A letter from George Nadaff wrote me yesterday....
Let me say that I certainly appreciate receiving this message as well as your concern, and would like to take the opportunity to respond.
First, the issues with the accounting firm, Grant Thornton, that acquired our prior accounting firm and who disagreed with the accounting classification and valuation of warrants as described in our attached letter dated 5/18 to shareholders has been satisfactorily resolved at long last. We are working with the SEC to exit the “black out period,” and it is entirely in their hands.
Next, per our recent press releases (attached) a number of positive events occurred which we have announced publicly and are at liberty to disclose. For example, we have opened two new airport units at Salt Lake City International Airport, and last week have opened the first of three Aberdeen Proving Ground military base units for which we were approved with the second under construction and the third to follow. Our menu has been approved by the federal government which, along with the military, has mandated the availability of healthy food on their facilities. We will be opening a UFood Grill in the Transportation Building (FAA) in Washington, D.C. in the near future.
As to “insider buy,” I am not at liberty to comment.
We appreciate your communication and assure you we are working with conscientious diligence to source funding to support our continued operation. Once we are out of the “black out period,” we will begin aggressively promoting our brand and future opportunities.
Sincerely,
George A. Naddaff
Chairman & CEO
