Please note I have no ties to Sealegs or its parent company, Future Mobility Solutions. With the exception of my personal holding of shares of FMS (previously SLG), this makes me a shareholder of the publicly traded company. Communicating information to other shareholders or favoring specific parties to disclose this information presents ethical and legal concern. Many difficult decisions have been made. I have been told this information may need to be printed in writing by a newspaper to be considered formal public information, I will look to do that to the best of my ability on July 5.
I will not comment further on this matter outside of this Notice. Do not contact me.
Earlier this year it was anonymously alleged to me that David McKee Wright (DMKW) was having long running legal/personal issues with Class A drug usage. He is Sealegs CEO.
Christopher J Weir, as a long time board member of a publicly traded company (FMS) is required to maintain an address by the country of New Zealand. A registered letter was recently sent to that address, it was returned by the New Zealand Post stating, “not known at address.” Allegedly board member Weir is failing to maintain that address as required by law.
The National Business Review of New Zealand reports that Eric Series has ties to a “ponzi scheme.” In personally meeting with him and DMKW in New York City around December 2017, Eric Series stated to me, “If you do not make a deal with me and shake my hand I will sue you.” He is reported as a French billionaire and Chairman of the Board of the publicly traded company I am a shareholder of.
From information pulled from Sealegs.com and the National Business Review it is public information that Sealegs has intentions to sell their products into militaries/governments as well as de-list from the New Zealand stock exchange and re-list on the London stock exchange.
Formal correspondence has been drafted and will be mailed on July 5 to; the regulatory body overseeing the New Zealand Stock Exchange, The Ministry of Business Integrity and Ethics, the regulatory body of the London Stock Exchange, the American Securities and Exchange Committee.
The following information that has been communicated to me or experienced personally. This information is communicated to the best of my ability at this time.
When questioned on quality of the Sealegs product line, “the worst to happen is a tire will come off the bead and we glue them on now to stop that” DMKW 2014
“You can fill out a ticket for those manufacturing issues if you want (laughing) but there are over 600 open tickets already and only two people working on them” DMKW 2018
“We are here to help you and make Sealegs USA a success” - Damon Joliffe, COO Feb 2015 - Albany, New Zealand
Roughly stated ~ “I’m glad you have an idea, I have no idea what we are doing. Let me know. ” DMKW - Feb 2015 - Albany, New Zealand
“I am letting Sealegs USA burn to the ground!” David McKee Wright - September 2015
“I remember that (laughing)”.. ..“The commercial warranty is only 90 days, you should see what those guys do to them (referencing breaking Sealegs boats)” Damon Joliffe, COO - Florida, USA
“They want the company to stay in business just not do well, they are holding it back on purpose” Ex Sealegs Employee #1
“DMKW is just not competent to be CEO.. ..he told me to stop ordering the same parts from cheaper sources, DMKW said that Sealegs USA job is to lose money. I don’t understand what they are doing.” Ex Sealegs Employee #2
“the Sealegs application does not appear to be registered for warranty coverage in the United States with American Honda Motor Company as there is no record of engine testing or an application review by American Honda or one of their Honda Engine Distributors. Further, despite the fact the engine powers a hydraulic pump and is not being used as a marine propulsion engine, it is still being used in a marine application and environment, one for which it is most likely not approved.” - Representative of Honda
“Our manufacturing staff is minimum wage type of workers and we can not afford for them to revolt, again” DMKW - 2018, Albany, New Zealand
“What you have said and your emails are almost all correct, that doesn’t mean we are going to do anything about it.” - DMKW - 2018, Albany, New Zealand
David McKee Wright <David@sealegs.com>
I was sorry to read your email, you’re obviously enthusiastic to progress your ideas with Sealegs and that enthusiasm is fast turning into frustration.
In addressing your frustration I need to help you understand our focus and strategy. I don’t disagree your comment “Sealegs has a long running traction issue in soft terrain”
Our lack of attention to this issue is driven from the fact:
1. Most of our customers do not consider it a problem and
2. Product strategy looks at the traction issue more holistically.
In addition the board recently instructed management to make the focus of the company profit. This focus resulted in:
1. reduced R&D and product improvement
2. lowered part costs,
3. a reduction of product options and
4. a focus on selling product we have (not what we don’t have)
Whilst this could be seen as short sighted the fact Sealegs has not produced a financial return despite significant investment forced our hand. The traction issue is not a mainstream issue and consequently not a focus.
The system was originally developed for a 6.1M, 2.5T boat. The holistic view to the traction issue incorporates all the factors that lead to the problem:
1. Tyres & pressure
2. Wheel Motors
3. Hydraulic Pump
4. Inboard Motor Power
Basically we have concluded if we increase the size of any one of these they all need to be evaluated any change would change the balance of the system. As such we stopped researching tyres and started evaluating an entirely new amphibious enablement system which we hope to release early next year.
Unfortunately very little of this information resolves your traction issue and making things worse is the fact Josh has an excessive workload, limited spare parts and no time to support you. Understandably this has led to your frustration and consequently your email.
I don’t want to commit anything at this time as there is a likelihood there is nothing I can do. That said I will commit to talking to Josh (after Easter) then giving you a call to discuss this and Brunswick.
Sorry it’s not the answer you wanted but hopefully you understand our position a little more.