Hi BIGFRED,
I asked these and several other questions but have received no response. I did give Leslie an out though, to not respond directly to me; but said instead that "all" shareholders should have the answers to these questions in the near term. I hope he does respond to our needs in a timely manner. Below is my fax: ;>)
July 30, 1998
ADOT
Mr. Leslie Robbins
8301 Washington Ave.
Building 4
Albuquerque, NM 87113
By FAX: (505) 858-1871
Dear Mr. Robbins:
I am writing to you today to ask several questions about ADOT. I have been a shareholder since last August and have closely followed ADOT's press releases. I will attempt to group my questions and concerns into categories for your reflection.
1) Financials:
I am concerned that you continue to show financials in your website that don't match those that you filed with the SEC in your 10SB. Whenever anyone calls your company, they are told to get their information from this website. If they do indeed follow this advice, then they are not being presented the most up-to-date information on the financial health of ADOT.
The website says that some of these financial statements are "audited". I never believed that they were due to what I consider irregularities. And, when comparing them to the 10SB we see that in fact they are not the same. Were these financial statements re-audited for the 10SB or were they in fact not audited to begin with? Clarity in this matter is very important to existing and potential new shareholders.
2) Biomoda:
Contact with Biomoda does not confirm the ownership percentage that ADOT holds in Biomoda. While this could be an oversight, it seems that the difference between 21% and 27% is substantial and should be reconciled.
Statements about "first refusal" for ADOT to design/manufacture machinery for the diagnoses/treatment of lung cancer have not been confirmed by Biomoda. Again, if you have information on this right of first refusal, please confirm it with the CEO of Biomoda. This point is more important than the ownership issue, in my opinion, as it relates directly to ADOT's core product, the use of its light technology.
3) Stock Buyback:
Your press release of 6/11/98 says that, "The Company will continue its buy-back program for as long as management feels its shares are underpriced." and that, "Advanced Optics will regularly update its Web site, www.adot.org with information pertinent to this buyback program." My questions become,
Has the Company in fact bought back any shares?
If not, doesn't ADOT think the shares are undervalued at this time?
If so, why hasn't the website been "regularly" updated as promised?
4) Billboard Production/Contracts:
The 10SB has many inconsistencies concerning the fulfillment of your first billboard contract. Can you update me as to the "correct date" when the first contract may be completed? Are we to expect further delays? Are these delays caused by the technology or by the client?
Generally speaking, I feel that ADOT can be a great company in the future and that it has the technology potential to do great things (not only monetary). I currently hold ADOT shares in my 401k as well as in a personal cash account, so I am serious about this company and how I can grow with it in the future. The story of this company is just beginning to unfold and many other potential shareholders are on the sidelines. What is needed for them to take part in this company's future is: honesty, consistency, and management's concern for shareholders and shareholder value.
While a response to this fax would be nice, I don't want to take up your time with a formal response. Just be aware that these are the types of questions/concerns that I and about 30 or so other current shareholders would like to have addressed in the near term. Please note that as shareholders we are concerned and wish ADOT nothing but the best for the future.
Sincerely yours,
Richard Rusnica
10 Maple St.
Newport, ME 04953
Daytime fax: 1-207-947-1655 |
