This company is a joke - I know first hand what a circus it is as I have worked there as an employee and as a contractor.
The company only exists to provide high salaries and expense accounts for the management team. Every year they come out with the same tired presentation with claims of amazing technology and huge market potential - just give us another $2M - we promise we won't piss it up against the wall this time. Every year year suckers put their hard earned into this dinosaur which is never going to turn a profit - at least not with the current management.
Funny that previous managers have gone on to other start up companies which will be no doubt run equally as poorly.
When I was working there in 2003 the company was so broke I had to provide my own CAD software. The last time I was there as a contractor it was the same deal. I tried to get them to pay for analysis work (Finite Element Analysis of the housings and computational fluid dynamics analysis of the cooling system) and they didn't want to pay for it. That's why their brakes are so heavy and inefficient. Yet they claim over $400,000 in the last quarter! give me a break! When I was there last (about 2010) there were three draftsmen working with outdated software and 4 mechanics in a small workshop - yeah real cutting edge R&D company!!
I suspect the company management has been funneling money to their friends as 'R&D consultants' - when they are not paying themselves huge salaries and expenses.
The company is a scam - much like it's older brother - 'Orbital' which has never made a profit
ABV Price at posting:
0.7¢ Sentiment: Sell Disclosure: Not Held
