Friends and shareholders:
Attached please find this morning's press release announcing the appointment of Mr. J. David Rogers as VirTra Systems' new chief financial officer.
We are pleased that a financial professional with David's breadth and depth of experience has agreed to take over the company's financial, accounting, and bookkeeping duties. David has nearly 30 years of experience in accounting, corporate finance, investment banking, and securities.
With David's previous experience as vice-president of corporate finance for CapNet Securities, and as a recent analyst for CapNet and The Dorato Group, we believe his keen financial insight, and demonstrated ability to oversee large, diverse operations, will be of considerable benefit to our soon-to-be larger company.
David's experience and recent history was a perfect match for our company, as David has been familiar with VirTra Systems for several years now, and he has been increasingly involved in our activities since The Dorato Group assisted us with the leaseholder debt conversion completed in December of 2004. David's previous knowledge of VirTra Systems' history, and close proximity to VirTra Systems' director Andrew Wells and VirTra Merger Corporation's Bo Ritz, made this an easy and obvious selection. His past experience with us has given him the ability to get to work quickly on our day-to-day financial activities, without the need for the routine familiarization period. This ease of transition sealed the deal for us.
We are happy to have him on board, and his first task will be to oversee the completion of our 2005 audit, and to push for a prompt completion of the audits of Altatron and Dynalyst for the forthcoming merger proxy statement.
As many of our long-time shareholders likely already know, this company has grown from just an idea back in the late 1990s, and we have managed our financial affairs in-house, primarily with the able assistance of our corporate secretary, Kimberly Biggs, and our outside accountants. It has well-served our purposes over the years, and has also saved the company a considerable amount of money performing these important tasks in-house. However, as our company has grown, particularly over the past 16 months since the launch of our IVR 4G military simulator, the task of day-to-day financial management has become increasingly burdensome. Moreover, with the imminent acquisition of Virtra Merger Corporation, the increased complexity of integrating these new operations into the accounting mix has now necessitated an experienced professional dedicated to, and responsible for, this vital daily function. Working harder for longer hours could no longer effectively get it all done, and the natural evolution for a public company is to bring in an experienced financial person to oversee this very important aspect of our operation.
On personal level, as CEO of the company, I will find it comforting to have a person of David's professional talent and experience responsible for the financial affairs of the company, and to assist me by signing all of the company's financial reporting to the Securities and Exchange Commission as chief financial officer.
The timing of David's appointment is not coincidental, as we have put him in place in advance of the acquisition's completion to ensure a smooth transition, and to increase the efficiency of keeping VirTra Systems' accounting data accurate, up-to-date, and continuously available as a management tool. We are fully in the process of assembling the post-merger management team, and you will be hearing more from us on that front in the future.
We are now within three weeks of the 10-K annual report, and we are also pushing to finalize and file the proxy statement, so we are currently deep in the SEC reporting phase. However, I am mindful of our obligation to keep you up-to-date with current affairs and corporate developments. VirTra Systems, as well as Altatron and Dynalyst, have been quite busy on with sales and other affairs, and you will be hearing more on those matters soon.
These are simply my personal comments, and should not be relied upon in your investment decisions. I strongly urge you to conduct your own due diligence with regard to any investment in VirTra Systems. I respectfully refer you to VirTra Systems' filings with the United States Securities and Exchange Commission.
--L. Kelly Jones, VirTra Systems CEO
