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Sep 30, 2012
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PLATFORMS WIRELESS INTERNATIONAL CORPORATION
PRESIDENT'S STATUS UPDATE LETTER
SEPTEMBER 14, 2012
TO OUR SHAREHOLDERS:
It has been more than two years since we last communicated with you. In that time, much has transpired that has affected the operational capabilities and direction of your company. This letter presents a condensed summary of those events and reports on the current status and prospects of your company.
The following is a summary of the significant corporate events that have impacted the operations of Platforms, and a report on the current status of the company and its prospects for the future:
1. On August 6, 2007, the company lost its long-term and costly civil litigation with the SEC. The loss culminated in officer/director bars for some of the company's former officers, and fines and penalties against the company.
2. The civil litigation with the SEC lasted for more than eight years. It began in 1998 against the company's previous administration and continued through its new administration, culminating in August, 2007. The arduous demands of this litigation compromised the company's ability to accomplish its business plan and depleted its financial resources to pay for enormous legal fees. The result was a constant managerial focus on meeting the escalating demands and costs of the SEC lawsuit and a diminishing availability of resources to pursue business development activities.
3. Following the loss of the SEC civil litigation, the company underwent a number of corporate upheavals and managerial reorganizations as it struggled to recover from its setbacks and regain market viability for its emergency response communications technology and products.
4. In 2009, the company's new President & CEO, in concert with a number of other officers and employees, attempted to take control of the company under terms and conditions the Board of Directors deemed detrimental to the interests of the company's more than 5,000 shareholders. Accordingly, the Board rejected these proposals, which resulted in the resignation of the CEO and a number of other directors and employees involved in the failed coup.
5. The failed coup resulted in more lawsuits and countersuits, which eventually culminated in a settlement and compromise agreement to avoid the further depletion of financial resources paying for attorney fees.
6. As a consequence of the lawsuits and managerial upheavals that disrupted the company's business development activities for a number of years, compounded by the headwinds of one of the most severe national economic downturns since the Great Depression, the company and its dedicated management team focused its efforts on survival and the preservation of the company’s value for the benefit of its shareholders.
7. At present, the Company's management team is comprised of the following officers and directors:
A. President & CEO Robert C. Ettinger, Col. USAF (Ret)
B. Vice President & CFO Nelson Wong
C. Vice President, Operations Ronald B. Minsky
D. Director Charles B. Nelson
8. With the support and financial assistance of its management team, the company is in the process of updating and bringing current the operational status of its Website under the URL of platformswireless.net. It has also brought current its corporate registration with the state of Nevada in preparation to update its listing and information status with OTC Markets.
9. In addition, the company is currently completing its unaudited financial statements from the date of its last audited financial statements for the fiscal year ended June 30, 2008, through June 30, 2012. Upon completion of the statements, they will be posted on the company's website and submitted to OTC Markets for compliance with its current corporate information disclosure requirements.
10. The company is also starting the audit process for its financial statements through the fiscal year ended June 30, 2012. Upon completion of the audit, the company's audited financial statements will be posted in the company's website, as well as submitted to the OTC Markets Group.
11. Management is presently concentrating its efforts on updating and bringing all of the company's records, registration licenses, and financial statements to current status in order to place the company in a position to capitalize on the value of its significant Net Operating Loss (NOL) carry forward, estimated to be in excess of $70 million.
12. At present, management is considering and pursuing qualified suitors interested in acquiring or merging with the company to take advantage of its NOL, as well as its experience in emergency response communications system products and technology.
13. The company is engaging the services of a full-service business consulting firm with more than 25 years experience, specializing in mergers and acquisitions, strategic alliances, licensing, and growth strategies for micro-cap, small and mid-size companies.
In conclusion, we are pleased to report that the management team continues to move forward, dedicated to safeguarding the interests of the company's shareholders, and producing corporate value through the possible sale or merger of the company with a qualified suitor, as well as the pursuit of other possible business opportunities.
We will keep you apprised of our progress as developments unfold. We thank you for your patient and loyal support.
Respectfully,
Robert C. Ettinger, Col. USAF (Ret.)
President & CEO
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