Cimino refers to it as a shell in this transcript of the latest video.
Transcript of video 2/11/06
Hi I’m Jim Mackay Chairman of Suretrace. I would like to introduce you to Michael Cimino President of Suretrace, Michael has some very interesting news for you. Over to you Michael.
Michael Cimino. Thank you. Well we know Suretrace shareholders have been asking the question and were here to answer the most important question you have been asking over the recent months. The answer is one that you’ll be very happy with. Very shortly Suretrace shareholders will be holding shares in a publicly traded bb company. That’s the headline, now let me back into the details. One of the benefits is, you’re not only going to be holding shares in a publicly traded company, and it’s going to be a new company. You will still have all the same, you will still have all the shares in the same position that you have in Suretrace, but were going to start a new company. We’ve acquired a shell and it’s going to be True Product ID is what we are going to name the shell, and were going to grant True Product ID a Master License. Give it all the rights, duties responsibilities, obligations, funding requirements, management requirements, delivery requirements that Suretrace now is presently holding and has to deliver on. The good news is we have a lot of business, the bad news is we have a lot of business and we have to deliver and that skill set is not involved, is not inside Suretrace at present and we’ve recognized that, that is not the job I was brought in to do, my job here is nearly done. My job was to help deliver China, support Mr. Mackay and in order to establish new corporate governance, procedures and to get Suretrace ready for the future. But in the course of that we realized that Suretrace is not the right vehicle to deliver the future, from the contracts we’ve gotten in China, from the contracts we’re about to get, from the contracts we’re about to get in the United States and from the contracts we’re about to get in Europe and the rest of the world. So some months ago we contracted with one of the premier law firms here in Philadelphia and an excellent lawyer here inside Mr. Stephen Ching, whose resume will be posted here at the end of this video. He has represented people such as Arlen Specter, such as Tom Ridge of Homeland Security and he’s helped us zero in on a person finally that we think should head the ship and I’ll be happy to hand of the baton off to him. This person will come in and run True Product ID. He has experience thirty-forty years building companies, has world class experience. He is associated with NATO, Homeland Security with the Rockefeller Foundation. Between our lawyers, our new CEO, we think we will be uniquely qualified to deliver maximum value to the shareholders of Suretrace and the shareholders of True Product ID through their endeavors. Now one of the benefits of that is True Product ID will be paying a monthly fee to Suretrace to help fund it’s operations which means Suretrace will not have to be selling anymore shares, we’ll virtually eliminate the dilution that has happened in the past and we will have the ability to fund and to seize the opportunity and to maximize the opportunity through True Product ID because with our new management team, the new board that will be together on this company, we will be able to and we have been attracting very large players and rather large sources of income, matter of fact that’s one of the reasons why we haven’t done the road show that we have talked about in the past. We were cajoled we were asked we were to nicely put it, the people who want to do business with us wanted the chance to do business with us before we hit the road because they wanted to get an advantage over their competitors. Our technology is highly valued by multinational companies across the world and the right team to maximize that value to Suretrace shareholders will be sitting in True Product ID. Now the same template that we are using for True Product ID will apply also to Globe Staff Consulting. Globe Staff Consulting, Globe staff will also go public. Globe Staff will also pay a fee, a monthly fee to Sure Trace and a royalty of sales and will conduct and be responsible for its own R&D through its own public company. So again we’ve reduced the demand we’ve reduced the burn we’ve reduced the need to dilute Suretrace itself and we’ve found a way to move the companies forward and increase the value of the parent company while letting the shareholders share the wealth in these other companies also.
James Mackay;
Michael I want to thank you for your words, for Suretrace shareholders, Michael has done a great job for the company, he has finished off bringing us back on the bulletin boards, and more importantly with this formula with ssty and True Product ID we now gain maximum value for both companies. More important with the parent company, we stop the dilution, we increase the value to bring back to the bulletin boards, at the same time True Product ID as another vehicle to raise the funding, a new CEO and Suretrace now through True Product ID is ready to dominate as a world force in anti-counterfeiting. Thank you.
AI
