VirTra Inc (VTSI)

[ByloCellhi]

Amazing!!!

I can't believe he would go into and disclose details of the negotiations as an explanation - do you think Jack Welch would have done this as someone recently compared Mr Jones to...

"I have attached a photocopy of a corrected press release indicating our total financing with Dutchess being $6.75 million, rather than the $8.75 million mentioned within the original release, and as discussed in my letter to you earlier this afternoon.

Clearly, I am mortified by my mistake and apologize for any inconvenience. Fortunately, the market was closed during the brief minutes this error was in place.

By way of explanation, and not of excuse, the original Dutchess term sheet called for an equity line of $10 million. However, when Andy Wells and I, coupled with our consultants at The Dorato Group, projected our needs for capital over the next 18 months, we felt such a large equity line, and the corresponding underlying registration, was unnecessary, and negotiated with Dutchess to reduce the equity line to $6 million.

When we put together this afternoon's press release, and my accompanying letter to you, my memory of the revised figure failed me, leading me to the incorrect number in the release."

The revised figure failed him - I am surprised the PR did not have to be approved or at least run by Dutchess prior to release to ensure accuracy