Letter at Bugsatwork.net from Brehm:
March 1, 2012
Open letter to U.S. Microbics, Inc. Shareholders
Over the past 4 years I have voluntarily tried to keep BUGS in operation with various potential strategic financial and operational partners. I have also appealed to the shareholders for funds to pay auditors and attorneys for audited financial report filings and sufficient working capital to continue ongoing public company operations.
Unfortunately for all shareholders, and I am one of the largest shareholders, the company has been unable to file audited statements and therefore was delisted in February, 2012 for no other reason and is now a private company. As a private company, BUGS can still sell products, and collect license fees from its licensees as they produce revenue, and these funds can be applied to further the operation of the company, possible distribution to shareholders, or a new public company filing.
I will continue to seek new opportunities, new management talent or otherwise to bring value to existing shareholders. If any shareholders have suggestions as to future opportunities, please contact me.
Robert C Brehm, CEO
bob@usmicrobics.com
