In response, you are right, you like all other investors or potential investors are entitled to answers. First, I need to make a correction, the firm of Hoffski & Pisano is located at 2201 Dupont Drive, Irvine, California and not in Newport, California. That is just outside John Wayne Airport in Orange County, California. The lead partner in the audit is Frank Pisano. Mr. Pisano is a CPA, a licensed California attorney and holds various securities licenses. We also naturally have outside legal counsel for all securities work. I am telling you that, not in an intent to shrug responsibility, but rather to inform you that we are well aware of the rules and the laws.
You need further remember, that Beacon Light has gone through a major transformation this past year. We went from a company that was trying to enter the Chinese market to become a manufacturer, to a company that manufactures, and sells its products in the Far East, Europe, and the U.S. Further, two-thirds of our Board of Directors have changed, including a new Chairman of the Board. At the same time, we cancelled some 14 million shares from the market, only eight of which had any restrictions on them. Another word, we matured as a company from a start up company to an operating company with global sales.
As a consequences however, since most of the changes took place around June, that caused a delay in our audit. You need to remember that we have to consolidate operations in Europe, Asia and the US in accordance with generally accepted auditing standards and in accordance with generally accepted accounting principles. It is further complicated in that their fiscal year in the past was different than our fiscal year. That will change in the future, but it is being corrected today. Mr.Pisano is coming to see me on Monday to further work on the audit. So in final, we are going to ask for a 30 day extension to file. We are planning to meet the deadline. We are not planning to be listed on the "pink sheets" if we can avoid it, not even for a short period of time.
Lastly, the drop in Beacon Light stock reflects the lack of market support in our stock. We are addressing that issue now. Beacon Light as a company, has never been stronger than it is today, and will only get stronger in terms of increase in sales and net assets in the future. We are also working on reviving our web page so you will have an opportunity to see in pictures our operation.
I hope I answered all your questions.
Jerry Gruenbaum
President - BLHG |
