That on is older. Here is the new one:
Dear shareholders,
I would like to take this opportunity to update everyone on recent progress as well as to clear up some common questions we are getting.
First, I am receiving a lot of questions about updating the information on OTCMarkets as well as our disclosures. The way the process works is, first- you must re-open your account with them by filling out an application and submitting it with payment. They take some time to approve it and make sure you are who you say you are. This can take anywhere from a week to a few weeks depending on how busy they are. Once the account is opened, we can update information, post disclosures to become current, and post news releases. The application- is complete and we are now waiting for the account to be opened. I had reported this to be the case earlier, but we have had a change of management as everyone knows so it had to be resubmitted recently. In the mean time we have already begun authoring our disclosure statements so that we can post them as soon as the account is opened. We will also begin putting out regular news and letting everyone know about the amazing company we are and the great things we’re accomplishing.
Second, I am getting a lot of questions about the current outstanding, and its relation to the Authorized shares. Although I cannot give out numbers in a letter that is not at least shown on OTCMarkets for compliance purposes, I will tell you it is no where near the authorized and there was never the intention of increasing the outstanding that much. It was a technical increase in authorized for a deal that would remove a ton of old DEBT, and in no way represents the number of shares we anticipate being added to the outstanding. Not even close. There are reasons I cannot get into in this letter, but we are in the process of changing our domicile to Wyoming, where we will lower the authorized back to the area it was before the increase in authorized. This should not take more than 30 days. Has there been shares issued? Yes, there has as there always is when a merger or acquisition of any type takes place, but it is a very small percentage of the authorized, and when the numbers are updated very shortly, I am sure everyone will be surprised. Please keep in mind that a CEO cannot just issue shares that can be sold into the market. For shares to be sold, they have to be issued for one full year minimally, or be the result of conversion of debt that has been disclosed for a year minimally so any shares issued should be no surprise to anyone. Again, I want to say that I cannot post numbers in this letter because it is not on OTCMarkets and there is a good chance that only a few shareholders will see it, but the numbers will be posted on OTCMarkets very soon. I understand the importance of this and we are ready to move as soon as OTCMarkets opens the account.
I am also asked about debt on the books. What I can say now is that all former Peachtree Capital debt has been vacated from the books completely. We no longer have any financial obligation to Peachtree Capital and they no longer fund us, and have not funded us for the better part of the past year. Our debt on the books is a tiny fraction of what it was and we are not seeking tremendously large financing now, so it should remain that way moving forward.
On the company side we have a lot of big plans, and many of you know almost nothing of what we have now or what we plan to do. This will change with our OTCMarkets account being opened. We have been actively seeking agreement with financial institutions, all of which have received us warmly, and express a desired interest in what Cranium has to offer, in particular- Accrue. Many of you have been probing in regard to the helmet, and wanting to know about other products. We have, other products line up many of which need patent pending before we can reveal anything in the regards. If it’s not already out on the market, it’s our desire to get it to where we want it before revealing anything. Another question is what sort engineering are we involved in. The answer is- all. Software and mechanical engineering have many applications and if we can create it and there’s a need for it, we will. We’re a technology company that’s what we seek to create if it helps and is forward thinking.
In any case, we are really working hard to make this company a success, and to be as transparent as possible. Once we have the ability to regularly put out information, I am sure you will all see a much better picture of our company.
Thank you
Romario Wallace
Chief Executive Officer
E-line Entertainment Group Inc.
