PNL Transcript on 9-29-2000, 1PM EST
Good Afternoon. The way that I would like to run this today is by having all you stop writing and let me speak. When I am done I will do my best to answer any other questions that you may have. First of all I would like to say hello to our shareholders. I know that it has been some weeks now since you have felt connected to the company. PronetLink.com has always had the policy to open our doors to our investors and to keep you as informed as possible as to what is taking place in the company. The management team we recently hired changed that policy and the company fell into silence.
ProNetLink.com has had a solid business plan from the day the company was launched. You, as investors, have bought into this company based on that business plan. We are a
trade related business dedicated to serving the fastest growing market in global trade...Small and Medium sized Enterprises....SMEs. We are not going to change that
plan or do anything that will intentionally reduce shareholder value in this company.
Yesterday at 4:15 pm the Board of Directors held a special meeting and accepted the resignations of John Bohn and Karen Morgan. While we agreed to not make any negative
comments I can say that the decision was in the best interest of the company and its shareholders.
As part of the agreement, the Board was able to void the contract of Mr. Bohn and Ms. Morgan so that we will eliminate the dilutive effect to current shareholders
associated with the stock options that had been granted to them even upon their termination or resignations. This is important. Now, the company will no longer be obligated to pay any of their stock options, the signing bonus and any other future consideration associated with their employment. On August 8th we believed we were doing what was best for the company and shareholders by bringing on Mr. Bohn and Ms. Morgan. While they were not with the company for very long, it is better to know when a relationship should end and take action versus going on too long in a potentially negative direction.
The entire PNL staff is completely behind the Board's decision and is stronger than ever in its resolve to expand the PNL product. To bring you up to date, we have hired an
interim CFO who will complete the Form 10 filings and work on our financial presentations to Venture Funds and potential value added funding resources.
He has a very strong background in international banking and funding. In the past we have made announcements about new hires the day they joined the company. In hind
sight, while it has always been our mission to share with you, the investors, news as soon as possible, we have found that not all new hires work out.
We will now require a period of time to pass, allowing the new hires to prove themselves, before we announce them to the market. We have learned that while someone may have
a great resume they don't always have what it takes to be in the Internet business, especially ours.
We have a tight team here at PronetLink.com and we pride ourselves in how hard we work. We expect anyone who joins to work as hard as we do. We are finalizing a number of new revenue generating contracts that will be announced in the very near future.
I know that some of you are saying "soon" is back again. I do my best to bring our plans to market as fast as possible, sometimes things are out of my hands. In this case, I will be able to announce the first new contract next week. We are just waiting for the PR to be approved by the opposite team.
In the last 2 weeks I have been a guest speaker at the National District Export Council Meeting in Chicago, The United Nations World Forum 2000 in New York City and the
US Department of Commerce "E" is for Export programs in Westchester, New York.
ProNetLink.com is becoming a very respected company in the SME trade community and I expect that we will continue to grow in that area.
Our Tech team continues to build the site and expand the product. Our mission is clear and Stephen Kneipp is driving that team to deliver. Dave Walker has taken on even more
responsibilities and is really doing a great job. Bruce Blosil was just in San Francisco covering a major new story for PNLTV and Alex Martichuski and Keith Sirois are bringing in new sales. On behalf of all of us at ProNetLink.com, I thank you for your support. I, like you, gain no benefit from the stock price unless it is going up. I am and will continue to do what I believe, what Jean Pierre believes, what David Walker believes and what the entire ProNetLink.com Team believes is in the best interest for the company and you, the shareholders.
I believe the actions we have taken are in the best interest of the company and the shareholders. I will now attempt to read and answer your questions. Mr. Vincent is
still on the Board and Mr. Blumberg is still with the PNL Team waiting the D&O policy to be completed. I do not think we are far behind in financing as a result of this change. I cannot comment on Bohn and Morgan. The company has been funded by Mr. Collardeau. There will be no issue with Bohn and Morgan since the agreements have been signed. JPC has added $1 million. The company has managed to get funding
for 3 years and we expect to continue. We have meetings with other VC's taking place in addition to JPC funds. Our current burn rate is about $200K per month. We have the
transaction module specs completed and are speaking with integrators currently to assist our team. It depends on funding.......I hope very soon. Sorry. We have a strong
package that we are taking to the VC's. I believe our package is superior to others. We are working on a patent for some of our new functionality right now. JPC's shares
have and continue to be locked up. I do not have shares....I only have options. JPC wife shares and his are the same shares. Bohn and Morgan have a very long term
confidentiality clause. PNLTV is growing. Bruce just came back from San Fran doing a major new show. For those of you who may have arranged financing it is a very complicated process.
We will have news next week. I think we are taking the normal path to financing that is in the best interest of the company and shareholders. The site is functional now....we will continue to add functionality for as long as the industry changes. The funding I mentioned was the 3 years to date. We can spend money marketing or spend money
developing....at this point we can only do one....that is what financing is for.
We have approximately 70,000 companies per month using the site. We have not listed the company in Paris....that is not to say that market makers haven't. There are only 108
users here now.....a long way from 70,000. PNL does not "take" a transaction fee at this time.....that is what the next module will do.
We have a number of revenue sources on the site. Yes, presentations are currently taking place...that was one of the reasons for the CFO to come on. I believe we have a
strong package being presented to the VC's and we still have good interest from them. The 10K will be out by the 15th since we had to pick up where the previous management
team left off. The world depends on the future....we will continue to build our business plan.
There is no problem just the due process of a company getting financing.....try it sometime.
Thank you for your support and I will speak with you next week. My email is;
gz@pronetlink.com
Have a good weekend. I have to get to my family for the
holidays. |
