In November, Central Wireless was slapped with a “Caveat Emptor” (CE) notification from OTC Markets for newsletters that were erroneously written by an unknown third party. Our team knew nothing about this, or why we were not informed prior to OTC Markets posting the notification. We conferred with legal counsel immediately and learned there is an automatic 30-day period one CE marks are posted. On day 30, I spoke with OTC Markets to ask about the timing of removing the mark. They did not provide a specific date, but we are hopeful it will be soon and believe the company is in full compliance with all their requests. We fully understand and share with you our desire to have it removed as soon as possible.
The second challenge was related, in hindsight, to a premature announcement of our first acquisition— an excellent, well-established company in the trucking industry. In our eyes, this was “low hanging fruit,” since that company signed terms with Central Wireless long before we assumed the helm, and prior to our subsequent strategic restructuring. Based on guidance from management, we were assured that certain creditors would accept the terms. But we learned that was not the case, unfortunately after the proposed transaction was announced. For the interim, and for the benefit of all our shareholders, we decided to put that deal on the backburner until we get better clarity from creditors.
Also during the first half of the new year, it is our goal to change our corporate name and trading symbol, and develop a website. You’ll be happy to know that just last week, we selected a name and reserved a trading symbol—both of which will remain under wraps for now, but stay tuned. At the time we complete an acquisition, and upon meeting the requirements, it is also our goal to list our shares on a major exchange, either Nasdaq or the New York Stock Exchange.
$CWIR
Surrounded by thieves, lets fight our way out!
