Spectacular Solar CEO Provides COVID-19 Update Regarding Company Operations
Rahway, NJ -- April 7, 2020 -- InvestorsHub NewsWire -- Spectacular Solar, Inc. (OTC PINK: SPSO), CEO Doug Heck has authored the following letter to keep shareholders and investors abreast of the impacts that the COVID-19 outbreak has had on Spectacular Solar.
Dear Shareholders and Potential Investors,
As COVID-19 began spreading on a global basis and gripped the media in January, I really hoped and prayed that we would not be where we are today. I was extremely concerned about the ripple effects it would have on small businesses across our great country. My concern was obviously well-founded, but it has been more of a shockwave than a ripple effect to the small business community and to the global economy.
I hope this letter finds you and your family safe and that social distancing is an absolute practice for you. As CEO, I have two families to be concerned about. I have my family at home and I have all the people that work for me as my Spectacular Solar family.
Since my last letter, Gov. Murphy (D-NJ) shut down all non-essential businesses in New Jersey and I support him for doing so. The office at 1401 Witherspoon Road is closed and my essential personnel are working from home. My goal since my last correspondence has gone from keeping my people safe from the coronavirus to keeping them safe and employed.
As of this writing, we have not laid anyone off nor do we intend to. We have applied for a S.B.A. disaster loan to assist us with payroll. Loans such as these, when acquired for the purposes of covering payroll, are eligible for forgiveness, so it is our hope to acquire this funding to soften the blow while keeping paychecks coming for my employees.
While we are not operating at 100% capacity, we still have roofers working outdoors on a number of projects. Interior building work is prohibited at this time. So as long it is safe and legal to do so, we will continue to move towards completing these projects.
Earlier this year, the SEC and OTCMarkets offered 45-day extensions for publicly traded companies to file their annual financial reports. We were hoping to avoid using the extra time but once non-essential businesses were shutdown in Houston, where the two firms handling our audit are located, and here in New Jersey, we were left with little choice but to file for the extra time. We have made tremendous progress in auditing 2018 and 2019 but as the resources of the human variety diminished, so did our ability to have the audit completed by March 31.
Regarding the share buyback, we are still actively to trying to buy back older stock certificates but have shelved buying shares on the open market to later in the year as means of stockpiling cash. I had previously disclosed that one of our directors was planning to buy shares on the open market and that is still in play. But like everyone else, he has had to measure the immediate impact of COVID-19 on his business and cash flow, not to mention the impact of the immense broader market drop on his personal portfolio. That being said, he is committed to purchasing SPSO shares on the open market and a subsequent form 4 will be filed with the SEC.
I know my sales team is chomping at the bit to get back in action with the face-to-face meetings with potential clients but that will have to wait until it is safe to do so. In the meantime, they are utilizing a variety of online means to connect with people and have recently closed some residential deals, which is outstanding considering the current situation. The bigger deals, which require meetings with a significant amount of people on both sides of the table, have been put on the back burner until this situation is behind us.
Stay safe and stay healthy!
Doug Heck, CEO
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