I was at the annual meeting yesterday and as Richard outlined...

I was at the annual meeting yesterday and as Richard outlined the scope and potential of the welding product I couldn't help but have some doubts about the experience, knowledge and ability of the current board and management team to take this company rapidly forward in the big big world of the shipping, gas and oil pipe industries. Notwithstanding the fact that the technology is now provern and should no longer be an issue, it will be obtaining the contracts and marshaling the resources to do the repairs that will be the challenge. As Richard said at the meeting to 'get the job' you do not talk to the guy in charge of the repair shop, the deal has to be done at very senior management or Board level. Millions of dollars are spent currently on effecting single repairs, using existing technology and methods. To commit to a new and relatively unknown technology requires a major shift in attitudes by those whose business it is make the repair decisions.
I feel certain there is an informal international "club' of marine engineers, gas pipe engineers et al. involved in this business who use the experiences, opinions and views of their professional peers and networks in their own decision making. To join the 'club' a newcomer to the business, such as Neptune, must have similar personel who can convince these key people what we have to offer is better than the existing technology and methods. Richard, an accountant, obviously is not seen as a member of this club, Clive! I am not sure. None of the other board members appear to have experience in this highly specialised area. Maybe it is now time for the company to take on an equity partner to provide some experience in the shipping and gas and oil pipe repair industries or at least appoint to the board someone with international experience in these specialist areas.
In my opinion the enormous potential of the technological breakthrough that is now in the hands of this small Western Australian company is such that it requires additional management and specialist skills over and above those that are currently available within the company. No disrespect to the current management and board, but we should be thinking big league. Properly guided and driven this company could indeed be truly international.