RE: Funding
I know some aren't going to bother contacting IR so here's the scoop on funding directly from Dan:
Thank you for contacting the company.
I am happy to explain the subject of funding and why the details have not been announced to date. Investors don’t just show up at the door with a briefcase of money and you hand them share certificates. There are highly regulated procedures in place that must be followed for raising capital. While I had already "secured" investors those and investors "committed" the funds the tasks necessary actually offer a Private Placement began once I was officially and Officer and Director of the company. These types of offerings don't happen overnight.
The company raised the funds in a private placement. In order to do so a Private Placement Subscription Agreement needed to be prepared. This is a legal requirement. Once that was completed by our attorney it was circulated to the people whom previously committed the funds to me via personal meetings and phone calls. Once these entities received the subscription agreement, they either reviewed it and completed it or had their attorney do so. At that point the completed subscription agreement as well as the funds were sent to the Company's attorney. Next the company's attorney needs to review these subscription documents to be sure the investors are eligible to participate in such a Private Placement and prepare any additional filing requirements that are required due to the jurisdiction where the Private Placement funds originated from. For instance several private placement participant were from the USA. In the USA there are regulations known as Blue Sky laws. These Blue sky laws vary from State to State. Some of the Private Placement participants live in New York State which requires the Blue Sky filings be submitted prior to the closing of the Private Placement, other participants were from other States which require filing upon closing of the Private Placement. Each State is different.
All of these additional filings are presently being filed, but the private placement can't be "closed" until that time and we can't discuss the details until it officially closes.
Several of the Private a Placement participants life abroad and don't have such filing requirements and if necessary we will close the Private Placement in stages to access the cash faster if necessary. However, most of the professional service providers have been used by the company for years and are willing to begin the work in good faith knowing the company now has the funds to proceed. They will bill us for their services and we will pay them, we have strong relationships with these service providers.
So when we can legally, we will announce the details. However, I assure you that the funds have already been delivered and work has already begun on many fronts.
I have continually stressed for investors to contact the company with any and all questions and they will receive a prompt and professional reply. I caution investors from relying on information not directly provided by the company. There is a reason an individual would rather repeatedly post on a message board ad nauseam when it’s so simple to get an answer directly from the company.
As I mentioned in the conference call my strategy is create a plan with small achievable steps which we have done and announced. Now we are putting one foot in front of the other. The best thing the company can do is to communicate well and deliver on the plans milestones. This is what I have done and will continue to do.
Dan Byrnes
Investor Relations
(Maybe a mod can make this a sticky?)
