DRONE SERVICES USA, INC (DSUS)
LAST COMMUNICATION FROM COMPANY....
OPEN LETTER TO THE SHAREHOLDERS OF DRONE SERVICES USA, INC
It is with deep regret, that we the Board of Directors, unanimously, must deliver our resignations effective as of November 13, 2015. After completion of an internal investigation, the Board of Directors has determined that the extent of the misrepresentation regarding the Issuer’s financial position and its corporate actions, are so material as to void the transaction that led to each member of the Board accepting their position.
The Board has determined that (a) material liabilities of the Issuer were concealed from the Board members; (b) no reverse merger actually occurred; (c) significant regulatory issues exist which were not disclosed; and (d) material fraudulent activity is part of the history of this issuer that will likely never be overcome. This information has caused the Board to declare that the Drone business envisioned by the Board for operations through this Issuer were never consummated, and any entanglement with the Issuer and the owners of the Drone technology or operations is terminated, effectively immediately.
Before PV Enterprises International, Inc. (“PVE”) changed its name to Drone Services USA, Inc. (“DSUS”), an independent contractor, who had worked with PVE previously, joined the company as a consultant and took on the responsibility of helping the directors and new management understand the requirements in a public company, alluding to indescribable knowledge that they would be able to rely on over the first years.
It has become abundantly clear that we have no choice but to resign all of our positions, as officers, and directors, because this consultant, with the aide of others, intentionally mislead the Board and did not provide material information prior to its members agreeing to undertake these positions and bring their business to the Issuer. These items include, but are limited to:
-More than Eight Million Dollars ($8,000,000) of debt, through judgments, liens and outstanding, unpaid promissory notes, in the amount of $8,315,323 has been discovered so far. It is the Boards position that the market should not rely on any financial statements published by the company since at least October 2007 when the company filed Form 15-12B.
-Undisclosed regulatory inquiries of a material nature have been discovered, including a Wells notice.
- A declaration of a dividend using a Preferred C, that was specifically designed for the “nice” shareholders, causing a discriminatory situation. The Board has also discovered that prior management with the help of the consultant sold these shares to business associates.
- Claiming consultant and others were not paid from several years ago, resulting in double payment to these subcontractors, using free trading shares, even though the original issuances were easily traced, and most still in restricted certificate form.
-A press release indicating a reverse merger had taken place, when in fact, no such transaction was completed.
-Inability to rely on the financial information provided, including failure to disclose liabilities and over-stating assets (or in some cases we believe fraudulently claiming assets which do not exist).
-Inability to obtain line by line company financial information, to assist in determining the true nature of the company’s financials.
-Apparent forging of the Company’s authorized representatives signature on significant financial and other corporate documents including the OTC Markets, financials and on free trading stock issuances, of which the Board was unaware.
- Forging of consultant agreements, invoices, and convertible notes in order to obtain free trading shares. Showing proof of payment that went to other companies and for far different amounts.
Please understand this information was intentionally hidden from the Board of Directors and that prior to the Board becoming suspicious (resulting in the engagement of a third party for review), the Board had been relying on its advisor, unaware the advisor was policing email exchanges, and deleting information that could have raised earlier red flags. Once it became apparent that the financials were incorrect and unsubstantiated, the Board issued a warning to the market indicating the previous financials could not be relied upon and began attempting to correct the errors. It is now clear the Board will not be able to correct these errors as well as any of the other issues, and therefore must submit their resignations.
The resigning members of the Board of Directors have determined that due to the shocking nature of the information discovered, it will be sending all of the gathered documentation directly to the authorities. Each Board member has also had reason to call the FBI and to report continued harassment from this consultant. All Board members have delivered their resignation letters and have determined that they will be returning all shares issued to them, to the transfer agent for cancelation. Further, the control block of preferred shares is being placed with an escrow agent.
We, the members of the Board truly believed that we would lead this company to a place that delivered value beneficial to all, including the shareholders. Although we discovered that mistakes were made (generally a long time after the fact), we still felt that as a team we could get this figured out. We regret that due to the specific intentional deception perpetrated on us and on you the shareholders, we no longer believe it can be resolved by us, the Board of Directors. We sincerely wish each of the shareholders, debt holders and other stakeholders the best of good fortune. We are hopeful the information delivered to the authorities, will assist them in holding this consultant and known associates accountable for the damages they have caused us all.
Link to origial letter with list of outstanding debts and resignation letters of CEO and BOD.....
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