david, below is a letter i got from immd. i think they sent it out to all shareholder. is now a good time to get back in you ask? that's up to you. but i like there chances.
good luck,
paulie
.
The management of ImmuDyne is pleased to present this progress report
and directions of ImmuDyne's efforts. Perhaps the best way to approach
the subject is to list the categories to be covered followed by an
explanation of each.
1. Management changes.
2. Financial results.
3. Legal matters.
4. New product development.
5. Current Marketing Developments.
6. The Company's mission.
1. Management Changes. For those of you who received proxies, you
already are aware of the management changes that occurred last July.
Those of you who are new shareowners are advised that there were changes
in the management of the company during July, 1998. Dr. Robert M.
Nakamura, who was and still is the Chairman, became an employee
director. Walter E. Danielewski joined the company as President and
Chief Executive Officer and subsequently joined the Board of Directors.
Nino Sorgente, Ph.D. joined the company as Vice President - Research and
Development and a member of the Board of Directors.
Dr. Nakamura received his M.D. degree from Temple University School of
Medicine in Philadelphia, Pennsylvania. He is Specialty Board Certified
in anatomic and clinical pathology and immunopathology. His research
activities have been in immunopathology, immunochemistry and molecular
pathology. He has published over 140 scientific papers and 55 books and
book chapters. He was Chairman of Pathology, Scripps Clinic, La Jolla,
California. He was president of the Scripps Clinic Medical Group
consisting of over 300 medical doctors for 9 years. He is emeritus
professor of the Department of Pathology, University of California,
Irvine and San Diego.
Walter Danielewski has a B.S. Degree in Accounting from Fordham
University and an M.B.A. Degree in Financial Management from Pace
University, both of which are in New York. He was a Senior Vice
President, Chief Financial Officer and Director of United Parcel
Services of America, Inc. and its subsidiaries. Upon leaving UPS after
30 years, Walter was an Executive Vice President, Chief Financial
Officer and a Director of Frank B. Hall, Inc., an insurance brokerage
firm. He was Chairman and Chief Executive Officer of Jartran, Inc., a
truck leasing company and subsidiary of Frank B. Hall, and Chairman and
Chief Executive Officer of Adjustco, Inc., a claims adjusting company
and subsidiary of Frank B. Hall.
Dr. Sorgente was a professor at the University of Southern California
where he taught biochemistry and did research in various areas of
biochemistry. He has published extensively in the scientific journals
in the field of the biology of vision and blood vessels control. More
recently, Dr. Sorgente was a visiting professor at Childrens Hospital of
Los Angeles where he did research on the penetration of various
substances through the skin.
A Scientific Advisory Board was established by Dr. Nakamura consisting
of medical doctors, Ph.D.'s and research scientists. Except for Dr.
Nakamura and Dr. Sorgente, the other members are non-employees of the
company. It is the role of the Scientific Advisory Board to research
and develop new products for the company. The Scientific Advisory Board
will provide the company with innovative technology and products.
Dr. Leonid G. Ber recently resigned from the company to pursue other
interests
2. Financial Results. We are pleased to announce unaudited results for
the third quarter ending May 31, 1999. Revenues for the quarter were
$573,268, as compared to $417,921 for the quarter ending May 31, 1998.
The Company had a profit of $155,052 for the quarter ending May 31, 1999
compared to a loss of $49,967 for the same period of the prior year.
Total operating expenses decreased to $237,861 for the quarter ended
5/31/99, down from $359,425 for the same period last year. This was the
third consecutive profitable quarter for the company this fiscal year.
The profit to date for the nine months ending May 31, 1999 is $309,958
Revenues remain flat due to the fact that the company decided to curtail
the sale of raw materials to many small manufacturers of products who
were using our formulations and trade names to compete with us.
Although the revenues will suffer in the short term, we feel that in the
long term this decision will soundly benefit the company.
We implemented and maintained strong expense controls that contributed
to the profitability of the company. Legal expenses also declined.
Management salaries for Dr. Nakamura, Mr. Danielewski and Dr. Sorgente
have been for no compensation.
3. Legal Matters. We are pleased to announce that most of our legal
cases have been settled thus allowing us more time to focus on growing
the business. Also, the high cost of pursuing these legal actions has
diminished and we will have more funds available to generate new
products.
4. New Product Development. Several new products have been developed
and a number of others are in the process of development. Following is
a list of products currently available, except for the Sun Protection
products.
a. Skincare Essentials. A proprietary two product set consisting of a
rejuvenating serum and a moisturizing cream. This product was
introduced several months ago and is meeting with success.
b. Beta Glucan Spray. A dietary supplement consisting of Beta Glucan
utilizing a liposome spray delivery system.
c. Arthro-Force. A proprietary dietary supplement consisting of
Collagen Type II, Glucosamine Sulfate and Chondroitin Sulfate to support
healthy joints.
d. Prosta-Force. A dietary supplement containing saw palmetto extract,
nettle extract and lycopene to maintain a healthy prostate.
e. Cardio Shield. A proprietary dietary supplement that contains
various natural ingredients to maintain normal cholesterol levels.
f. Vascular Force. A dietary supplement that contains various natural
ingredients as well as folic acid, which has been shown to lower
homocysteine levels in many scientific studies.
g. Memory Force. A dietary supplement that contains numerous natural
ingredients that help in maintaining mental acuity and memory functions.
h. Sun Protection Products. Four new products are in the process of
development and should reach the market in the near future.
5. Current Marketing Developments.
a. ImmuDyne is developing a new website (operational 7/99), which will
contain more information on the company, management, products and new
developments. A new state of the art on-line store will make shopping
for our products much easier. We invite all shareholders to visit the
website www.immudyne.com
b. ImmuDyne recently became a sponsor of the nationally sydicated radio
talk show “Duke and The Doctor”, one of the highest rated health talk
programs in the U.S.
c. We are continuing our efforts at attending industry trade shows,
print media advertising, and expanding distribution channels of our
products both nationally and internationally.
6. The Company's Mission. The mission and goals of ImmuDyne are to
apply modern technology to continue development of:
a. Other cosmetic preparations which provide essential nutrients to
maintain a healthy and youthful skin.
b. Comprehensive group of quality nutritional supplements based on
scientific evidence and standardized ingredients.
We sincerely hope that this correspondence proves to be informative and
beneficial to you. We apologize for taking so long to communicate with
you, but our plates have been full. Our task has not been easy. We are
pleased that we see some positive results, but we still have a way to
go. We assure you that we are trying our best to bring the company
forward, to increase the revenues, contain expenses and experience
profitability. The continued launch and development of our new products
will assist us to meet these objectives.
Robert M. Nakamura, M.D.
Chairman
Walter E. Danielewski
President and CEO
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