With all due respect if the guy told you any of that he was most likely a crackpot.
The "I can't compete with the current manufacturers" argument doesn't hold water because if it were that revolutionary he'd be selling his idea to Riddell, Schutt, or Xenith in a New York minute.
It all boils down to the physics of a football impact and you can't change that.
If you take a brain moving 15-20 mph and stop it in the space of 3-4 inches (or almost zero when helmets hit the ground), brain damage is going to occur no matter how much padding or shock absorption there is. It's a super simple problem really, and the reason there aren't concussion-preventing helmets out there is because it can't happen in a football setting under current rules.
And it really is that simple. Medical folks have known for a really long time what the deceleration limits are for the human brain to get damaged, and the only way is to slow that deceleration down. For a football helmet that's going to mean making it the size of a beach ball, and then you have the problem of huge leverage on your neck. Until someone can modify the laws of physics, there's absolutely no way you can decelerate a brain from 20 mph to zero in the space of a few inches and not wreck it.
The only way to make it safer is to neuter the rules to the point of taking away physical contact. Myself, I think we're going to see ProBowl style rules implemented within 6-8 years followed by the rapid downfall of the sport as a whole. People like violence and that's why football is so popular.