GOLDENDALE, Wash., June 07, 2018 (GLOBE NEWSWIRE) -- The following is a letter to the shareholders from Auscrete Corporation's CEO John Sprovieri.
Dear Shareholder, by now most of you will be aware that Auscrete Corporation (“ASCK”) has performed a Reverse Split of its stock in the order of 1 for 1,000. We are very excited to announce this action and I will try to address the reasons management has opted to carry out this action.
While it is true there may be some inherent selling pressure on our price per share due to a stigma that can accompany a reverse split, Management however, sees this as very short-term and short sighted, due to the progress ASCK is making as reflected in the recent 10-Q filing, that shows a substantial reduction of debt while nearly doubling the assets on the books with a purchase of the land and commencement of construction of our flagship production facilities.
Many of you are also aware of recent actions of brokerage firms ceasing to be active in stocks that are sub penny, making it difficult for many company shareholders to negotiate their stock.
Add to this, ASCK’s stock had recently been drifting between 1 and 2/100 ths of a cent. We expected we could have gained some traction and moved it up but that wasn’t to be.
The company had over 3.5 Billion shares out there and they were emerging pretty often, particularly when our stock halved and doubled all day long. The reason for these numbers in the float was brought about solely by previous Note conversions where the Noteholders had no concern for our stock price as they sold before they bought at outrageous discount prices. I’d like you to know that none of the insiders or associates have ever sold their own shares, contrary to what many people are espousing and believe.
So, to create a more efficient market for our stock and our shareholders, it will now be more difficult to buy at the bid and sell at the ask as soon as the shares are bought. This way the stock will be less volatile enabling the value investors to realize the gains they expected when buying into ASCK.
So, we at ASCK were faced with the issue of what to do to ensure the future value for our shareholders, and of course ourselves, for the long term.
It would be irresponsible of us to ignore the needs of the very people that have helped and supported our Company. So, taking into account the current level of advancement of our production facility impetus, we needed to move forward and upward to the next level.
We contemplate moving up to the OTCQB when we are able in the near future. There are minimum stock prices for this and we need to conform. By up-listing to the OTCQB marketplace, Management feels our imminent revenue producing company, whose intrinsic value will be ultimately reflected in the stock price, is now credible.
Additionally, with the first initial capital in hand from our funding partner and further funds becoming available during June and September, we are confident this will put ASCK’s stock in front of a lot of new potential pools of value investors who typically invest with larger sums of money, thus continuing with Management and Board of Director’s long-term goals to build a First-Class Manufacturing Corporation.
We have previously depicted the marketability of our homes. These are specialty, site built and thermally efficient, concrete based extremely strong structures that you can’t set on fire and are extremely economically priced, due to our optimal building product manufacturing process. The market for Affordable Homes is one of the largest Consumer Markets in the world and our many advantageous assets put us in a prime position.
We have had many offers to supply housing estates, let alone single purchasers and, when we are ready to write contracts in a few months, we could easily access over 4 years of orders, given the extreme damages and losses due to recent natural disasters all over the country and the general need for housing.
We are moving forward daily toward our goal of a production facility on our land in WA that can produce 100 homes per year. That would equate the revenues of $15 million per year and will reflect the value of this recapitalization in the near future.
About Auscrete Corporation Auscrete Corporation (OTC:ASCK) is a building products manufacturer and constructer of “GREEN” energy efficient housing and commercial structures built from Auscrete developed lightweight hybrid concrete/insulation wall and roof panels. Structures built of this medium have very low maintenance and, being concrete, are highly resistant to insects and mold. They have considerable mass and are highly resistant to hurricane forces and earth tremors. They will not catch fire and burn. Auscrete has established their Flagship Facility in Goldendale, WA.
Safe Harbor Statement: Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words “anticipate,” “believe,” “estimate,” “may,” “intend,” “expect” and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the sales of the company’s identity protection software products into various channels and market sectors, the issuance of the company’s pending patent application, and the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
Contact Lee Odom VP of Business Development Director of Investor Relations Email: Lee@auscretehomes.com Phone: 305 853 8404 Website: www.auscretehomes.com
