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Monday, December 23, 2013 12:04:39 PM
It has been two weeks since my last update. While the Company continues to negotiate a settlement with Gelpid, I thought I would provide some additional information:
The Company and JFenway have agreed to and documented a reduction of the debt from approximately $1MM to $225,000.
The Company has provided Steven Corso, CPA all items from several punch lists and is awaiting completion of the audit.
I would like to touch on another topic, a reverse split. At this point in time, it makes no sense to do a reverse split. Without the benefit of a settlement, “uplisting” and clear path to growth, performing a reverse split is a guaranteed return to the triple zeros.
I realize that 2013 has not been a good year for the Company and shareholders. I will endeavor to complete the tasks necessary to move the Company forward. Having said that, I wish all shareholders a safe and enjoyable holiday season.
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