ElectriPlast: A Focus on James Eagan...
Change
Starts
Here
and
NOW !!
By: PRNewswire,
January 24, 2014
Integral Appoints James Eagan as New CEO of Subsidiary ElectriPlast...
James Eagan, co-founder of ORBCOMM LLC, appointed CEO of ElectriPlast™ Corp. -- Integral Focuses on New Detroit Tech Center and Ramp Up with Key Partners
Integral Technologies, Inc. ("Integral"), an emerging leader in hybrid conductive plastics, and its wholly owned subsidiary ElectriPlast Corp., announced today the appointment of Integral's Chairman of the Board, James Eagan, to the position of CEO of ElectriPlast Corp. Mr. Eagan replaces Herbert Reedman Jr., who has led the commercialization efforts for ElectriPlast over the past three years and will remain an adviser to Integral's Board of Directors.
"We are continuing our emphasis on expanding ElectriPlast Corp's technical and engineering capabilities," said Mr. Eagan. "Early last year, we developed a collaborative plan to enter new market segments with partners who have world-class manufacturing, distribution, and product development expertise. As we enter 2014, we are pleased to have executed on that plan. We are now even better positioned for the further commercialization of ElectriPlast with our BASF, Delphi Automotive PLC and Hanwha L&C relationships, coupled with our Detroit Tech Center."
Prior to joining Integral, Mr. Eagan held various roles with global provider of satellite telecommunication services, ORBCOMM, and its licensees. He co-founded ORBCOMM LLC and purchased from Chapter 11 all the assets—including 36 satellites and its global operations—from ORBCOMM Global, L.P., which had expended $600 million for its global network build out. As Executive Vice President and Chief Marketing Officer in the new venture, he was responsible for developing a new business model, slashing costs and growing the subscriber base.
Continuing to expand key strategic relationships with BASF, Delphi Automotive PLC and Hanwha L&C, Integral recently announced the opening of its ElectriPlast Tech Center in Detroit, which provides facility upgrades for staff expansion, while adding resources allowing for greater internal testing, engineering and product development. The Detroit Tech Center's engineering staff has over 50 years of expertise and Integral plans to add to this team in the near future. With the opening of the Detroit facility, Integral subsequently announced that it expects to close its Fort Washington, Pennsylvania office at the end of January.
"These shifts in our corporate structure and resources better align us with our overall strategy, namely taking full advantage of the enormous resources and market presence of our partners," said Doug Bathauer, CEO of Integral. James' history of successfully introducing new technology to the market, plus his experience consummating international license agreements with manufacturing, distribution and reseller components are invaluable at this stage of our development. He most recently led us through the manufacturing and licensing agreement process with Hanwha L&C, and we are excited to see the further impact he will make leading the ElectriPlast team. I would like to thank Herb and his team for all their tremendous efforts over the years, and I look forward to continuing to work with him as an advisor to our Board."
"It is great to see our business vision for ElectriPlast taking shape", said Herbert Reedman. "These partnerships offer new opportunities and we are now well positioned to execute on these strategies. I can think of no better person to lead these efforts than James Eagan. I look forward to continuing my involvement with the company as an advisor to the Board"
About Integral Technologies, Inc.
(ITKG) ("Integral"), and wholly owned subsidiary ElectriPlast Corp, engage in the discovery, development, and commercialization of electrically conductive hybrid plastics used primarily as raw materials in the production of industrial, commercial and consumer products and services worldwide. Its core material, ElectriPlast®, is a non-corrosive, electrically conductive resin-based material whose properties allow it to be molded into any of the infinite shapes and sizes associated with plastics, rubbers and other polymers while reducing component weight by 40 to 60%. Integral is a leader in conductive hybrid plastics with a broad Intellectual Property portfolio referencing its ElectriPlast technology. Applications for ElectriPlast include: Shielding Wire, Power Electronics, Connectors, and Cables; Shielding, Conduction, Batteries, Semiconductors, Heated Elements, Sensors, Antennas, Medical Devices, Consumer Electronics and Acoustics, Fuses, Capacitors, Resistors, RFID, Bus bars and Terminals. Follow us on Facebook and Twitter.
Safe Harbor Statement
This press release contains "forward-looking statements'' within the meaning of Section 27A of the 1933 Securities Act and Section 21E of the 1934 Securities Exchange Act. These statements include, without limitation, predictions and guidance relating to the company's future financial performance and the research, development and commercialization of its technologies. In some cases, you can identify forward-looking statements by terminology such as, "may," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," "continue," or the negative of these terms or other comparable terminology. These forward-looking statements are based on management's current expectations, but they involve a number of risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in the forward-looking statements, as the result of such factors, risks and uncertainties as:
(1) competition in the markets for the products and services sold by the company,
(2) the ability of the company to execute its plans,
(3) other factors detailed in the company's public filings with the SEC, including, without limitation, those described in the Company's annual report on Form 10-K for the year ended June 30, 2013 as filed with the Securities and Exchange Commission and available at www.sec.gov , and
(4) the parties may be unable to agree upon definitive agreements.
You are urged to consider these factors carefully in evaluating the forward-looking statements.
Media Contact: Doug Bathauer, 1-812-455-5767, dbathauer@itkg.net
SOURCE Integral Technologies, Inc.
Copyright (C) 2014 PR Newswire. All rights reserved
RELATED LINKS http://www.electriplast.com
posted by PK... | 1/29/2014 10:10:00 AM
14 Comments:
As PK points out, a little checking reveals Eagan's methods. In 2001, Orbcomm Global filed for bankruptcy after running through some $700M in cash. Eagan formed a privately held held entity, Orbcomm LLC, which purchased the assets of Global for $7M. They continued operations and eventually IPO'd the LLC to form Orbcomm (ORBC), the company we know today. Eagan "saved the company" and preserved many jobs but Global shareholders found their pants down around their ankles holding worthless stock in a bankrupt company.
