Sigma Labs CEO issues letter to shareholders
Sigma Labs announced the release of the following letter to shareholders from Chairman and CEO John Rice:Dear Shareholders:"It has been a year since I was privileged to become your company's CEO. I am accountable to you, so please accept this update on the company. As you know from my prior communications to you, the principal challenge that the company faced on August 1, 2017 was to transform itself from an R&D company with a high-potential R&D product into a commercialization company with reliable high-performance market-ready products to sell. Driving this transformation in the course of one year was challenging as we recruited additional expert personnel to provide our required balance of skillsets, implemented new business processes in product development and customer service, and step by step, set out to elevate our lab-ready hardware and software products into robust commercial equipment ready to deploy into high quality production settings. The good news is that we have managed to put together an extraordinary team of people to execute on these challenges, the bad news is that no matter how good the team, the process on which we have been engaged is arduous, and very vulnerable to Murphy's law that if something can go wrong it will, twice at least. Some extraordinarily capable and patient customers have permitted us to work with them as partially integrated teams and through doing so increased the sophistication of our customer responsiveness, and alas too, sometimes fallen victim to helping us with flaw and bug detection as we rapidly accelerated our product's sophistication in this transition year. These customers have made our product better - indeed made our company better, and we hope, but have no assurance, that this will result in Sigma receiving substantial orders for serial production applications in the tail-end of this year and first half of 2019. The very good news is that our team was more determined and effective than the admittedly very resourceful Murphy, and as we wind up this transition year, the core product, PrintRite3D, is proven to deliver valuable advanced quality solutions for Additive Metal production, not merely for AM research."