Proposed Directors of Tirupati Graphite explain why they have requisitioned an GM. Watch the video here.
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Who's Joe Wagner and P-Chip? This seems from my research to be some mom-and-pop organisation with no real tangible business.
As far as I can tell:
- The CEO is based in Sandwich, Illinois. A Supply Chain Professional, he works for Ideal Industries Incorporated as a Supply Chain Analyst since August 2022. Prior to that, he was a Supply Chain Manager for Spectrum Technologies. [This is the closest match I've been able to find, but not sure this is our CEO of P-Chip - happy to be contradicted on this point]
- If tracking/anti-fraud/digital tokenisation Fugazi was so important to the monetisation of cheese, why is a strategic agreement to commence requirement gathering for thinking about maybe implementing this technology only just being entered in to?!
- P-Chip are not a $3bn outfit as one excited poster spewed onto LSE this morning - as far as I can tell (again, happy to be contradicted), P-Chip is some half-brained bedroom outfit side-hustle for a frustrated Supply Chain professional who's become frustrated at his own career of lower middle management and decided in the latter years of his career to try and start his own business.
Far too many unknowns for my liking, and the RNS Reach announcing yet another strategic agreement when previous strategic agreements have delivered very little. Red rag to a bull for this disgruntled ex-holder, so I've emailed Joe - jwagner AT idealindustries.com asking for some further information on his side hustle, and whether today's strategic agreement includes any agreement for P-Chip to compensate all of us long-term holders that have been absolutely and thoroughly shafted by this shambles. I will endeavour to keep the board updated, although last time I emailed a company named in a Supply@ME RNS, Alessandro Zamboni messaged me with threats of being sued, although 4 months on I've yet to receive a letter from his solicitor...
From what I could see they are a small business who has a revenue of $5.6m
But Don't see how it matters as long as their chip works.
To me it's nothing to write home about nor nothing to complain about
In order for SYME to attract funders they must be able to reassure them that tracking and verification is possible. I don't know whether or not or to what degree this might be a stumbling block at this point in time but one one like to think a lot of thought had gone into it BEFORE now... 🤷
Fiish
You are seemingly becoming more and more disjointed from reality you claim to be an ex holder but now spend time here attacking the business.
Yet the business your attacking is making progress and all the signs are there...very thorough audit and extremely detailed financials covering the business model in much detail, both RNS going far beyond what was expected or even needed but no doubt a prerequisite to contract signage with Banoco BPM.
Next we have the cash placement, a mere £1.5m, covering four months or so cash burn, imo just enough to get the first of many commercial deals signed and across the line and ensuring that SYME has enough cash to meet the banks supplier audit requirements as being a 'going concern' and self funded.
Some post this all they could raise, but SYME in the past raised far more with far less evidence of progression.
We now have two named clients - Banoco BPM, Italys third largest bank and Neobank...
Yet no one had queried who 'Neobank' is, well its actually a term used to describe a purely on line bank that doesn't possess physical branches.
htTps://fintechmagazine.com/banking/top-10-neobanks-in-the-world
Take a quick peep see how much funding these Fintechs have raised, their business revenue's, and market valuations...in the billions of dollars...in comparison to SYME which has spent a tiny fraction and on the cusp of its first commercial deal in a market with very high barriers to entry, tightly regulated, and hence difficult for any competitor to scale.
We then have yesterday's RNS on p-chip tie up no doubt driven by another of the banks audit requirements to mitigate the risk of fraud by tagging, tracking, and identitifying individual inventory items, however small, to ensure 'due diligence' is not compromised.
All the evidence suggests that SYME is close to completion of its first WL IM deal before the bank decides to roll this out as a mainstream lending product to clients accounting for c.€100 billion of lending of which SYME needs to generate €500m of WL IM deals or 0.5% of the loan portfolio in order to breakeven....That's just one customer for SYME. every new client on top becomes pure profit....
All the signs of a progressive business are not there - the most important to us, a rising share price is noticeably absent!
Many of us have seen time and time again promise of big initiatives only to be disappointed, so forgive my cynicism. Why is this time any different? If anything, with many LTHs now cynical, key staff having left and not replaced and the weave of promised initiatives AZ is trying to point to in order to bolster a failing share price, it looks less likely than before.
I think the pertinent issue here is how prepared we are with regard to tracking and verification.
Why has this P-chip link up been announced NOW?
Is tracking and verification am issue with the current BBPM/BIG-CHEESE , could it be a reason for the apparent delay?
If indeed this is an issue that needs to be addressed we have to remember this will take time , a most precious and finite commodity.
...and talking of time we should consider there is normal time , shall we say Greenwich mean time , and then there is SYME TIME... and MAN! ...that REALLY DRAGS!!
Re p-Chip. They are already in play with Merckwho ain’t a small fiish (couldn’t resist lol).
In collaboration, Merck and p-Chip Corporation are advancing a digital platform combining software and hardware components that allows customers to create digital twins of single physical products and prove their authenticity throughout the product life cycle
The combined solution enables the usage of p-Chip microtransponders as crypto-anchors and facilitates the seamless integration of corresponding reader devices into customers' existing processes, ensuring digital authenticity and trust
https://www.merckgroup.com/en/news/digital-twin-collaboration-p-chip-28-11-2023.html
Merck Group are huge.
https://en.wikipedia.org/wiki/Merck_Group
So the deal puts SYME on Merck's radar as well. SYME's software has applications in other areas of inventory management, such as medical and related supplies and Merck is big in medical. Who knows where this may lead?
I don’t think it matters who Joe Wagner is - I think the key link between AZ and Pchip is in Massimo Baio…
Maturing Goods
The Group has recently implemented a new methodology
for goods that mature over time and whose price
appreciates or gathers wealth as they mature. These
goods are typically in the agri-food sector such as cheese
or wine, and leverage available external price matrices to
benchmark the current value of the maturing products. This
methodology is core to the BBPM White-Label binding term
sheet commitment announced in the RNS of 3rd January
2024. The Group also plans to develop methodologies that
will allow it to assess the inventory value for goods that
appreciate during the maturation process but for which
external pricing matrices are not available. This will open up
the market to a broader base of companies whose goods
mature, for example cheese, wine and cured meats.
Ongoing
A pilot of IoT tracking is being explored for the Banco BPM White-Label transaction, together
with a US technology partner.
The objective being to create, a unique, unchangeable identifier with the physical object,
thereby creating a digital twin, with reference to the inventory items monetised.
The microtransponder technology (a silicon microchip) can trace, connect, and authenticate
goods across the supply chain.
Supply@ME aims at integrating its platform with the solution offered by the US technology
partner, helping the verification process of the authenticity of the inventory items monetised,
tracking chain-of-custody across the supply chain and managing data through web, cloud, or
blockchain applications.
Baio yep. Italian too.
His LinkedIn also shows this.
p-Chip Corporation provides blockchain enabled authentication, anti-counterfeiting, serialization and track and trace solutions for multiple industries including pharmaceuticals, medical devices, food & beverage, automotive, aviation and biotech
https://www.p-chipcorp.com
https://ch.linkedin.com/in/massimobaio
Collaboration with investment bank and asset managers via the Open Market IM
business line
The Group has seen interest from banks and alternative asset fund managers in funding the
pipeline of clients originated by the Group. These programmes could cover the Group’s
existing client pipeline and, also, new clients that match the eligibility criteria requested by the
potential inventory funders. The recent announcement of the agreement with the Italian neo
bank is significant progress in this area.
From what I have read in the Annual report there is still a lot to do.