For non s/hs or those who have not received it yet, I received a very nice letter from Charles mcPhail , the new CEO of MEGW today. Some highlights:
Who is TBS? A fully integrated engineering and manufacturing company with two locations in Houston employing approximately 240 people who will produce in excess of $19 million in 1998. Product is produced for the oil and gas, Telecommunications and marine and Transportation industries. A sample of customers include Amerada hess, Amoco, Arco, Baker Oil, Chevron, Schlumberger, Shell, Southwestern Bell and Texaco.
(Everyone heard of all those?)
The strength of any organization is its people. TBS is no exception. The team assembled is talented, experienced and very optimistic about their future.
Why would TBS merge with MEGW? Growth requires capital. The experience of providing private sector capital for the phenomenal growth of TBS during the last 3 years, combined with the continued need for capital to support future growth opportunities makes the public arena very attractive. Also, MEGW has 2 divisions with tremendous profit and revenue growth potential, ITS Telephony and Megaworld Leisure, Inc. Megaworld's enormous upside potential provided the impetus to complete the acquisition.
What are the plans for MEGW? First, organize the team to meet growth expectations. Second, become a reporting company. Third, develop business plans in each operating division. Fourth, become a Nasdaq company as soon as stock price meets listing requirements.
What should shareholders expect in the future? Expect management team to be competent, knowledgeable and unified in its performance objectives. Expect frequent communications. Expect management team to be aggressive as they prepare MEGW for the challenges of the future and you should expect growth in revenue and profits while the process of shaping MEGW continues. |
