Open Email from Doug Beatty (CEO)
To all shareholders and potential investors of Struthers Inc:
I understand the anticipation that is growing in regards to the re-filing of
the Form 10. Many professionals including the management team here at
Struthers, Inc. and our family of companies have invested hundreds of hours
working on the filing and are very eager to have the fruits of our labor
reach its final destination - the SEC. We are closer to re-filing than we
have been at any point thus far. We will issue a press release, to inform
all shareholders and public, as soon as we file the Form 10 with the SEC. I
ask for your cooperation and patience in waiting for this press release.
Frances has been swamped with phone calls and e-mails, and as you know, we
will not be able at present to disclose any information with respect to the
filing date or the nature of new company business. The volume of calls and
e-mails recently has consumed a considerable amount of her time and the
staff of Struthers Inc. As we all have many projects that we are working
on, Frances has been given the responsibility of numerous other projects,
such as the preparation of the BSF grand opening, annual report and the
upcoming Shareholders meeting, and the, soon to be commercially launched,
Tender Prime T line. All these projects and a considerable amount of new
business is first paramount to the building of this corporation. In
commenting on why we have been very diligent in the refilling process, I
would like to offer the following:
While flying this weekend as pilot command up the coast of the Carolinas, my
thoughts drifted back to 1990 and the invasion of Kuwait, and obviously the
Allied response of Operation Desert Storm. A stunning display of airpower
was caught on television for the world to view. The cameraman close to the
runway used by the U.S. jets captured a stunning film of 24 F-16s lining up
for tactical formation take off. Once this procedure is initiated, there is
no delay until the entire package of 24 jets is in the air. This entire
display of airpower is awesome. Now imagine if you would the same image,
however, with one little change, the cameraman turns his camera around and
films a pilot running towards the ramp with a biscuit and a soda in his hand
shouting, " hold on, I got held up in the cafeteria". Well for one thing, it
wouldn't happen. Each of those 24 pilots knew that if they didn't perform
their job the package would have had to be aborted. This mission came down
to the people. For all its wonderful high-tech hardware, with the most
powerful assets of the United States Air Force is the same as the most
powerful asset of this company, its people. Those jets did not fly without
pilots and those pilots were backed up by a team of over 300 professionals
for each squadron. The same holds true for Struthers, Inc. Flying solo is
not a solo act. I learned some incredible important fundamentals in flying.
Flying is a group effort. The product of a professional team of people,
airship mechanics, air traffic controllers, a good instructor, and
intelligence such as weather reports and no misunderstandings of what the
real mission is must be accomplished.
You have a great deal of people, professional people who take their position
here at Struthers very seriously. I'm not just talking about people who
work for Struthers; I am speaking of those folks who take this company very
seriously, lawyers, auditors, printers etc. With one goal in mind, this is
to make your company a strong and formidable force in the animal
reproductive biotech community, that is the mission, and it will be
completed to the fullest extent of our abilities.
With this in mind, we undertook the challenge of developing and improving
upon our previously filed Form 10. With the help of numerous outside
professionals, we decided to put together a filing, which in the eyes of the
public, would be a document that your company would be proud to send to the
SEC. This document is the result, as mentioned above, of hundreds of hours
of research, reformulation of the document so that it may be read by the
public, and shareholders with respect to making this document understandable
so that folks that are not currently in the reproductive biotechnology area
can understand where Struthers Inc. came from, where it is now, and where
Struthers is going in the future. We have been very diligent in providing
information on the last two quarters, information on the recent
acquisitions, and information on who are the management team and the
numerous veterinarians, technicians, managers and all other employees that
work with us and for your company. We will not compromise filing of this
document for the sake of just getting a document to the SEC. It is for that
reason that we have taken a great deal of time in preparing a filing that I
believe we should all be proud of.
The Form 10 filing is really your company's window to the world and it
allows those new investors and investment houses the opportunity to view
this company and make informed decisions on whether they would like to add
Struthers Inc. to their portfolio. It was a very difficult decision to
include as much as we have and to take us much time as we needed to complete
this document. A decision that I believe will be well worth the effort that
we have put in thus far. We do not take filing of the Form 10 lightly, and
as noted above in the flying metaphor we will get this package airborne and
accomplish our mission. However, this is just the next step, following this
will be quarterly reports so that you may view your company's progress and
Press Releases, news reports with respect to the growth of this business.
I appreciate the fact that you'll understand our position on this matter and
realize that although it has taken longer than expected to refile we believe
that it has been well worth the effort. For those individuals that do not
believe we're going to file, think again, we've reached what I call V1 Max,
and there is no going back.
I also want to take this time to thank those individuals who realize that
we're not only working on refilling but continuing to build a very strong
company and you are allowing us the opportunity to use our time effectively.
I would also ask you to take some time and view the web site, read the
numerous PR's that have been released, and especially those releases that
pertain to the growth of alliance herds, the Gourley Scope T and the awards
received for it, and the Web sites of our recent acquisitions. You'll note
that there is a strong progression of events, which has built a very strong
corporate foundation; one that will allow us to grow and be the major player
in the industry. We all are building a corporation for which I am very
proud to be associated with and I am very proud of our continually growing
shareholder base.
This note has probably been one of the most difficult notes I have had to
write this week, as it has been always my directive to have open
communication with all of our team members and the public. However, open
communication does not mean that any one person is given information that
has not been released as a PR to the public. If information has come from
the office, it was reported to you because the information that we had in
our possession we believe was deemed correct. We are always happy to discuss
any of the information that has been released by this office and expand upon
those areas for which folks need more clarification. As you undoubtedly know
we are very pleased with the developments of Struthers Inc. and we are
always excited to educate as many people as possible as to the nature of our
business.
I also believe it is important this time to discuss why the timelines for
the boar stud facility opening were not met. I offer no excuses for doing
things the right way. However, one can argue that the boar stud was not
opened as planned, that we should have had the foresight to anticipate as
with all new constructions, the weather, inconsistencies in carpentry work
and also the fact that we held off on purchasing $100,000 worth lab
equipment to the fact that Rhett was able to secure the rights to the lab
equipment and semen processing equipment which only costs us a few thousand
to build, but on the open market we may sell for $12,000 to $14,000,
securing the worldwide rights to this new semen equipment was the right
thing to do, and saving the shareholders the cost of well over $100,000 was
very important to us. We are now able to use the boar stud facility to show
off this new technology and sell it to generate another revenue stream. In
addition, with respect to the boars, we now have over 200 boars available
rather than the 60 we were going to start with. I would like to thank Rhett
openly for his due diligence in saving the shareholders and the company a
considerable amount of money and at the same time generating a new revenue
source. We will place the animals in the boar stud as soon as we have
finished the ribbing cutting ceremony, and have time to bio-secure the unit
before the introduction of our high health animals.
I thank you very much for your patience and for taking the time to read my
correspondence.
Please note that this correspondence as all new correspondence will be
posted to the Company's Web site under my comments area. That way everyone
from the shareholders to the public will have access to all the comments and
correspondence from this office.
With my deepest respect,
Douglas
Please note, this is not a solicitation to buy securities and is not
purported to be a complete analysis of Struthers, Inc. Investing in
securities is highly speculative and carries a degree of risk. Past
performance does not guarantee future results.
Tuesday, August 22, 2000 at 11:33:30
