CHICAGO, June 27, 2017 /PRNewswire/ --
As you know, I have not received any response from the Board
with respect to taking strategic action that would be in the best
interests of shareholders.
As all your shareholders would agree, there has been a
clear track record of over-promising and under-performing by this
management, despite the significant intellectual property that
Neonode (NASDAQ:NEON) has developed. Traditionally Neonode's
technology has been focused on the B to B market. Recently you have
introduced the Airbar which is focused on the B to C market.
Despite glowing reviews for Airbar, and significant market
potential, sales have been virtually nonexistent. Once again, a
failure to deliver positive results when shareholders were led to
believe that demand for the Airbar was substantial.
It's clear that Neonode has no B to C retail experience,
and limited funds to gain the necessary market awareness and
acceptance for the kind of success that Airbar deserves. While
Airbar is an outstanding product, and a great opportunity, it is
one product, not a product line.
I believe that you must, immediately, develop a plan which
capitalizes on the significant opportunity that Airbar presents.
Neonode does not have the expertise to effectively seize the
opportunity that the Airbar can deliver in the right
hands.
I would expect that the Board would have the courtesy,
certainly you have the responsibility as the Board, to respond to
this letter and take action that is consistent with the best
interest of shareholders.
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SOURCE Ronald L. Chez