This IS your company and I work for you. However, if I explained the details of what we are trying to accomplish, I would provide others with information that is sensitive and could jeopardize our chances of success.
I started negotiations with our note holders last week. We both suggested and discussed a number of possibilities. The conversation was amicable and directed to find a solution acceptable to all parties involved. While we might have been able to reach an agreement last week, I preferred to discuss different possibilities with investors interested in the company first, because it makes no sense to reach an agreement with our creditors and then find out that it does not bode well with those investors. Thus the two weeks extension, which is not meant to find the money to pay the note holders but rather to gather feedback from investors.
At this time I am discussing terms with 12 groups of investors interested in our company. Their interests go from a straightforward private placement to rather complicated combinations involving licenses, investment and payments to note holders. I do not wish to create expectations and an endless amount of speculation, and therefore I will leave it at that until we have something concrete, as I said elsewhere. I would appreciate the support and understanding of our shareholders on this point since I do not want to disclose information that might complicate future negotiations. The fact that I am mentioning their number might deter some of them from proceeding further, but I have been compelled into providing information.
Our staff is intact and working hard, with the exception of a person who is on maternity leave. Spirits are high. The lab is now fully dedicated to generating revenue in the shortest term possible and we shall update our shareholders soon on our advances toward this goal.
We have recently received much needed private placements from previous shareholders to take care of our daily needs. We believe that these private placements will be enough to maintain the company filed and in good standing for the incoming weeks and likely until we secure further financing, contingent, of course, to the outcome of our incoming negotiations with the note holders.
One thing is for sure, there is a great deal of interest in this company and the market landscape appears to be slowly improving. Thus, I remain cautiously optimistic.
Dr. Ricardo Moro
