Status as of 01/21/2000:
This is my first status report of the New Year. It appears as though we all survived the Y2K glitch.
Regarding our efforts to become a fully reporting company: We have been trying to file our Form 10-SB with the SEC. The one remaining item the lawyers need before they can file is a set of audited financials from our accountants. The accountants have been waiting for financial information from an inactive Planet City subsidiary. There was a mixup between the subsidiary and the auditors. According to the FAX log of the subsidiary, they faxed 82 pages of information to the auditors last Sunday. The auditors claim they didn't receive it. (Sigh … Murphy was an optimist) The subsidiary information should be delivered to the accountants today via courier.
The auditors project that they should be able to complete the audit and deliver the results to our lawyers by next Friday (Jan 28). Then, the lawyers have to combine the financials with the rest of our data and file the Form 10-SB with the SEC. It will be up to the SEC to determine if what is filed suits their disclosure requirements, and there's no way of telling how long that review process might take. It is likely that PINC will have an "E" appended to it on February 11. Eligibility determination date for remaining on the Bulletin Board is March 8. If there are no major issues with the filing, we might escape the Pink Sheets. However, reports from other firms that have filed on time indicate that the SEC is behind in their review schedule, and therefore the firms have been delisted (put on the Pink Sheets) for a period of time. We're doing the best we can to follow the instructions for the Form 10 to the letter. The delays in getting the subsidiary's financial information really put a squeeze on our time schedule.
On the business scene …
The Planet City Software, Inc. (PCSI) Web Services Division continues to generate quality business leads. We are hoping to land a couple of projects that will get the "Site designed by Planet City" tag some nationwide exposure. One is a popular cultural event and the other is a company specializing in the investment advisory area.
[ Edit: Late breaking news! Bill Ulrich, Manager of the Web Services Division, reports that Dorsey, Wright & Associates (DWA) has contracted with Planet City Software to revamp a portion of their web site. DWA is the premiere provider of PnF charting and education on the Internet, and Tom Dorsey is the foremost recognized author on PnF analysis. He appears regularly on CNBC. See dorseywright.com ]
PCSI's Software Sales Division's pipeline continues to grow, as we ally ourselves with other vendors of software and services. As of the first of the year, Computer Associates assigned a new regional manager to be responsible for our Channel Sales Partner relationship. Thus far, we have been pleased with his involvement, and are planning cooperative marketing activities with the CA-Phoenix office. Clients are loosening their purse strings now that the Y2K fears are behind them.
PCSI's Software Services Division finished a couple of small customization projects, then suffered a setback when a year long development project slated to begin in late January was put on indefinite hold. The owner of the client company died unexpectedly in early January. Our condolences to the owner's family and the company's employees.
We are working at integrating PCSI's newly acquired Topology Division, which focuses on servicing mainframe customers. A major challenge will be to avoid a hiccup in our existing sales and marketing efforts while trying to cross-train on the Topology products and services. And, we have to bring the Topology folks up to speed on our existing offerings without interfering with their sales cycle.
Topology has a presence in the Chicago and Atlanta areas, while Planet City's existing presence is in the Phoenix and San Francisco areas. That gives us exposure in the Southwest, Northwest, Central, and Southeast regions of the United States. We are looking for additional partnering opportunities in the Northeast and East, and possibly Denver and/or Kansas City.
The Y2K event came and went with very little disruption from the dreaded bug, thanks to some major "awareness campaigns". While the activity on our Millennium Bug Compliance Kit (MBCK) website has reduced significantly, there are still people downloading our product to test their machines. This indicates that there are problems being experienced, yet there isn't much public press about it. The MBCK is still available for sale. Go to mbck.com . You can use it to reduce your existing Y2K exposure. It won't fix any of your data that has been corrupted, but it can keep further corruption from occurring.
Our new corporate website is up and running at planetcity.com . It describes our company, and has some examples of our Web Services Division's work. Check it out and let us know what you think.
When I was recruited to be CEO of Planet City last April, I made a decision to keep our investors informed on the progress of our company. That is the underlying reason for these status reports. By communicating directly with our investors, I can ensure that we as a company provide a consistent, clear cut vision of our current activities, challenges, and future potential. The content of these status reports is as much as I can divulge without crossing the line into letting out "insider information". This is the same information that is communicated to those who call the company and ask for the investor relations department. If you would like to be placed on the list of people who automatically receive these reports, and the official corporate Press Releases that are released over the financial newswires, email info@planetcity.com .
Thank you for your continued support of our company.
A disclaimer statement follows my sign off.
Regards,
Terry E. Dennis, President & CEO
Planet City Corp (OTC BB: PINC)
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. Any such forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. In addition to the general difficulties inherent in forecasting future operating results, particularly in a rapidly changing global economy, other factors can affect performance. Those factors include, but are not limited to, competitive forces, fluctuations in operating results, reliance on industry standards, dependence on new products, risks associated with acquisitions, intellectual property protection and disputes, economic fluctuations, staff turnover, and naturally occurring phenomena. |
