From FB:
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An open letter to our loyal shareholders...
I believe that the best way to sum up the preceding days would be... the world has changed. Monday's news has obviously hit us hard. It has hit me hard. Add to this significant industry pressure and It is fair to say, this "isn't what I signed up for".
We want our shareholders to know that Treaty Energy Corporation's current management has reviewed the... allegations in the Complaint filed by the SEC and adamantly disputes the claims against the Company made therein. Current management vows to vigorously defend the company and protect its shareholders in this proceeding, while continuing to pursue opportunities to generate value for the company. In addition, the Board of Directors wishes to explicitly state that none of the individuals named in the SEC Complaint have any involvement in current or future management and control of the company. Obviously the SEC Complaint makes clear that the issues are with individuals formerly associated with the Company so we are disappointed at the reaction to the announcement in the markets. This now means though that the company must redouble its efforts to ensure credible and exemplary diligence in terms of all of its regulatory and public filings.
When it comes to opportunities, let me say frankly those have obviously been impacted. A quick search of the Internet would now undoubtedly raise many questions and concerns about a transaction and potential business relationship. Sadly the relationships which have given us even a chance at such opportunities have been cultivated by management over many years outside of Treaty and certainly now have been strained. The positive news so to speak, if I can phrase it as such, is that strained doesn't necessarily mean broken. In addition, the internal corporate strategies of partners and vendors that led to the availability of such acquisitions to us as a company have also shifted fairly dramatically within those organizations due to volatile commodity markets.
What next? If I can take the liberty of using a sports analogy, a touchdown often comes from a series of five-yard runs and ten yard passes with some tackles and maybe the odd recovered fumble. A home run often comes from a series of singles a walk maybe a double and maybe even two outs. Treaty Energy is quite frankly deep in our own end zone. We're at bat but honestly we've got quite a major inning to face.
It is time for us to focus solely on four singles: filings, production, cash flow and a comprehensive strategy for dealing with the company's liabilities. Acquisitions and opportunities will come at the right time, for the right reason and at the right price. It's now time to refocus and redouble our efforts to concentrate on the immediate, moving down the field play by play turning what seems impossible into the possible.
We will keep you updated as we can. We will provide information as we can and are able. Obviously under the circumstances we will use newswire to present ALL PERTINENT INFORMATION in as public and wide reaching a format as we can. It is vitally important now to focus on credibility and completion. There is little need and no desire on our part to "blue sky" the company's operations. As mentioned we will now look to provide you our shareholders and the investment community with proof that we are advancing the ball and heading for home.
The days ahead will often be difficult and we will not promise you anything but our unwavering commitment to give you back a better company than we've inherited.
At this time of year we want to joyfully celebrate with family and friends our many blessings and the wonder and magic of the season. Perhaps that may seem somewhat difficult now. This time of year though is also about believing. Believing that the dark days WILL end. THE LIGHT OF TRUTH will prevail. Believing that brighter days ARE AHEAD.
We wish you and yours the very best of the season and will look to 2015 with hope, belief and anticipation.
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===================
An open letter to our loyal shareholders...
I believe that the best way to sum up the preceding days would be... the world has changed. Monday's news has obviously hit us hard. It has hit me hard. Add to this significant industry pressure and It is fair to say, this "isn't what I signed up for".
We want our shareholders to know that Treaty Energy Corporation's current management has reviewed the... allegations in the Complaint filed by the SEC and adamantly disputes the claims against the Company made therein. Current management vows to vigorously defend the company and protect its shareholders in this proceeding, while continuing to pursue opportunities to generate value for the company. In addition, the Board of Directors wishes to explicitly state that none of the individuals named in the SEC Complaint have any involvement in current or future management and control of the company. Obviously the SEC Complaint makes clear that the issues are with individuals formerly associated with the Company so we are disappointed at the reaction to the announcement in the markets. This now means though that the company must redouble its efforts to ensure credible and exemplary diligence in terms of all of its regulatory and public filings.
When it comes to opportunities, let me say frankly those have obviously been impacted. A quick search of the Internet would now undoubtedly raise many questions and concerns about a transaction and potential business relationship. Sadly the relationships which have given us even a chance at such opportunities have been cultivated by management over many years outside of Treaty and certainly now have been strained. The positive news so to speak, if I can phrase it as such, is that strained doesn't necessarily mean broken. In addition, the internal corporate strategies of partners and vendors that led to the availability of such acquisitions to us as a company have also shifted fairly dramatically within those organizations due to volatile commodity markets.
What next? If I can take the liberty of using a sports analogy, a touchdown often comes from a series of five-yard runs and ten yard passes with some tackles and maybe the odd recovered fumble. A home run often comes from a series of singles a walk maybe a double and maybe even two outs. Treaty Energy is quite frankly deep in our own end zone. We're at bat but honestly we've got quite a major inning to face.
It is time for us to focus solely on four singles: filings, production, cash flow and a comprehensive strategy for dealing with the company's liabilities. Acquisitions and opportunities will come at the right time, for the right reason and at the right price. It's now time to refocus and redouble our efforts to concentrate on the immediate, moving down the field play by play turning what seems impossible into the possible.
We will keep you updated as we can. We will provide information as we can and are able. Obviously under the circumstances we will use newswire to present ALL PERTINENT INFORMATION in as public and wide reaching a format as we can. It is vitally important now to focus on credibility and completion. There is little need and no desire on our part to "blue sky" the company's operations. As mentioned we will now look to provide you our shareholders and the investment community with proof that we are advancing the ball and heading for home.
The days ahead will often be difficult and we will not promise you anything but our unwavering commitment to give you back a better company than we've inherited.
At this time of year we want to joyfully celebrate with family and friends our many blessings and the wonder and magic of the season. Perhaps that may seem somewhat difficult now. This time of year though is also about believing. Believing that the dark days WILL end. THE LIGHT OF TRUTH will prevail. Believing that brighter days ARE AHEAD.
We wish you and yours the very best of the season and will look to 2015 with hope, belief and anticipation.
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