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