The pieces are falling into place here. After running through $45M in cash, ITKG is on the verge of bankruptcy. According to the latest 10-Q, they themselves admit that they are out of cash with few financing options left. Electriplast Corp (a private entity whose CEO is none other than James Eagan) is nicely poised to step in and purchase the ITKG assets when ITKG finally files Chapter 11. The product, the IP and the jobs are saved. But the ITKG shareholders are left with empty bags: worthless shares in a bankrupt company.
This could be very good news for the product and the employees. They get a fresh start. But shareholders and creditors - get ready for a bath.
I don't believe this is the reality we are faced with currently. No way that Bloomberg let's that happen.
Someone please tell me this is not the case? How can management paint such a great picture and then file for chapter 11?
Its really not surprising. Put yourself in their shoes. Would you say, "Well, folks, it looks like we'll go belly-up in a few months if things don't go improve"? Hardly. You'd be making all sorts of upbeat announcements about Tech Centers (somewhere in Detroit), personnel shifts, new strategies and "partnerships". All with no references to timing, results or how you might fund such activities.
But the most recent 10Q tells a very different story. Especially in "Item 2". Cash burn remains flat at $1.3M/quarter and they admit that they are at the end if their financial rope which few options to raise cash.
Not a pretty picture.
Bad day today. Down 14% on over .5M shares. Ouch.
Are you sure that's a cash burn number or are you looking at total operating expenses? I'm sure the stock option expense (non-cash) is a large portion of the expenses.
Eagan's past is pretty much described accurately, the assumption of course is not correct at all. We're in the same financial position we've been in for years. Eagan has been on the Integral board for 3 years now and the chairman for over 12 months, the latest announcement just puts him in an operational role rather than a board role. EP Corp. is 100% owned by Integral, so what is described is not even possible. If Integral were to go bankrupt the wholly owned EP corp. would be a part of that as well.
You guys crack me up. A week ago you were up 45%, grinnin like mules smokin cigars. Now the world's ending cause your down 14% in a day? My, my how those of weak conviction are so easily agitated by the seeds of fear plant'n basherboys. ha ha ha he he he
"Eagan's past is pretty much described accurately"....as far as it went.
FWIW, Eagan was Executive Vice President and Chief Marketing Officer at Orbcomm in 2001 when Integral was trying to market it`s flat panel antenna.
From a Dow Jones Newswire article in 2001:
"Over the next five years, Integral hopes to generate between $775 million and $2.2 billion in compounded revenue, depending on the launch and acceptance of the much-anticipated wireless technologies such as Bluetooth, which will provide a wireless connection between various digital devices such as computers, cell phones and some home appliances; global positioning satellite vehicle tracking and Web-surfing cell phones.
Cell phone antennas will be priced at about 25 cents apiece, Ince says. Integral is pinning the bulk of its expected revenue in other markets, where lack of competition will allow it to charge higher prices.
Integral hopes to generate about half its revenue from the market for global positioning satellite tracking of vehicles, an area where Orbcomm Ltd., a satellite company that emerged from a bankruptcy restructuring earlier this year, is already a customer for the company's flat panel antennas.
More expensive to make than cell phone antennas, those antennas are expected to sell for about $90 apiece, according to Ince.
Dean Brickerd, director of technical services at Orbcomm, says he hasn't seen anything similar to Integral's polymorphous antenna.
"It is pretty amazing," he says. "You could have an antenna that conformably matches just about anything you could conceive of fitting it to."
Orbcomm sells services to track vehicles and large transport containers through its constellation of low earth orbit satellites.
The company is preparing to test Integral's new antennas for tracking containers, which are immense rectangular cartons, often hauled on the backs of trailers, says Brickerd. When transported by ship, they are stacked on top of one another, then side by side, leaving no room for a protruding antenna. Integral's new antenna could lie flat on a side of a container, and perhaps eventually, be integrated into the rubber sealant on its surface."
For whatever reason, it didn`t happen. Not with Orbcomm, and not with the entire cell phone industry.
It was this technology that led to the introduction of Plastenna, and not much later to Electriplast. 14 years and 2 name changes later, it hasn`t happened for Electriplast either.
Orbcomm did successfully market an asset tracking antenna from another company.
Is this a smoking gun....Nope!
But a piece of the puzzle worth being aware of for a serious investor...
Ya got any relevant puzzle pieces worth being aware of that ocurred, let's say... sometime after the invasion of Iraq? jesus.
Hey, just a little something that jumped out of the ol` pearl harbor file. All those new investors out there and all...might be a couple of serious ones in there.
Wonder why Eagan left Orbcomm? Executive VP and all.
Some here are convinced Reedman was forced out by management even though the press release clearly states that Bathhauer is looking forward to:
"continuing to work with him as an advisor to our Board."
Danged if there ain`t two sides to just about every coin. Ha, ha.
Just a word of Fair Warning...
Reference: https://freedom-to-tinker.com/blog/dgr/identifying-john-doe-it-might-be-easier-you-think/
There have been a number of comments posted in recent months which have been defamatory to either Integral, or to named individuals.
I desire readers to share and engage one-another, but urge caution as I do not want to be served with legal documents, much less be forced because of litigation to release the site's visiting posters information.
I will note that this blog has been a long-time subscriber to StatCounter (used to measure just how effective various posts are, and to drive future content and keep site readers engaged)...
That said: Sorry for the interruption, please continue to engage...
PK sends...
Thanks for warning everyone who posts on your blog that you have them under surveillance.
And here I thought all you did was copy and paste Integral Press Releases.
anyone know why Doug is so unresponsive lately?
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