DECEMBER 22 ND, 2014
To our shareholders,
As I took the "courtesy" phone call this morning from the SEC office I was reminded of my own somewhat prescient words designed to instill a sense of calm and stability, I must admit I like many of you could not help be saddened,..
“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.”
And so it begins. This morning’s news that trading had been suspended until JANUARY 6TH; while obviously very disheartening, was not certainly unexpected. It is evident that the SEC, despite our very clear message that we intend to turn the company around and take it in a new direction, has embarked on a process. It is not a process that is designed to be collaborative and liberating, but rather just the opposite, restrictive and deliberate in nature. There are many who will claim our hands are tied. However, our hands are not tied to go out and do the work which must be done and that is the following as I have mentioned previously:
“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.”
So we will continue to work towards current filings, but we also want you all to be aware that while current is important, consistent, comprehensive and correct will now be the standards by which we will be judged and allowed to resume trading. HOWEVER, and this is critically important to understand, there is absolutely no guarantees that CURRENT filings will re mediate the situation we face in the foreseeable future. The SEC is sole arbiter of any and all decisions with regard to this while the current complaint is in effect against THE COMPANY. Therefore we must continue to also seek stability from cash flow and production as well as continuing to use a healthy dose of optimism tempered with a healthy dose of reality coupled with creativity and ingenuity to seek out a solution that will provide TREATY shareholders with an opportunity to see a return on their investment. Please understand the suspension is on the trading of securities NOT on trying to continue to grow the company.
As I began drafting this, we are making our way to Canada where we will be spending time with our family over Christmas. I have not been back home now for some time. These last several months, I will admit, have taken a tremendous toll on my family relationships. I want to express my appreciation to all of you who have sent messages of encouragement and Christmas wishes. I wish all of our shareholders a blessed holiday season. Hard as it may be we need to take the next several days to reflect on the true message and Spirit of the season despite what may seem to be days filled with very little light, joy or clarity.
We will continue to work towards a brighter 2015. Leadership is often told NEVER APOLOGIZE. As we close out this year and try to look towards a brighter one ahead though I will defy that. I do apologize to you our shareholders that perhaps I was too focused on building towards a radical new vision for TREATY to try and “turn it around” that I did not see the signs or perhaps more importantly wanted to believe that with dedication to “change” that we could weather what now appears to have been an inevitable storm that was brewing against the company and its shareholders. We must now defend against such a storm, with admittedly weakened resources. For that I am sorry,
Blessings on all of you and your families during this holiday season. We will continue to be hopeful.
To our shareholders,
As I took the "courtesy" phone call this morning from the SEC office I was reminded of my own somewhat prescient words designed to instill a sense of calm and stability, I must admit I like many of you could not help be saddened,..
“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.”
And so it begins. This morning’s news that trading had been suspended until JANUARY 6TH; while obviously very disheartening, was not certainly unexpected. It is evident that the SEC, despite our very clear message that we intend to turn the company around and take it in a new direction, has embarked on a process. It is not a process that is designed to be collaborative and liberating, but rather just the opposite, restrictive and deliberate in nature. There are many who will claim our hands are tied. However, our hands are not tied to go out and do the work which must be done and that is the following as I have mentioned previously:
“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.”
So we will continue to work towards current filings, but we also want you all to be aware that while current is important, consistent, comprehensive and correct will now be the standards by which we will be judged and allowed to resume trading. HOWEVER, and this is critically important to understand, there is absolutely no guarantees that CURRENT filings will re mediate the situation we face in the foreseeable future. The SEC is sole arbiter of any and all decisions with regard to this while the current complaint is in effect against THE COMPANY. Therefore we must continue to also seek stability from cash flow and production as well as continuing to use a healthy dose of optimism tempered with a healthy dose of reality coupled with creativity and ingenuity to seek out a solution that will provide TREATY shareholders with an opportunity to see a return on their investment. Please understand the suspension is on the trading of securities NOT on trying to continue to grow the company.
As I began drafting this, we are making our way to Canada where we will be spending time with our family over Christmas. I have not been back home now for some time. These last several months, I will admit, have taken a tremendous toll on my family relationships. I want to express my appreciation to all of you who have sent messages of encouragement and Christmas wishes. I wish all of our shareholders a blessed holiday season. Hard as it may be we need to take the next several days to reflect on the true message and Spirit of the season despite what may seem to be days filled with very little light, joy or clarity.
We will continue to work towards a brighter 2015. Leadership is often told NEVER APOLOGIZE. As we close out this year and try to look towards a brighter one ahead though I will defy that. I do apologize to you our shareholders that perhaps I was too focused on building towards a radical new vision for TREATY to try and “turn it around” that I did not see the signs or perhaps more importantly wanted to believe that with dedication to “change” that we could weather what now appears to have been an inevitable storm that was brewing against the company and its shareholders. We must now defend against such a storm, with admittedly weakened resources. For that I am sorry,
Blessings on all of you and your families during this holiday season. We will continue to be hopeful.
