Received that last friday:
can you explain the 6th paragraph,:
Fw: 3 Nov / Progress
----- Original Message -----
From: KCIBOB@aol.com
To: xxxxxx@aol.com
Sent: Friday, November 03, 2000 4:57 PM
Subject: 3 Nov / Progress
Dear Shareholder,
It is would be fair to say that King , over the last 12 months has
been an apprehensive and mostly dissappointing experience.
At times the company seemed set to sparkle only to fizzle out, the
stock price is down and there is little or no demand.
King simply did not realise the enormity of being left with a
bigger and stronger parent, and when King Australia (KCA)disappeared the
company had a brief Indian Summer. In swift succession the company that took
over KCA arbitarily increased the price of the Data Terminal, changed the
trading terms, and fired the engineerin staff who had developed and supported
the hardware and software.
Naturally revenues dropped as KUSA had no product and lacked the technical
expertise to develop alternatives.
To excacerbate our problems we have been unable to ship the
Project 25 orders we have from the US Federal Government.
I am happy to say that in the last 7 months KUSA has achieved the following:
1. Employed 2 software engineers who are now completely familiar with the
source code , the hardware and the firmware.
2. Have developed an alternative product which uses the same software
platform, and at a lower price.The company are currently negotiating with
qualified prospects
for contracts in excess of 1.5 million dollars. Supply of this product will
commence
Early December and forward orders have been placed for the next year.
3. Have developed and released an Internet enabled CDPD product. We have a
site operating in Orlando and believe this product is a winner.
4.KUSA will start to ship P25 product in the next 45 days, the company
remains confident that oue P25 solutions will achieve increasing and
consistent revenues over the next 2-4 years.
5. Mr Bill Scott will be announcing his resignation in the very near future
and the Board have elecetd me to take his place until a suitably qualified
replacement can be found.
6. The Board have decided to evaluate a number of proposals to participate
in a rollup of a number of companies engaged in similar markets with similar
or complimentary technology. I will keep you appraised as much as I can.
7. Finally but importantly, King is back on track, smaller, leaner and
holding the firm belief that the company and its people can fulfill its
original promise.
Thank you for your patience and all the best,
Bob Geaghan |
