BREMERTON, Wash., Feb. 28, 2024 (GLOBE NEWSWIRE) -- via IBN -- Premier Products Group, Inc. (OTC: PMPG) today issued a letter to shareholders from Terry L Stein, Interim CEO.
Dear shareholders,
We would like to provide you with a long overdue update.
A year and a half ago the company found itself on the "Expert Market". This was due to the prior management's failure to ensure that all necessary filings were kept up to date. Quotations in Expert Market securities are restricted from public viewing - restricting access to only broker-dealers and professionals or sophisticated investors.
Upon this significant corporate default, I made a decision to file a default against the management group and take over voting control of the company in an effort to repair the damage done and protect shareholders. This kicked off a series of events to return the company back to both compliant with SEC requirements (including its current audited financials and disclosures) and to allow for a published Bid and Ask quote for the company's stock. The first action was to vote out and replace the then current officers and directors that had allowed this to occur.
As many of you know, this is a somewhat contentious action and we did not exactly receive a lot of cooperation (or any) on the turnover/transition. During this period a great deal of time and money has been spent to rebuild the company financials, perform audits and confirmations, complete business valuations, attorney reviews and legal actions, meeting with stakeholders, and position the company to advance its business objectives. Looking back, it does seem like a considerable amount of time from a shareholder's point of view, but please know that we have worked as diligently as possible, and spent a considerable amount of resources, to complete these numerous tasks and protect the integrity of the company for the future - which in turn benefits all shareholders.
So, what's left to complete? The auditor is finishing up their work so we can file the 2021, 2022, and then 2023 annual financials to become fully compliant as to the SEC filing requirements. Immediately following this, we will work with OTC Markets and others to complete the 15c-211 process and get back trading!
As for the business in the future, PMPG is still very much moving forward with the Smart Cities and Roadways business. The plan is to expand the offering and bring in new partners in Artificial Intelligence to make this a reality. This will require more funding for sure but we feel confident we will be able to accomplish this in a timely manner once we are back on track. Also, we are working with two other exciting companies that we believe will bring value to our company going forward and look forward to making those announcements in the near future.
In closing, I would like to tell you that I understand the frustrations of all the shareholders of Premier Products Group Inc - and know that I feel it as well - but we all need to take a step back and examine what was left to work with. I have spent endless hours working to save what was left and have spent what seems like endless dollars to save this company for the shareholders because I believe this will be something we can all be proud of, but it will take more work and additional funding to achieve that goal. So we will get there, we just have to continue to stay positive and have a bit more of that patience.
Sincerely,
Terry L Stein
Interim CEO
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