Lowman, thanks for the followup with management. It's good news that Dr Kutz is heading to Ukraine:
January 7, 2010
Dear Fellow Shareholder,
This letter is written by the Board of Directors. By now you have probably heard of the unfortunate passing away of Don Robbins, our company’s founder, former CEO and Chairman. He died of an apparent heart attack over Christmas week. As many of you know, Don had poured his heart and soul into this Company. We will miss Don and regret he will not see the fruit of his labors.
The Board has been very active over the past several weeks, and we wanted to offer an update of our actions, and of the Company in general. First, the Board has been expanded to five members, with the additions of Dr. Joseph Kutz and Herman Hohauser. Dr. Kutz, an internationally renowned hand surgeon, has been instrumental in the development and perfection of the tissue welding technology, and has worked closely with the technicians in Ukraine for a number of years. He has also assumed the position of interim President and CEO. Herman Hohauser is an experienced patent attorney and has acted as our General Counsel for the last several years. In addition, Mr. Bob Machen, an active board member and major shareholder, has assumed the position of Chairman of the Board. Finally, Bruce Jones, a current board member and President of the Company’s subsidiary, Carbon Capture Technologies, Inc., has assumed the position of interim CFO of the Company. The Board has expended an enormous amount of man-hours over the past fifteen days, with each member contributing to one or more aspects of the Company’s business, in an effort to ensure that the Company remains a viable entity - that can not only withstand this crisis, but also fulfill the dream and expectations we all have - to maximize the future value of our technologies and thus our shares.
Our primary objectives near term are to first, put the Company back on a sound financial footing, and second, to bring the tissue welding technology of Live Tissue Connect, Inc. (“LTC”) to market as quickly as possible. Both of these goals are related. To that end, we are in discussions with a prospective underwriter that has assisted the Company in the past concerning the raising of sufficient funds to pay current liabilities and to cover operating expenses during the ramp-up and initial stage of sales and marketing for LTC. In addition, we are also in discussions with a prospective management team with which Don Robbins had been negotiating to execute a plan to commercialize LTC’s technology. Assuming that we are successful in concluding those negotiations we will accompany two members of this prospective management team to complete the due diligence by travelling to Ukraine later this month, accompanied by Dr. Kutz and Herman Hohauser, to witness a number of procedures on live patients performed by Ukrainian surgeons.
Concerning Carbon Capture Technologies, Inc., we believe that there has been much progress on several fronts. First, our solid amine compound has been among over 100 CO2-scrubbing compounds tested by ADA environmental services, of Denver, Colorado, over the past year. We are under a non-disclosure agreement with ADA and thus cannot discuss any details, but suffice to say our compound is among the best performing of the materials tested. ADA plans to build a pilot plant on site next spring at a Texas coal-fired electric plant, and our material will be one of the few chosen to participate in that test.
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