Al Capone's Vault

[TRAPPER JIM]

HOLY COW. CWIR SHAREHOLDER LETTER. LOOKS LIKE THEY ARE DOING THE ACQUISITIONS AND PUTTING THEM INTO A PRIVE COMPANY AND LEAVING CWIR BECAUSE THEY COULDNT GET CONTROL OF THE COMPANY.
https://backend.otcmarkets.com/otcapi/company/dns/news/document/30389/content
To Central Wireless shareholders:
I would like to express my deepest apologies for this long-awaited update. Unfortunately, the news is not good. The only reason for the delay was that we were waiting for a definitive update from the OTC Markets regarding removal of the Caveat Emptor mark after we fully complied with their requirements. But the definitive update still has not come.
At the risk of giving you more information that you may need to know, but for the sake of completeness, with this letter, I am providing you with detailed background. First, please know that I personally had numerous conversations with OTC Markets officials, and on multiple occasions was asked to “please” give them “to the end of the week,” and was assured multiple times that the CE mark would be removed. We had three different attorneys, as well as board members, communicate with senior members of the OTC Markets, and all had similar conversations.
We expressed our frustration as a company and as shareholders, and how much we’ve lost in value due to their delays. I discussed how their system seems to show a company to be guilty until proven innocent with very little due diligence on their part prior to designating a CE mark, which, essentially freezes the company’s operations for what they state is a “mandatory 30 days.” But the case of Central Wireless, 30 days came and went. During the following months of the review process, we were continuously told “it’s still under review” and that “the procedure takes time,” or that they were “short staffed and would eventually get to it.” They also told us that they had many companies ahead of us to review.
At one point during this process, even before the initial 30-day period ended, we were told by the OTC Markets to remove the company’s original attorney letter in which he provided assurance of legal compliance, along with any document with his name on it, from the OTC Markets website. I was personally called by the OTC Markets and told to do this, “or the CE would never get removed.” So, of course, we complied. In their premature opinion, they indicated that they were under the impression that the attorney was going to be criminally charged for an entirely separate and totally unrelated matter that he had been dealing with for the past nine years. That attorney, by the way, is nowhere on the OTC “bad person” list.
Being surprised by the request to remove the letter, we expressed deep concern and asked the OTC Markets to provide a referral to new attorney with whom they felt comfortable, so that a new compliance assurance letter could be provided. When they did not offer such a referral, I said that I would run the names of attorneys by them before submitting a new letter to make sure they approved, so we could finally move forward.
After all that, including submitting a new legal compliance letter and completing the remaining requirements to have the CE mark removed, we had multiple weekly conversations with the OTC Markets regarding removal of the CE mark, and the answer always resulted with, “we are short staffed,” “the review takes time,” “there are companies ahead of you,” and “we will get to you when we get to you.”
We repeatedly expressed our frustration in the system, in the process and in the unprofessionalism, and how the protracted clearance delay by the OTC Markets was crushing us as a business, prohibiting us from moving forward, and harming our shareholders. As an acquisition holding company, we cannot close our deals if the CE mark is still on the company. Internally, we discussed our plan on applying to up-list as soon as the first acquisition was completed, but we were never able to complete that first acquisition because of the CE mark.
A second situation arose more recently, which only is serving to add fuel to the firestorm: the OTC Markets told us the truth about why they have not removed the CE mark, saying that a previous shareholder with whom the OTC Markets has a “very good relationship over many years” told them he was going to file a default claim, stating that “certain previous owners never paid for their shares” and that he “wanted the company back.” This alleged claim has nothing to do with us or the funds I personally paid for my shares, It took us all by shock, since we have definitive documents showing he has no claim whatsoever.
Apparently, we believe the OTC Markets has been waiting for that claim letter for as long as they have been telling us that we were still under review for the CE mark removal. The day after this revelation, the OTC Markets labeled Central Wireless with a “control dispute,” which even further freezes the company from doing any business until the matter is resolved. We discussed this at length with the OTC Markets, and almost incredulously, they said, “If anything, this is a contractual issue, not an OTC Markets matter.” How could there be a “dispute” when there was never a letter disputing anything?
The OTC Markets has repeatedly told us that “they are not regulators, but simply a third-party service provider” and their job is “to protect the people.” Our reply to them is that they are behaving like regulators and in the process, failing to protect shareholders. Because of this, I, along with all Central Wireless shareholders, have lost millions in value, and we as management have lost the ability to move the company forward…all on absolutely no proof, but one person saying he plans to file a claim. For the last few weeks, the OTC Markets supposedly has given that person deadline after deadline to submit the claim letter, and he has failed to do so each time. Yet Central Wireless remains frozen and at their mercy.
I have provided much detailed information. I want everyone to understand that we are all frustrated and extremely upset by this ridiculous and unprofessional process. On a personal note, you put your trust in me and my ability to successfully execute on our business model, and so far, we have failed you due to the OTC Markets and “skeletons” in the Central Wireless closet. As you may have noticed, we were asked to remove our information from the OTC website until this matter is resolved. Frankly, we have no indication of how long that will take.
In the spirit of candor, I have been advised numerous times not to issue a letter of this nature, showing my anger and describing the OTC Markets in a negative way, which was not my intention. Rather, and most importantly, I believe you all deserve the truth.
There are many fine companies traded on the OTC Markets, and I am hopeful that over time, the issues facing Central Wireless will be resolved. For now, we decided to finalize the acquisitions that we’ve been sitting on this entire time and place them into one of our private companies. At the same time, we are actively looking for an exchange-listed trading vehicle into which we will eventually place those acquisitions and move forward from there.
Again, I apologize for keeping our loyal shareholders in the dark up to now, but the circumstances were beyond our control. I hope that you understand the position we were in, and why we now have no choice but to move on to another entity in order to execute our business model and build a solid company.
We wish you all the best,
Harry Orfanos