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August 22, 2000 |
Shareholder Letter From Douglas Beatty |
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