Easy argument here. Nanologix is a testing and diagnostics company, they were not in the market for new packaging as the packaging they used was the standard in the industry and acceptable. Therefore Barnhizer is within his right to pursue a new packaging system which would not be in conflict with the corporation's main focus(diagnostic testing) .
Also, for all you know, there was a meeting with the board where they approved of this prior to it being developed.
Prior to the development of the FlatPack packaging, the company was focused on BNP and BNF from what we have seen, not traditional petri dishes with the extended shelf life offered.
The assignment would give the company all legal rights to the patent. In this case the licensing deal allegedly does the same thing, but without seeing the actual agreement it would be hard to determine what it means for the company.
Of course, if somebody was to sue over infringement, it would appear that the only party involved would be the owner of the patent (Barnhizer) and not a licensing company who had no idea there was an infringement issue (or so they would say)
At my old job, upon hiring, I was required to sign a disclaimer saying that anything I invented while working for the company and using their resources was to be assigned to them and I had no rights to it. If I was to invent something using my own resources and time while at home, it belonged to me.
There is NOTHING that says that such an agreement is implied or even standard in business for other companies.
While it would be upsetting if Bret used the company resources and time to secure a patent for himself, there is nothing inherently wrong with it assuming that an agreement such as that as aforementioned was never put into place.
It is my suspicion that such an agreement does in fact exist, however it is directed towards the detection methods and apparatuses that may be invented while working for NanoLogix, not basic packaging, since that was not the main focus of the company.
It is disappointing to see a CEO who works for a company, but chooses to keep his business life somewhat separate from the company itself, however there is likely nothing wrong with it.
To claim that he would have come up with the FlatPack idea whether he was employed by NanoLogix or not is pretty hard to believe, but I am sure that is the basis behind the assignment of the patent.
Another option is that he was given the ownership as some sort of compensation, instead of more stock.
Yet another option is that he decided that he came up with this idea on his own and drafted it himself so he is entitled to complete ownership, but like I said before, that is not how a CEO should look at his company.
I'm sure this little gem is so wonderful that you find the need to post about it only on a pinksheet stock board of a company you bash constantly.
Im not worried.
You mean like AMD and FSLR? How much have you lost on those so far? Did your gains from SGLB offset that?
Thats a lot of dishes, probably not a huge amount of $ though at a buck a piece.
I wonder how long they are on the shelf there before shipping.
.043 here. Not sure why I listened, but I had some play money in the acct to fool around with.
May be taking my original investment out today if it goes up any more. Sitting at +161% right now.
Exactly. There is no reason that this should be a secret at this point. If they are going to file papers with the SEC then they should release information to the shareholders as well.
Assuming these numbers are correct, I find it hard to believe the money is entirely from the sales of dishes. Something else may be going on here.
Form D instructions from SEC site:
Enter the revenue range of the Issuer or of all the Issuers together for the most recently completed fiscal year available, or, if not in existence for a fiscal year, revenue range to date. Domestic SEC reporting companies should state revenues in accordance with Regulation S-X under the Securities Exchange Act of 1934....
Amended form D now shows revenue for the company as $1,000,001 - $5,000,000.
Last year it was originally filed as $1-$1,000,000.
Hopefully there will be details soon...
Also, one of the documents works now and contains this phrase "NanoLogix utilizes a patented (# 8413800) vacuum sealed packaging system that has proven to increase the shelf life and
quality of our media based products. Third party testing concludes a 1 year product shelf life under cold storage and room temperature conditions."
Before it said "Third party testing is underway to determine product performance during storage conditions. Progress and results will be documented as they are available. Industry standard (90 day) expiration dates will be noted as a minimum shelf life until further testing results are available."
This is new and good I would think.