Received an email from CEO last night.
This email was more legal sounding than usual. He attached a shareholder letter which I pasted below.
-Y
Dear Shareholder, My Company, AeroQuest, acquired GRPS through a reverse merger. Once we obtained enough funding it was my intention to change the name of GRPS to AeroQuest and begin manufacturing products based on Composite Pacifico’s (CP) patents, a firm whose principal I have known for many years, much of it in the development of the technology. AeroQuest had an Agreement to do so as well as a debt that is owed to CP. We had two years (after the GRPS acquisition) to pay the debt and during that time we had the exclusive North American rights to manufacture and distribute products that CP owned patents for.
We were never successful in raising enough capital to maintain our rights and were never able to pay off the debt to CP. At that time, and through to today, CP was only doing design and engineering work (along with some prototyping) in the composites field. We had hoped to raise enough capital that we could do the manufacturing for CP and they could remain a design/engineering firm.
That is changing. They have decided that they needed to manufacture and are in the process of setting up a manufacturing operation in Panama in an enterprise zone named Panama Pacifico (you can Google this) which is the old Howard air force base. They were able to raise the capital they needed to get started and have leased a 25,000 sq.ft. manufacturing space, have purchased the necessary equipment and the manufacturing facility is being set up as we speak.
CP plans to build panalized housing of composite materials to sell throughout central and South America. Panama Pacifico itself needs 500 housing units per year and CP has interest from a ½ dozen other countries/entities to do the same.
This bodes well for us. One of the problems we had was that we didn’t have product that someone could touch or feel or see in action. Our products were ideas and technology and although we did manufacture some very nice prototypes, and engineered and designed product and the manufacturing process for one large company, we had no track record.
Now that CP will be able to manufacture, we will be able to piggy back onto that success as the principal of CP has assured me that he will once again grant us the North American rights to their products/patents if we can pay off the debt. By being able to show products that are in use and being able to quantify the results/benefits of the materials, we should be able to reinvigorate the stock and take it to wherever the market will take it.
Based on my discussions with the principal at CP they should be up and running in the second quarter of this year. To be able to have any building material used in Panama that material must be certified by the University of Panama. They (CP) are building prototype panels and deliver them to the university by the end of February. It is anticipated that the University will be done with their testing 6-8 weeks after receipt of the test panels. If they don’t run into manana’ issues with the University, that testing should be done by the end of May and they will begin fulfilling orders that are waiting on the manufacturing facilities start up.
I have expended all of the funds I have (over $3,000,000) in the effort to get this business off the ground over the years and I am trying to raise $60K which is needed to get caught up with FINRA and get the skull and cross bones off our symbol; we ran out of money two years ago which has caused us to not be able to keep current with FINRA, thus the skull and cross bones. As I have already tapped the “friends and family” group over the years, this has proven more difficult. However, once CP is up and running and I can show photos of the manufacturing facility and end product in use I think that will become easier. My goal is to get current with FINRA by the time CP goes into production. This will allow us to reacquire the rights to the patents and begin marketing our company and technology, once again.
I don’t want to blow smoke where it doesn’t belong but one of the things that has kept me going is that I have an in with Walmart and last year they made a commitment to make all of their buildings “green” with among other things, solar generated electricity. They own a lot of roof space around the world. One of CP’s patents pending is for a “solar roof” and CP will be happy to build them for us if/when we can get a few buildings from Walmart to convert to solar.
So, I am still in the game and working to make this company viable. I feel a responsibility to the shareholders of GRPS and hope that I can pull this together. I cannot tell or suggest to anyone what to do with their shares in GRPS, but I am still working hard to make every investor glad that they bought. If you know of anyone who might be interested in a direct investment in GRPS, I would be pleased to speak with them.
With kind regards,
John Ohlin, President/CEO
