It was good of Lee to post a letter to the shareholders, but that is not attracting new investors. The PR firm needs to put something out, anything to let new investors know we havent went belly up.
Incase you missed Lee's letter to shareholders
GENERAL POSITION STATEMENT FROM THE PRESIDENT OF REALITY RACING, INC. 7/18/2007
GENERAL POSITION STATEMENT FROM THE PRESIDENT OF REALITY RACING, INC.
We have received numerous telephone calls and correspondence from Shareholders and the public in general inquiring as to the status of the Company as a whole and the status of the Reality Racing – The Rookie Challenge television program. Responding on an individual basis has become impractical and as such, please allow me to take this opportunity to address some of the concerns in writing.
One of the main questions we receive is why is the stock price so low and what are we doing about it! We have been experiencing massive stock sell-offs recently from investors who purchased restricted shares through our Private Placement Memorandum and now the restriction period is expiring. This happens every day and as such, millions of shares of stock become available for selling back into the market. Many of those holding these shares are not nor were they ever in the deal for “the long run” and therefore dump their shares at whatever price they can get. This drives the price down and unfortunately, results in panic selling which keeps the price down. We recently hired a new Investor Relations Firm who is putting together a comprehensive plan to market our stock in a more proactive manner. On July 17th, we entered into an Agreement with a New York based Investment Banking Firm that, in conjunction with our restructured I R efforts, should result in positive results to our stock and the Company as a whole.
While the overall general response to Reality Racing – The Rookie Challenge as been excellent, we have received a certain amount of criticism surrounding the type of challenges we staged for our contestants, negative comments about how we structured the point system leading to the winner of each weekly show and what many termed as the lack on on-the-track racing in each show. We have listened to our viewers and are in the process of altering the show format slightly to bring in more of what we are being told our viewers want to see.
Most of the calls and correspondence we receive are positive…or at least constructive criticism except for a very few who seem to thrive and concentrate on only the negative for their own, personal enjoyment and amusement.
One of the most often asked question is “why aren’t we putting out regular Press Releases about the show?” We are a reality show and as such, to regularly advise what is happening at each taping, or detail the various challenges/tasks our contestants are subjected to or to announce the winners would completely go against the structure of a show such as this…..where the winner is determined at the very end of the last episode in a series. We have chosen NOT to flood the market with insignificant or irrelevant Press Releases that really say nothing.
The Executive Committee of Reality Racing recognizes that there have been problems we did not anticipate in the area of sponsorship/advertising solicitations, video production, edit and distribution and are taking steps each day to address and correct areas that are in need of attention. We unfortunately contracted for services with several persons/companies that were never in a position to provide the service represented. These matters have also been addressed.
We feel the plan we have implemented will correct our short and long term issues with the minimum of negative impact on our Company. We take our responsibility to our shareholders, investors and the general viewing public very seriously and will continue to work hard on behalf of everyone involved on any level with Reality Racing.
Sincerely,
Lee F. Schaefer
President
July 18, 2007
