, but still prefers PDT to be largely left alone to do its own thing.
After the break,Mark Schwartz was first to speak.He talked about how they are comfortably exceeding revenue forecasts,and have had 14 hirings in the past 6 months.They have recently swiped a head engineer from motorolla who was instrumental in the development of the cell phone.
He says he doesn't stay up at night 'because we don't have enough sales,but because we have too many'.
He showed some devices and talked about growth strategies .
Someone asked him why PDT linked up with TZL and the reply made it clear that in the past it has been far from clear sailing!('Did it all pan out?No.')
Dickory Ruddock was next.(Mark Bouris had introduced him as the 'mad scientist'-in the nicest possible way,while acknowledging him to be a genius.0
He gave a technology update,which was a bit technical.Be sure to see his slide show when it is uploaded.It will help shareholders understand how cutting edge our company is.He also showed a brilliant video,which will also be available,showing how TZL can capitalise on the new wave of 'the internet of things'.
He firmly believes that software will be the main way people relate to us.
John Wilson was next,and discussed the company's business model.
He said the first priority is to establish a track record,to gain visibility in the wider market.
He gave a brilliant demonstration of opening a security cabinet using an ipad.Another demo showed the technology for the packaged asset product.A ''mail box' was opened online,which triggered e-mail alerts to all directors present!

He covered loads more that I don't have time to elaborate.Again,view his slide show when it is released.
He showed a revenue target chart for fiscal '11.(Only $6m)
I asked when we can expect to be cash-flow positive,and he replied within 18 months.
I followed up by saying that this doesn't give share-holders much reason for excitement,and asked if there are projections beyond that.He said yes,but wisely added that they prefer to keep these to themselves at present.However he did add that the opportunity in servers alone is massive.I think he said 5 million produced each year.There are huge security issues with servers that TZL are best positioned to address.Plus,we are the only retrofittable offering.He said $6m is miniscule compared to the potential.
Maartin spoke about the business integration model.He said they've attracted the attention of a lot of big software companies because they 'now get what we can do'-as a result of the new software offerings.He said the big IT companies are starting to understand the possibilities.
He demonstrated the software for the data centre product on the big screen,showing how it allows full tracing of people's movements in relation to the secured items.Very impressive,and you'd think the demand will be large.
I asked him if it is true that major software companies are interested in partnering with TZL.He said yes,but they are not at liberty to name them.
Ken interjected that we don't want to see ourselves as a hardware provider.Software is where our future is.Mark B. interjected that hardware is the trojan horse that will enable us to establish a leading operating system.
Kenneth Ting closed the meeting with some very upbeat comments.He said we have a world class company here.TZ cannot fail.Too much has been put in to it.We must make TZ successful.The world needs our technology.
In summary,the company has clearly come a long way in a year.They have products in the market with a proven market.Growing interest has led to a need to increase the sales force.While the directors were clearly avoiding any hype,it is obvious that they are excited about the company's prospects.
I was impressed by the talent we now have on the board.(And by the way,I asked Mark B. about what happened to Chris Kelliher.Long-term holders will remember him.I thought he was a great communicator when he was previously with the company.Apparently he is either back with the company,or about to return,which I think is great.But not as CEO this time!)
So to sum up my long-winded recount,Bev is right.
I think we can sleep easy knowing the company is getting traction.But it's going to take time.
The big take-away is that we're on the cutting edge of something-'the internet of things'-that will be huge.
So there's plenty of room for confidence in my view.