Lecere CEO Answers Some FAQs
Software start-up Lecere Corporation's (Pink Sheets:LCRE)
(www.lecere.com) CEO, Jim Morris, provides answers to some FAQs
from shareholders and others.
1. Does Lecere have any prospects for more customers
after Nepo 42?
Since we came out with the announcement of Apple iPad support
and produced the YouTube video, we have gotten emails from
restaurant owners of over forty restaurants. A new restaurant
appears in our email inbox every couple of days. In addition to
that, we have identified about ten restaurants in the Portland, OR
area that are interested in becoming customers. A few of these
fifty or so prospects may be tire-kickers, but after having talked
at length with all fifty of them, we think most of the fifty are
legitimate customer prospects. Most of them are small to
moderate-sized restaurants that do not have a POS today or else are
looking to replace an old POS system. Lecere's low upfront cost and
relatively small monthly fee are very attractive to this kind of
restaurant. We will start bringing on new customers as fast as we
can. This is a learning process for us, and we need to develop some
software processes to automate new restaurant registration. Thus
bringing new customers online will start slowly, but eventually it
will accelerate. Our goal within 2-3 months is to effectively
automate the restaurant registration process. When this is
available, restaurant management need only navigate to the new
Lecere website, where they will create an account, supply a credit
card for monthly billing, create their menu online, and then start
2. Where does Lecere presently stand in the process of
clearing up the caveat emptor.
An accountant has started work on organizing the financial data
into QuickBooks. We have an attorney lined up to sign off on the
financials, but PinkOTC requires me to meet face to face with the
attorney. His office is in Fresno, CA, so I must travel to Fresno
to meet the attorney face to face. There are several hoops like
this that we have to jump through, but I believe we can get the
caveat emptor removed by about the end of May.
3. Has Lecere found any new information regarding the
reported short sales of Lecere's stock?
About a week ago, we formally asked the Market Regulation
department of FINRA to look into what was going on with the massive
amount of short sales in Lecere's stock during April. We talked to
a person named Pat Clem in the Market Regulation department. Ms.
Clem informed us that the only way anybody will ever know the truth
of what happened is if the culprit is a member of FINRA and if
disciplinary action is taken by FINRA. Otherwise, the information
is proprietary to FINRA and we will likely never know what really
4. What is the status of the pilot project?
We completed Phase one (see the May 12 press release) last week.
Phase two is well under way. We are expecting to complete the pilot
project pretty much on time at or very near the end of May.
5. Is Lecere going to improve the graphical user
interface of the software?
We recently engaged with a Portland, OR graphics design firm to
completely revamp our website and to redesign the graphical user
interface for FIRMS.
6. Is Lecere going to patent the FIRMS
I have been involved as a consultant in a patent infringement
case for the last five years. Here are some facts about patents
that may surprise you: (1) The patent office spends an average of
about 24 man-hours in total on each patent application.
Consequently, it is relatively easy to get a patent. (2) If you
don't plan on spending millions of dollars to defend your patent
against infringers, then a patent is basically worthless, except as
a merit badge. (3) Just because you obtain a patent does not mean
you are out of the woods when you litigate against a potential
infringer. The infringer can force you into a patent reexamination
for almost no effort at all on the infringer's part. Unlike in the
original patent application, prior art is examined under a
microscope in the reexamination. You will spend hundreds of
thousands of dollars proving validity in the patent reexamination,
but the microscope ensures that the probability your patent's
validity will be able to survive the reexamination is very low. I
would rather win in the marketplace with superior marketing, sales,
and technology (listed in order of importance for building a great
7. What are Lecere's plans for raising operating funds
in the months ahead?
Lecere is a pink sheet company right now only because (1)
we are a start-up company with no customers and no revenues and (2)
we have no significant partnerships that will produce very large
numbers of customers for us at this time. Once we have those two
things in our pocket, we will be able to raise ample amounts of
private placement capital, i.e. sales to investors of restricted
shares, instead of free-trading shares. When this occurs, 504
investing will stop permanently. Once all of this happens, we will
begin the process of moving to the OTCBB. Next step is NASDAQ, and
we honestly feel we will get there someday.
Lecere Corporation (Pink Sheets:LCRE) of Portland, Oregon
develops and markets Lecere FIRMSTM, an integrated, Web-based suite
of interactive restaurant management software that runs on handheld
wireless devices. FIRMS helps restaurants reduce their
operational costs while enhancing their customers' experiences for
increased revenues and profits.
Lecere and FIRMS are trademarks of Lecere Corporation. All
other legal marks are the property of their respective owners.
CONTACT: Lecere Corporation