Repost of Kellys shareholder note, Please read. Highlights are mine
Doug
Friends and shareholders:
This is an e-mail to the 700 or so people on my VTSI e-mail list. It is not a press release, and thus I'm precluded from saying anything of a "material" undisclosed nature. However, I thought you might like to hear my impressions of the last week or so as it relates to VTSI's share price.
First, let me admit that I know a whole lot more about our company than I do about the market for its shares. This is the stock market, after all, and the OTCBB at that.
Second, we have always run this company from a long-term perspective, trying not to be overly concerned about the daily swings in the share price. It may be old-fashioned, but we still believe that if we focus on building the company, the share price will ultimately follow the company's success.
We still believe that.
Sure, we care about the share price, and those days when the share price drops are not as fun as those when the share price jumps. However, that's not our focus, and we can't let ourselves be distracted with that short-term perspective.
I have a pretty good idea what's going on temporarily with the share price, and it has nothing to do with the company.
It's disappointing to me to see shareholders panicking over rumor and innuendo. I've had shareholders e-mail me today wondering if it were true that we were filing bankruptcy this week, or whether we were "giving up."
Let me help address and clear the confusion.
The market's going to do what the market does. We only have so much influence here. But do you really believe the company's worth less today than 6 months ago, before our successful military installations, before the IVR 4G and its patents were unveiled, and before we eliminated $7 million in indebtedness in December?
Bankruptcy? Categorically absurd. We're going to file our 10-K within the next two-three weeks, approximately 30 days early. Companies with something to hide most definitely don't file their SEC reports 30 days early. Further, profitable companies don't declare bankruptcy.
We have not lost out on any of the IVR deals that I've previously implied. Have they been delayed? Of course. I keep mentioning President Bush's supplemental war budget for a reason. The country's at war, requiring supplemental budgets to fund current military initiatives. There's a lot of money in the supplemental budget earmarked for military training, and we have every reason to believe that your patience will be rewarded.
There have been no management changes, no officers or directors selling shares, etc. We are behind the scenes very busy readying ourselves for the contracts and opportunities that we know will be coming our way.
Our shareholders of course are free to sell (or purchase) their shares for whatever reason they so choose, but we hate to see it done on false rumor.
Over and over again, we continue to accomplish things that people say can't be done. Can't adapt our headset technology to projection-based systems. Can't utilize 360-Degree HD film in training scenarios. Can't make a multi-screen system work. Can't compete with the entrenched companies and crack the military market. Can't develop Hybrid CGI scenarios. Can't develop wireless tetherless reciol weapons. Can't successfully address the leaseholder debt.
Oh, really?
We're deliberately building a company here, and we earnestly believe the attention of the investment community, and ultimately the share price, will follow the success that we know is coming.
These are simply my personal comments, and should not be relied upon in your investment decisions. I strongly urge you to conduct your own due diligence with regard to any investment in VirTra Systems. I respectfully refer you to VirTra Systems' filings with the United States Securities and Exchange Commission.
--L. Kelly Jones, VirTra Systems CEO
