Private equity shutout

I've already made plenty hay over SPD Control Systems's scrambles for operating capital, but I wanted to share this presentation I came across from last year. The link is to an HTML representation of a Powerpoint slideshow presented by SCSC at "Private Equity XVI", a dog-and-pony show for venture capitalists and their would-be fundees, which took place back on June 22, 2006. So if nothing else, this shows that the licensee with the brightest spotlight in the REFR universe has been on the fund-raising trail for quite some time, without much success.

And you will note that this presentation, like the one from the annual meeting, is easily available for public view despite being labeled "confidential". That doesn't seem to speak too well of their security policy.

Mum's the word

The shareholders came back from yesterday's annual meeting and the reviews are... rather few and far between actually. The only thing of substance reported is the presentation by the man we can only presume was the keynote speaker, John Petraglia of SPD Control Systems. You can actually find what is apparently a transcript of his speech (along with select "confidential" Powerpoint slides) from yesterday on SCSC's website (PDF format).

Yes, that's the same SPD Control Systems that recently completed a round of financing from "close friends, family, and colleagues" , with another $150K to come from REFR pending the fulfillment of certain milestones. One can't help but wonder if the speech wasn't one of the milestones.

No word yet on the fate of the shareholder proposal to get fresh blood on the board of directors, although presumably it went down to massive defeat. After all, who in their right mind could possibly be dissatisfied with company performance like this?