NEWC PR April of 2017 on a delisted stock as they NEVER filed the required reports. https://www.globenewswire.com/news-release/2017/04/26/1244746/0/en/New-Colombia-Resources-Inc-Issues-Letter-to-Shareholders.html Finally, I would like to address the late filing of our Form 10K for 2015. Last fall, we engaged Malone Bailey (MB) to audit our 2015 annual repo, previously they audited 2012, 2013, and 2014. During the 2012 audit they advised us on the re-organization of the predecessor of New Colombia Resources, Inc., VSUS Technologies, Inc. (VSUT). I acquired control of VSUT from the previous CEO that had gotten into trouble with the SEC in 2010 over an unrelated company. I paid off $ 320,000 in debts, with no liability to the Company. I retained the former CEO as a consultant to help me navigate through the previous businesses of the Company, as is customary, with full knowledge of Malone Bailey. For the past six months our accounting firm, Albeck Financial Services, has been working with the audit staff at MB to complete the 10k to their satisfaction. After months of back and forth, it finally went to the audit partner for final review.
The audit partner, who was new to our account, determined that our report should go to a continuance committee mainly because of the issues of the former CEO who has nothing to do with present day operations of NEWC. This came as a total shock to me since they knew I had acquired the company from him when they engaged us last year and received our up-front payment for the 2015 10K and subsequent quarterly reviews for Q1, Q2, and Q3 of 2016. On April 21, 2017 at 5:04 pm, I received a letter of resignation from Malone Bailey due to their issues with the former CEO who has nothing to do with the company. Malone Bailey has their own SEC issues that in my opinion leads to greater scrutiny of their clients. They certainly have a right to resign for any reason they choose, but why they accepted us as clients in 2016 and resigned over an issue they knew about since 2012 is beyond me. They wasted some very valuable six months of our time.
I would like to apologize to shareholders for being overly optimistic about when the 10K would be filed, I was living in the past thinking the auditors would turn things around quickly as they've always done. The good news is that our accounting firm has all of the work complete and ready to submit to our new auditor who is being engaged. We will be filing a Form 8K disclosing the resignation of MB and the engagement of a new auditor that will commit to completing the audit as quickly as possible. They will be auditing Q2, Q3, and 10K for 2015, Q1, Q2, Q3, and 10K for 2016, and Q1 for 2017. This will bring us current and allow us to raise the capital necessary to finance our operations, although most coal deals will be financed with instruments that have no regard for the public stock.
We decided to file an 8K today with the unaudited preliminary annual report for December 31, 2015 and September 30, 2016. I'm happy to report that since Sept. 2016 we have extinguished about $ 800,000 in debt, in addition to the elimination of a $ 1.50/tonne royalty payment due on coal sales from our Guaduas property.
For those that have been calling and emailing the past week, although I'm always available, I couldn't reply because I needed to get this letter out first. I look forward to keeping you continuously updated with events that will spur interest in our Company and lead to significant revenue. Like always, I invite everyone of you to come to Colombia and see what we're doing, your only risk is you won't want to leave.
Sincerely yours, John Campo President, New Colombia Resources, Inc.
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