Status as of September 9, 1999
I have been delaying my status report in hopes that I would have additional news to report. However, there are processes that must complete that I have no control over, so we'll just have to wait until the appropriate time.
Following is a brief recap of what has happened since I assumed the role of CEO on March 29, 1999:
We redefined our corporate vision, and refocused efforts towards satisfying our new long term goals. Our primary objective was to define a strategy that would provide a means for Planet City to survive and prosper post-Y2K. In the process of doing that, we shifted our target marketplace. We now focus on mid to large sized companies with Information Technology needs. In the past, Planet City had focused on selling commodity-type products that offer smaller profit margins. The one exception to our new sales model is that we will continue to promote and market MBCK, our PC based Y2K product, to small businesses and home computer users through the end of this year.
We acquired the physical infrastructure of an Internet software development firm in Sedona, Arizona and hired their technical and administrative staff. We then relocated our corporate headquarters to their former offices.
We established new divisions:
1) A Software Services Division, to provide mainframe and client/server clients with personnel resources to maintain and enhance their existing environments, and to migrate to newer ones. Capabilities include Y2K remediation and Euro conversion capabilities, as well as development of custom software solutions. This division is also responsible for pre-sales technical support, product installation, and ongoing customer and product support.
2) A Web Services Division, to provide web-enabled business capability for companies that want to leverage the powerful new marketing capabilities of the World Wide Web. This division will focus on integrating our mid-sized and larger clients' existing Information Technology capabilities with the newest Internet technology.
We signed an agreement with Benchmark Technologies to become the United States' distributor for ISPW, a mainframe application development and maintenance workbench product. We are authorized to sell, service, and support the product.
We signed software and services alliance agreements:
1) ConSyGen, for client/server migrations and Y2K remediation
2) Computer Associates: We became an Authorized Enterprise Solution Provider capable of reselling hundreds of software products. We are also authorized to jointly pursue consulting contracts with their Global Professional Services group.
We totally redefined and redeveloped MBCK, the Millennium Bug Compliance Kit, our PC based fix for the Y2K problem for Windows 95/95/NT. We also signed a major marketing alliance with Cable Print Network Marketing that will provide over 250 million product exposures for the product monthly, as well as provide printed advertisements in over 60 publications.
We attracted a well known Wall Street Mutual Fund Manager to our Board of Directors, Mr. Tony Healey.
We are currently examining additional ways to grow the company's revenue base. We have been approached by several small companies looking to be acquired, and are considering appropriate action.
We have successfully built a solid base from which to grow our operations. We will continue to look for ways to expand revenue opportunities while keeping expenses controlled. Additional news items will be released when appropriate.
Thank you for supporting our company during this busy rebuilding period.
A "Safe Harbor" statement follows my sign off.
Regards,
Terry E. Dennis, President & CEO
Planet City Corp (OTC BB: PINC)
The Private Securities Litigation Reform Act of 1995 provides a "Safe Harbor" for forward-looking statements. Certain of the statements contained herein which are not historical facts are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission. |
