Here is the latest Management Report from the website......
August 10, 2000
Turnaround First Quarter
Management expects to announce a profit for the quarter ended July 2, 2000. These results reflect the cost-cutting measures put into place by current management effective June 5, 2000, and increasing revenue through the quarter. However, management cautions that a very significant contributor to the first quarter numbers was the reversal of charges taken during the two previous quarters for options issued to the former CEO. When Mr. Mersis forfeited his rights to exercise those options through his resignation, the earlier charges were credited back to the company.
While we had some non-operational accounting help this quarter, we hope that our current efforts will result in real positive performance as early as the end of this (the second) quarter.
Official Florida Water
Aqua Clara was debuted as the official water of the State of Florida at the Governor's Conference on Tourism, held at the Doral Golf Resort in Miami August 6 - 8, 2000. Famous football celebrity Cris Collinsworth presented the water to industry participants, focusing on the quality of the product and its value to the industry for carrying Florida's tourism message to non-Florida markets.
GNC Expansion
Initial deliveries to GNC stores in Alabama, Mississippi and Tennessee have been completed. With Florida, this brings the number of GNC stores in the Southeast carrying Aqua Clara products to about 400. Distribution to GNC stores in North Carolina and South Carolina are scheduled, with replenishment of stock in the current four states continuing.
Expanded Distribution
Doug Cifers reports that his meeting with major distributor executives in New York was very successful. The two companies have reached a conceptual agreement whereby the distributor will represent Aqua Clara Oxygen Enriched Bottled Water to its large customers. The relationship has already helped solidify a deal with one customer (Sorry, can't mention who, yet!), and holds great promise for additional opportunities.
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