This is one that I don't mind accumulating and holding for a while.
Letter from the CEO - April 21, 2004
Dear Valued and Supportive Shareholder,
Once again, it is time to update you with the recent events and developments of Prime. Things are coming together faster than I ever anticipated. With this in mind, we are maintaining Prime’s laser focus on capital efficient organic growth. With every day that passes the Prime mission becomes more clearly refined and defined toward medium and long-term sustained growth. Personally, I feel Prime is about to move to the next level.
As some of you already know, I spent most of the first half of my life on the baseball field playing in high school, college and the Florida leagues into my early twenties. While a knee injury sideline my major league aspirations, I learned many valuable lessons about teamwork, perseverance, mental toughness and commitment to winning from some of the finest coaches still in the game: from Prep School Coaches to General Managers of Major League teams. Having given you a brief history, you now know why I often wax lyrical in my letters with baseball metaphors. I often look at business through the eyes of a baseball player and measure my success and failures accordingly.
While critical games are often won by hitting singles and doubles; occasionally, a home run rules the day—but always showing up for the game and getting to the plate and taking your swings will ensure steady momentum and improvement.
This is what I feel was accomplished by Prime through last year. We showed up every day at the park and played the game--often without gloves, bats or even baseballs, but we played every day as though it were the World Series. Then, late last year, our fortunes changed and we started winning. Now our days are made up of base hits and steady “scoring”. Now, seemingly without notice, we have the “bases loaded” and heart of the batting order coming up…with no outs! Enough about baseball –I will summarize briefly where we are on all fronts.
Target Communications is exploding. The revenue and minute numbers are coming in today or tomorrow. We believe that our first month’s operation will show revenues over $80,000. With the new network equipment being added soon, next month should be even better. As you know, we will soon have audited numbers available for your review on our website. We hope to have this in place in the next 2-3 weeks. I expect big things here. Steady growth and big revenues. With the anticipated growth potential of this joint venture, we may perhaps initiate the authorized “share buy back” sooner than projected.
Our proprietary BusBoy technology will soon be installed in a flagship restaurant in Salt Lake City—the first of many installations. We are preparing for the big HITEC show in June and intend to come home with orders! I see this business as steady growth—singles and doubles (continuing our baseball theme). This is a good, solid business model that will help our company long-term. On a side note, our web developer hit a home run with the penguin animation on the home page.
Briza is currently finishing its telecommunications software applications in Latin America and has many current and potential future partnerships that should all be profitable for Prime. We are still investigating the peripheral business potential in Latin America and the U.S. applications of the technology. I spent a day with Briza’s CEO and Ashlin Capital in New York this past Monday and although the business is more than exciting, there are many developmental and core questions we need to answer about the business and its investment requirements. When we finish establishing a capital efficient plan to quickly expand, I will let you know where we are with Briza and what its contributions will be to our company.
We have settled some of Prime’s liabilities that have plagued us for the past 3 years. Slowly we are leaving these behind and hope to be essentially debt free soon. Many of our creditors have been incredibly patient and supportive. We want to take care of them, but we can’t settle all the matters at once. We are tackling them one at a time. Once we have these issues behind us, I will start taking a salary. I want to resolve most of our debts before I come back on a steady payroll.
We now have a mechanism whereby each of you can sign up on our website and soon will be able to receive specific information about the company and our business, our stock, etc. I think this is another step towards treating Prime as if it were a “fully reporting” company—at least to our shareholders. We truly want you to be aware of everything we are doing to build up our company.
Sign up: www.primeholdings.com/contact.shtml
Also, we are going to add an interim CFO to help us through this process. He is very experienced in financial matters as well as working operationally with emerging companies such as Prime. We will announce this soon. We also have a programmer that will help maintain the BusBoy software and possibly help us with Briza. Again, I will announce his involvement as soon as we have come to terms.
As we bring some additional personnel on board to help us, we will better define and refine our 12-month and 24-month goals and objectives. We will also have a detailed and specific two-year pro forma that we will make available for review on the website along with an investor kit.
We are moving forward rapidly. We are adding to our company critical mass and have many opportunities to work on, mature and ultimately exploit. As always, I remain anxiously engaged in helping Prime realize its potential and destiny.
Respectfully,
Tom Aliprandi
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