ReelTime Now OTC:Pink Current
EVERETT, Wash., June 10, 2013 /PRNewswire/ --
ReelTime Rentals, Inc (RLTR) announces it has reached the status of Pink Current as designated by OTC Markets. The Current designation is the highest designation in the OTC Pink marketplace and requires the highest level of disclosure and reporting requirements of all OTC Pink tiers. Companies that follSoewartche International Reporting Standard or the Alternative Reporting Standard by making filings publicly available through the OTC Disclosure & News Service pursuant to OTC Pink Basic Disclosure Guidelines are designated as OTC Pink Current Information. The Current Information category is based on the level of disclosure. James Hodge, CEO and Chairman of ReelTime said today, "We have completed an important step forward in our turn around process".
ReelTime (RLTR) is an international business entity primarily focused on the development and implementation of entertainment based products and services. The Company's business plan also includes acquisition of similar businesses
that have a foothold on emerging technologies.
Safe Harbor For Forward-Looking Statements
When used in this statement, the words "may," "will," "except,"' anticipate," "continue," "estimate," "project," intend" and similar expressions are intended to identify forward-looking statements within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934 regarding events, condition, and financial trends that may affect the Company's future plan statements as a result of varying factors. Such factors include among other things, uncertainties, relating to our success in judging consumer preferences, financing our operations, entering into strategic partnerships, engaging management, seasonal and period to period fluctuations in sales, failure to increase market share or sales inability to service outstanding debt obligations dependents on a limited number of customers, increased production costs or delays in production of new products intense competition within the industry, inability to protect the intellectual property in the international market for our products, changes in market conditions and other matters disclosed by us in our public filings from time to time, Forward-looking statements speak only as to the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
ReelTime Rentals, Inc James Hodge (352) 238-9041
Letter to Shareholders and Executive Commentary
on the State of the Company
May 28, 2013
After many months of research and reconciliation, we have completed all of the filing and disclosure documents to become completely current with OTC Markets. These include annual reports for years ending 2011 and 2012 and Q1 2013. These financials have been accepted by our SEC counsel and their opinion letter has been received by OTC Markets for public filing.
This was an important first step in our turnaround process. The reconciliation process was lengthy but has been resolved to the benefit of the company.
Firstly, in regards to the tax obligation owed the Internal Revenue Service. We are and have been in the process of gathering and providing information so that this debt may be resolved as expediently as possible. We are confident that this will be resolved concurrently with our bringing all other tax filings current.
Many of you have written with questions regarding the direction/business plan going forward. We continue to evaluate several different but unique paths. We expect to make a decision on which path to pursue within this current quarter.
There have also been inquiries on the past dispute as to actually who was in control. It has been determined definitively that I was duly appointed within the By-laws of the corporation and recognized by the State of Washington, and OTC Markets, Holladay Stock Transfer, and other applicable governing tax authorities and banking institutions. All prior claims were found to baseless and without merit. The time and energy devoted to the fraudulent claims otherwise was time and cost consuming however any doubt has now been resolved.
Regarding our funding, we have secured a line of credit in the amount of $100,000.00 from Capital Consulting, Inc of Delray Beach, Florida, dispensed as needed to run the day-to-day operating expenses. We do not anticipate additional need for funding in the near future. Our partner is solidly in favor of ReelTime and its management. To date, we have paid four long outstanding receivables and negotiatee settlements on others.
I realize communication has not been as promised. Frankly, we have been bogged down in the process and there were times when little progress was made. Could we have been more transparent? Yes and I apologize. In retrospect, a simple statement of what we were trying to accomplish would have been better than nothing at all. However, we wanted to accomplish a significant milestone which we have by our recent filings before discussing our plans. The Company is now current in all of its OTC Filings and disclosures, paid critical bills and well on its way to becoming Pink Current Reporting. I will strive to communicate more often even if the update is minute in detail. Please continue to share your ideas and concerns by writing me at email@example.com. Your input is greatly valued and appreciated. I thank you for your continued support and look forward to a profitable balance of 2013.
James C. Hodge
ReelTime Media Group