Dr. Moller wanted to make sure that a newsletter went out today about activity that has been going on with both Moller International and Freedom Motors. This was sent out on our MailChimp account, and we are including a link here along with the text from the newsletter below:
Moller International / Freedom Motors
August 2019 Newsletter
To: All Newsletter Subscribers
From: Paul S. Moller
- The SEC had temporarily stopped Moller International (MI) stock from being traded on the Over the Counter Bulletin Board (OTCBB). This is because MI’s accountant was unable to file quarterly or annual reports since September 2015, due to MI’s dormant state. MI primary address was also not updated since we moved to our new facility, even though we have promptly alerted SEC. Finally, when we did receive the letter due to the good deed of the current occupants of MI’s previous location, we sprung into action and rectified the first issue we have with the state of California. We also ensured MI is represented by legal counsel who continue to engage with SEC. Now the MI stock is trading again. As we know actions speak louder than words, we wanted to reach out to you through this newsletter to let you know MI is making every effort possible to keep from being delisted.
- Many of you are probably familiar with the history as to why the MI stock price fell dramatically almost immediately after it registered as a public company. For the astonishing details behind this fall see the Website: http://www.somi2003.org/index.html. This Website was generated by the Stockholders of Moller International (SOMI). MI did not raise capital as an Initial Public Offering (IPO) when it registered as a public company because shareholder options for $8.5 million were to be exercised when it became public. Only a small portion of these options were exercised before the price of the stock fell due to the egregious behavior outlined on the SOMI website. When MI became a public company in 2001, existing MI stockholders received shares in Freedom Motors (FM) as it was spun off to become the exclusive developer and manufacturer of Rotapower® engines. While FM’s ability to raise production funds has been hurt by the MI’s damaged history, the demand for engines is allowing FM to overcome this problem. However, MI’s funding raising problem remains.
- We have conveyed this message many times and we think it is appropriate to repeat it at this critical time again. MI’s success is totally dependent on FM’s success. The FM engines are the key technology required for MI to have a marketable product It is logical to focus on FM to ensure its success so MI can come out of its dormant state.
FM has taken several positive steps towards engine production, including adding a number of very qualified people to our staff. Demand for the Rotapower® engine is incredibly strong with requests for nearly 4 million engines from 12 countries. FM is approaching these orders in the following way:
- For high profit margin applications like VTOL aircraft or mitigating global warming, modest production can occur in the US.
- For large US orders, the production cost can only be competitive if the engines are produced in countries like India, Mexico or China.
- For large orders from outside the US, it is prudent to create a joint venture leading to production in that country.
- Dr. Paluru, our CEO is preparing to return to India next week. This will be his third trip with the purpose of finalizing several agreements. FM will provide a report on details of his trip following his return.