Thursday, April 27, 2017 3:16:48 PM
Hi xxxxx,
I certainly agree with you that funding BioSecurity, Inc has taken longer than I had anticipated, although some of those reasons were certainly beyond my control. During the spring of 2007 and during the time period that we were selling seed shares in BSI my plan at that time was to develop the business for 12 to 18 months and then to file a registration statement to make a public offering of the Company. I had an extremely solid financing proposal, which I basically characterized to Mark as a done deal after being flown to Europe by the funding partners in the late spring of 2008, fall apart on me in the 11th hour. While we were almost able to put the financing back together with other funding partners before summer of '08 we were ultimately unsuccessful and as you can appreciate the summer months are a very difficult time to complete financings of that nature. In the fall of 2008 as we were once again getting ramped when of course the capital markets collapsed on us and it has been extremely difficult to finance start-up companies during the last 18 months.
I have been furiously working with two funding groups on funding two other Companies since I also do corporate finance consulting work for a few select clients. Those fundings are almost complete, as you know I suggested to you that they may be completed by the end of March but some last minute paperwork has held them up somewhat but I anticipate them both to be completed any time now.
The funding groups I have been working with have been impressed with the expertise I have brought to the table and have committed to assist me in funding BSI once the other situations have been properly consummated. I intend to start that initiative as soon as is feasible.
I can assure you that I am in every day working to optomize these other situations so that I can then subsequently finance BSI. I have a considerable amount of my own personal funds tied up in that project as Mark can attest and just the other day sent another couple of thousand dollars down to the Nevada Secretary of State so that BSI remains a corporation in good standing.
I very much appreciate your patience and understand entirely that it is getting stretched fairly thin at this point. I intend to have some hard answers with respect to the funding plan and your personal shares in a week or so because by then I will have a much better idea as to when funds will be forthcoming from the aforementioned other sources.
Best Regards,
Bruce
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