From an email sent to me by the company....
2012 Q2 Update
Greetings,
CAGR has been progressing on several fronts over the last few months and there are a few developments we would like to make you aware of.
1) CAGR will not be posting a second quarter financial report as we have elected to change our fiscal year end to September 30th and are preparing our year end financial report that will provide a more comprehensive overview of the company's activities, efforts and results. There are many benefits expected from this change and we apologize for the delay.
2) The California Grapes Retail store in Beijing is coming together and after several permit delays, the final hurdles have been overcome. News will be forthcoming regarding the specifics and grand opening (within the next couple of weeks). We have received your email and phone communication regarding the status of the location after the flooding in Beijing. The business complex we are located in experienced no flooding. For a quick clarification, the term "basement" in China refers to a "ground level" location and the 2nd floor is commonly referred to as the first floor. We have had several inquiries on this.
3) CAGR must inform the shareholders that all communications are being reviewed and logged as a result of recent activities that have prompted both legal and criminal concerns. Our efforts to respond to shareholder inquiries will not be impaired by this process but, we may be delayed in our return communications. As the industry we are involved in is very established with a number of financially substantial entities and the public arena we currently trade in possesses many folks driven by other factors aside from the success of the company, we will continue to maintain a more discrete position as long as necessary to ensure our objectives are accomplished.
4) The "BAP" (Broker Alliance Program) has been received very positively by industry professionals and is gaining momentum. We will be making an announcement in the coming weeks with additional details on the current status and participation results.
5) Lastly, our WOFE (Beijing Jin Long Fei International Trading Co., LTD) has received an upgrade to the highest level of recognition for a foreign company doing business in China. This is a result of 4 years of clean business in the market and consistent, problem free, approvals of both our quarterly and annual financial audits by the Chinese Government. This new status provides for an improved rating with the banking institutions and the governmental auditors and will provide for much greater efficiencies with financial transactions for both our customers and between our US and China operations.
China is one of the most difficult markets in which to conduct business. It is not enough to just have the capacity to ship products there and hope they sell. What we have created is gaining support from many different areas including government and industry personnel. This is the right market, the right product and the right time to implement our business model and we are very confident in the future of this Company. I would like to say that most of the hard part is behind us but, we are just getting started and if this were an easy goal to accomplish, it would have already been done.
Sincere Regards,
Jeffrey Crittenden
CEO
AI
