TLYN Shareholder Letter to CEO
I just spoke with the CEO. Here is the sum of the conversation, emailed back to him.
fringe
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You wrote recently in an email to me and on your webpage;
"We look forward to hearing from you before making our final decision".
Following my telephone conversation with you moments ago I sum up the salient points herein and will speak of it publicly at your suggestion.
1./ TLYN under your guidance was not aware of outstanding issues with the SEC, and not aware of outstanding demands to file. SEC personnel changes over time and those dealing with this case originally are long gone, and the demands were misplaced. You are just as surprised as anyone to have seen this action against you, considering that your were bringing your filings up to date. You will continue to pursue the periodic bookeeping for your company, public or not, and if allowed to, will file TLYN Q's and audited K's with the SEC.
2./ TLYN is a viable business with an expanding product poised to offer its software in the small telecom market. You have been equally busy the last four months marketing TIII software, and have placed invited proposals with Telecoms abroad. These take time to gel. Locally you wish to pursue Telecoms in the North American market also.
3./ You understand that you may be forced to go private, although as yet that decision has not been taken. You commented also that going public again may not necessarily be as TLYN, but by backing through onto the public stage through a reverse merger with another shell. Shareholders who stay with you would be a part of that scenario.
4./ You are interested in protecting the rights and investments of shareholders and to that end invite interested parties who currently have a position in TLYN to join with you and take the company forward during this next interim stage. You will respect our investments and formally offer us a pecentage of the company equal to our percentage ownership prior to final deregistration. We will organize to help you do this. How this factors in when the common shares can be squashed by activation of the preferred C's is something that will have to be addressed, as protection of the common shareholder will be paramount with you on any deal. Fianlly, the current shareholders will need to be protected in any future arrangement involving the morphing of your company into another body and with new parties, with guarantees of percentage ownership and equivalent rights in future iterations.
I look forward to develop the above dialogue with you.
AI
