Home > Press > World Am CEO Robert Hovee Reports to Shareholders On 18 Months of Progress
World Am (OTCBB:WDAM) Chairman & CEO Robert A. Hovee today reported on the company's progress in the 18 months since he was named to head World Am in November 2005. The full text of his message follows:
World Am CEO Robert Hovee Reports to Shareholders On 18 Months of Progress
NEWPORT BEACH, CA | Posted on April 23rd, 2007
Dear Fellow Shareholders:
Over the past 18 months, World Am has been transformed. From a small manufacturing facility in Colorado, with modest revenues and marketing, World Am today is a company poised for strong growth, both from its Isotec subsidiary and its Senz-It subsidiary as well. To accommodate that outlook, we moved just last week into a new headquarters facility nearly six times larger than the one we left to accommodate anticipated future growth. We had, and have, a vision. Today I would like to share it with you in the context of the work being done to execute on our business plan through our important subsidiaries and their pioneering efforts.
Our vision to begin with was to try to develop a vehicle to explore the technological possibilities of both our operating units. A reverse merger worked for us in that World Am has one small operating group -- Isotec, which designs, develops and manufactures entryway portals / weapons portals for both egress and ingress. The philosophy was that the Senz-It technology would be embedded into these portals to provide a very competitive advantage, and also allow potential sale of this embedded material into the Homeland Security marketplace.
What I mean by the Senz-It technology is that, as it relates to Isotec, units would be able to detect things like plastics, chemicals, and powders heretofore undetectable. Potential Senz-It products will be able to provide rapid and continuous onsite detection measurement of biological and chemical substances in water, blood and other real world environments. It virtually eliminates false positives; therefore, it delivers very high accuracy and sensitivity compared to currently advanced laboratory tests.
The beauty of potential Senz-It products is that they will be very smart devices, combining what you might think of as nanotechnology. We have been trying to figure out how to utilize some of this technology in this country for the past 20 years, and we believe that we have a leg up on this with over 19 patents either issued or in process, and with several more in development. There are four primary markets for Senz-It: food safety and security, transportation authority, indoor air quality and disease diagnostics. That is also the order in which they will be developed. The first products will go into the marketplace within the next year, we believe, and the more complex ones within 24 months.
We have also been building the Isotec side of our business model. In addition to adding key staffers, the company has in the past year entered into 11 new distributorship agreements in the United States and abroad. We have already received orders from one of the domestic distributors, and they are excited about the prospects of the security side of the business.
We have three manufacturing agreements in place with recognized experts in the field, and that helps underscore credibility. We've identified ISS (International Smart Sourcing), as the electronic and collection component provider; Kurt Deckert Associates, with 30 years of experience in the development of new optical reader systems, and Source Scientific for manufacturing and assembling the Senz-It project.
I hope shareholders will have confidence in what we are doing because we have put together an extraordinary management team. We've hired people that have been CEO's of various companies that have seen what we have and believe our story and understand the technology, and they are now working with us to execute the plan. Secondly, we have a very solid history in the development of this through SUNY Buffalo and Dr. Frank V. Bright. He is one of the foremost chemists in this field in this country. His work is well known among his peers. Not only do we have an agreement with SUNY Buffalo, we also have independent consulting contracts in place with Dr. Bright and his staff to continue to expand this program. We have 140 chemicals and biologics and explosives that we've already identified, and are confident they can be recognized with our Senz-It technology.
There are two other key considerations. One is that we have totally changed the direction and the management of the company. Isotec is operating to plan and is adding new dealers and improving sales. In the Senz-It area, we have large potential markets, a strong patent position, and manufacturing agreements in place. Therefore, we are further down the road than a pure startup, although we are a development stage company.
We will report to you again as our journey progresses.
Robert A. Hovee
Chairman & CEO
World Am. Inc.
About World Am, Inc.
World Am has two operating subsidiaries, Isotec and Senz-It. Isotec designs and integrates custom Automated Security Portals that provide access control, weapons control, and materials control security solutions. Automated Security Portals rigorously control entry or exit of people and materials at secure facilities, while reducing the need for security personnel. Applications of the technology have been delivered to the commercial, retail and government sectors. Isotec's experience in this field allows it to provide high quality, code compliant, application-optimized solutions at the lowest cost in the shortest timeframe.
Senz-It represents an innovative advancement in the field of micro-sensors that have applications in homeland security, indoor air quality monitoring, food processing and health care. Its potential products are intended to compete in the developing field of real-time detection and notification devices. Senz-It is being designed to identify patterns of molecules present in liquid, blood and air environments for significantly less cost than current approaches. Additional information is available at http://www.world-am.com or http://www.isotecinc.com .
Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Security Act of 1933 and Rule 3b-6 under the Security Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Technical complications that may arise could prevent the prompt implementation of any strategically significant plan(s) outlined above. The company cautions that these forward looking statements are further qualified by other factors including, but not limited to those, set forth in the World Am, Inc. Form 10-KSB filing and other filings with the United States Security and Exchange Commission (available at http://www.sec.gov ). The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.
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