From Last Letter to shareholders:
Q. “Is the company planning on doing a reverse of the stock? How does the company expect to be able to move to NASDAQ when it does not currently meet the required qualifications to do so regarding price, corporate governance, and reporting requirements?”
A. The Company has no plans to do a reverse at this time nor in the foreseeable future. It is our belief that we will be able to meet the requirements of price by implementing the current and contemplated plans (that include but are not limited to) of acquisitions, revenue generation, and continued technical developments. It is through these and other activities that we expect to meet and or exceed the financial requirements in a reasonable timeline. ReelTime is currently in the process of making significant changes that it believes will satisfy the increased requirements regarding corporate governance. These include establishing an independent Board of Directors, Compensation Committee, Audit Committee, Adhering to the Code of Conduct – Rule 5610, and other structural oversight. ReelTime intends to complete and file audited financials and to become fully reporting in conjunction with this process of meeting all reporting requirements. As part of this process, ReelTime is committed to cleaning up its balance sheet by paying off or restructuring its debt to terms significantly more advantageous to the Company and its shareholders. This will dramatically decrease the potential for dilution as we fully recognize that our ability to accomplish our goals is dependent on continuing to maintain a tight share structure and in insuring our shareholders of that commitment. We will continue to communicate as we accomplish these goals and we are very confident in the current team of professionals that we are working with and welcome those who will be joining that team in or efforts to transcend ReelTime into a far more valuable venture.
