Instead of some of you always complaining about the progress the company is, or is not making. Now you will have a chance to contribute to the ongoing efforts to get this company back to trading.
PLEASE CONSIDER INVESTING IN YOUR FUTURE.
Update from JQ.
Hello fellow VCSY shareholders. It is past time for an update. I apologize for the length of time since my last update. Much has happened in my personal life over the past few months. My entire household has had Covid once and I have had the joy myself twice. I am trying to get some things done in making the transition to retirement possible. That has taken most of my time and effort. Our home was listed for sale today, which is key to this goal. It shouldn't take long. My airline career has been good for my family and we hope to use our travel benefits to travel the world in retirement.
That said, I will finally be able to work with our attorney Pete and Jim Salz to get share certificates out to those that supported the legal effort against Wade and Mils and with expenses associated with voting the changes needed to give the Company a chance to survive, then thrive. I am very sorry about the extended delay getting this accomplished, but it will get accomplished in the weeks ahead. Thanks in advance for everyone's patience.
Now, before I give an update I think it's a good time to look back at where we were and where we are now. I know that progress is slower than any of us want, or thought, but we have clearly made progress and a solid foundation on which to make the Company thrive is underway.
Here is a list on some important events and actions that have taken place in the last few years:( may not be in proper sequence of events, but should be a fair review )
1. We ( "we" refers to a large group of VCSY shareholders, and some very talented and dedicated employees of VCSY and Now Solutions ) undertook a VERY expensive and difficult effort to remove Richard Wade and William Mills from their roles in VCSY and Now Solutions.
2. We were successful in their removal and were also successful in recruiting and placement of five very talented and proven business leaders as new Directors of the Company. Trust me, we "married up" with this group. VCSY was left in such a mess by Wade, we are extremely fortunate that these folks were willing to even step into this mess.
3. We have successfully litigated against Mills with a very favorable settlement, allowing all of the shares that Mills had been granted to be recovered, along with the write off of approx $600K additional debt that was on the books, due to Mills or his previous law firm and a D & O insurance payment of more than $100,000
4. We recently received a judgement against Wade in excess of $20 million in civil court in Texas. Wade is appealing that judgement and an additional judgement granted to Luiz over litigation brought personally by Luiz for non-payment of a personal loan numerous years ago to Wade from Luiz. Trust me, there will be collection efforts against any assets of Wade thru the Courts once appeals are exhausted, which likely will be in the month ahead.
5. Litigation continues against Farias in Los Angeles Court. This has been severely delayed due to the effects of Covid on the Court systems. This has cost us likely 12 months of delay. An effort will be discussed below to advance that litigation toward a favorable settlement in shorter order.
6. I believe all that contributed $500 or less toward litigation have been made whole via settlement funds from D & O insurance payment in the Mills settlement. Those that contributed more than $500 will be receiving share certificates at a rate of .02 per share equaling the amount they contributed, again from shares forfeited by Mills in his settlement.
7. A settlement was also reached with the former landlord at the Renner Rd office. Wade had that more than $100k in arrears and the office was locked up with very important Company materials and IT assets. A repayment deal was successfully struck and all assets were recovered.
8. Len Chermack ( interim CEO and Director ) made it possible for VCSY to find a space in the offices of Hexa Global Ventures Inc. in Richardson of which he is Co-Founder. The facility is very impressive, I have been there.
There are other positive points that are just not ready for public announcement. There is much happening week by week to set the Company up to prosper going forward. These things take time. Strategies are being discussed and some implemented to build revenues and to return to trading.
Finally.... the shareholder board met via video conference with Len and Board Chairman Mike Short last Weds evening. Our confidence in them, the remaining board members, and in VCSY going forward remains high. Tom DeJuneus likes to say that he is more confident in his investment in VCSY today than he has ever been, and I and the remaining shareholder board members agree with that sentiment. There is action ongoing to position the Company for success. We are basically 2 for 3 in litigation and it is of utmost importance that we get the Farias litigation behind us. There is blood in the water around that litigation. There is more to do and get done in the near term to financially wear out Farias. We will NOT stop our action against him until he fully understands that he needs to end his ridiculous fantasy of us losing our will in our search for justice. He wronged every one of us and he needs to realize that this group will NEVER back down. Collectively we have deep financial pockets and definitely the will to destroy Farias financially if he chooses to continue his charade. There is room for settlement in our favor, he needs to realize he messed with the wrong folks. Let's make that happen in a shorter term by bringing more discomfort his direction in the near term.
This is how we can accomplish that... if folks are willing to dig deep again and purchase more shares at the .02 rate along with the bonus .02 warrants, those funds will go directly for that purpose. Those funds will allow us to pay for some additional depositions of parties that do not want to be drawn into this litigation and to keep our attorney team in this matter retained, active, and aggressively pushing our will to be made right as victims of his malfeasance.
When this litigation is resolved favorably, the Board has assured us that we can work toward the return to trading and have a much better avenue to the needed capitalization of the Company so they can really begin to build the financial future of the Company.
If you are interested and have the ability to help finance this final push against Farias, it would be greatly appreciated and helpful. With a $5k minimum, you will receive 250,000 common VCSY shares in a certificate and will also receive a warrant to purchase an additional 50,000 shares of VCSY common stock at .02.
If interested, reach out to me at thejonnyqwan@gmail and I will get you in touch with our corporate council to get the transaction underway. I can handle most questions and if I can not, I can get the answers or connect you to someone within the Company to answer your questions.
I hope this helps to inform you all a bit more on where we have come from and where we intend to go. I wish more specifics could be shared now, but I also hope you understand that these matters are all very delicate and as they said while I served in the Navy on an aircraft carrier.... "loose lips, sink ships" The element of surprise is crucial in war and in business.
Hang in there my friends...... imo, brighter days are on the horizon!
Regards, JQ 8)
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