letter to shareholders Jan 31, 2018 OTC Disclo
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Posted On: 01/31/2018 6:22:20 PM
letter to shareholders
Jan 31, 2018
OTC Disclosure & News Service
Los Angeles, CA -
I would like to take this opportunity to talk to all shareholders about why the audit could not get done. We have been trying for months to get all the information needed to complete an audit. Unfortunately there is an abundance of information that was needed that current management of On 4 communications does not have access to. We have reached out to Tim Owens previous CEO of the company but have not heard back. In addition previous management racked up a huge bill with the state of Delaware causing a major problem for us with getting a good standing notice. We have been negotiating with Delaware to reduce this bill and are currently still in negotiations. Even though we are currently a Colorado company this outstanding bill needs to be paid to complete and audit. This is not a current bill but a past due bill from years ago. That being said just as the buck starts with me it ends with me. I take full responsibility as CEO of the company for not getting this done. We are working hard to get all this information together to get a complete audit done.
On a positive note for the year we reported record revenues of over 1.8 million.
And a 50% increase from last qtr over the previous quarter. We are expanding and growing and a fast clip and everything is coming into place. We are building a large and experienced sales force and should start getting new orders shortly. We are closing deals at a constant pace and will be making announcements soon.
We are about to make our mold for our OBD product in Asia which will allow us to produce our hardware at a faster speed and at a much cheaper cost. This mold will allow us to increase production and cut our costs in half.
AS you will see in our Financials we are now a Colorado company. Hen Hexagon is approved as noted in our docs filed with Colorado SOS the AS is now 4b reduced by the 1b promised and the OS has been reduced 1.4b to 2,458,547,369.In addition the 30 million preferred have been retired and an additional 20 million have been added .
In regards to Dubai we have 3 deal memos out and are discussing terms with these companies. This is taking longer than we hoped but we are expecting to close asap.
In closing I would like to say we are in the best position we have ever been in and we are working hard to deliver shareholder value and appreciate all your patience.
Advertise Here
Jan 31, 2018
OTC Disclosure & News Service
Los Angeles, CA -
I would like to take this opportunity to talk to all shareholders about why the audit could not get done. We have been trying for months to get all the information needed to complete an audit. Unfortunately there is an abundance of information that was needed that current management of On 4 communications does not have access to. We have reached out to Tim Owens previous CEO of the company but have not heard back. In addition previous management racked up a huge bill with the state of Delaware causing a major problem for us with getting a good standing notice. We have been negotiating with Delaware to reduce this bill and are currently still in negotiations. Even though we are currently a Colorado company this outstanding bill needs to be paid to complete and audit. This is not a current bill but a past due bill from years ago. That being said just as the buck starts with me it ends with me. I take full responsibility as CEO of the company for not getting this done. We are working hard to get all this information together to get a complete audit done.
On a positive note for the year we reported record revenues of over 1.8 million.
And a 50% increase from last qtr over the previous quarter. We are expanding and growing and a fast clip and everything is coming into place. We are building a large and experienced sales force and should start getting new orders shortly. We are closing deals at a constant pace and will be making announcements soon.
We are about to make our mold for our OBD product in Asia which will allow us to produce our hardware at a faster speed and at a much cheaper cost. This mold will allow us to increase production and cut our costs in half.
AS you will see in our Financials we are now a Colorado company. Hen Hexagon is approved as noted in our docs filed with Colorado SOS the AS is now 4b reduced by the 1b promised and the OS has been reduced 1.4b to 2,458,547,369.In addition the 30 million preferred have been retired and an additional 20 million have been added .
In regards to Dubai we have 3 deal memos out and are discussing terms with these companies. This is taking longer than we hoped but we are expecting to close asap.
In closing I would like to say we are in the best position we have ever been in and we are working hard to deliver shareholder value and appreciate all your patience.
Advertise Here
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