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Letter to Shareholders, WaveScribe International Corp. Business Wire - August 24, 2005 10:30
LAS VEGAS, Aug 24, 2005 (BUSINESS WIRE) -- WaveScribe International Corp. (Pink Sheets: WSBL)
Dearest Valued Shareholders:
The board of directors is pleased to announce that the company has taken a positive direction this year. The company is on course to do $1.4M in revenue, a 6% increase over 2004, with a minimum gross profit of 38%. This year is a landmark time for the company because of tremendous internal efforts and positive outcomes currently taking shape as a direct result of those efforts. The company, moving forward with the development, deployment, sales and marketing of the flagship product WaveScribe out of cash flow, faced an uncertain future just one year ago. At that time, our energized and diligent management team rolled up their sleeves and put forth uncommon effort to move the company on to a new, more level path for 2005. Prior to this, the company had been dormant for a little over a year due to the fact that the previous management team failed to secure the necessary funding for the company. In addition, so far this year alone, the company has successfully reduced its debt burden by approximately 15%.
Since the beginning of the year, management has taken several steps to continue this positive track that should ultimately help transform the company into a profitable enterprise:
1. The structure of the shares of the company was vulnerable to attack by unscrupulous entities. Therefore management executed a reverse split of 1 for 200 and changed the ticker symbol.
2. The company has an exclusive agreement with JBD Consulting to institute national and global sales and marketing strategies of the WaveScribe products and services through JBD. JBD corporate executives have a resourceful and capable past that includes major corporations in the transcription and mass document production industries.
3. As part of the company's expansion efforts, the WordMates brand of typing and document production outlets is expected to open its first location to the business community and general public in fall 2005.
4. The company applied for and was successful in the receipt of a Commercial And Government Entity (C.A.G.E.) identification number, and will be actively seeking contracts with the federal government for transcription and document production.
5. A team of software engineers and specialists has been assembled for the enhancement of the WaveScribe product, and to make significant and useful upgrades to the WaveScribe platform. This will allow the platform to service and encompass an even wider range of industries.
6. Unforeseen circumstances notwithstanding, management has set a goal to roll out the company's latest products in the third quarter.
In summary, it is the intention of management to develop the best possible product and service line that will allow WaveScribe to become a strong dominant competitor in the transcription and document production markets. Should the company be successful in acquiring just 1% of this $20B industry, the success of the products as well as increased shareholder value will be a positive reflection on the hard work of the last two years.
Thank you for continuing to believe in the company during some of its most challenging valleys and peaks. The company has made a number of changes. There have been some difficult choices, but we will continue to put the company -- and our shareholders' interests -- first. Currently, we are well positioned to develop and market our leading-edge products and this will create significant shareholder value in the future.
Thank you.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, other than the statements of historical facts, contained in this release which are not historical facts may be deemed to contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, with respect to events, the occurrence of which involves risk and uncertainties, including, without limitation, demand and competition for the company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the company to generate cash flow from operations and the ability of the company to manage its operations.
SOURCE: WaveScribe International Corp.
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Great guidance from the company - they are REALLY taking positive steps to bring in further revenues in the short-term... and I especially love ITEM 6 - Will be watching for news to come that they are rolling out new products SOOOOON.
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