QUESTION
Thanks for your hard work, I wanted to let you know that I use ETRADE and they told me that I am already on their NOBO but I did not receive a letter from you claiming me as a shareholder. Also I noticed that some people who have gotten letters are being told how much shares they have, as someone who has been through a R/S before I remember this happening last time I went through a R/S, please tell me this is not the case and could you please tell me why you want to know the amount of our shares? I have approximately X million by the way in case you did not know.
ANSWER
The shareholders are the owners of the company. We have experienced substantial growth in the number of beneficial owners, now over 4,000. There is a wide range of knowledge amongst shareholders, with regard to the company and its products. Some purchase WNBD on a whim as a casual speculation and know little if anything about our products. Others join us as a result of serious research and are proactive seeking opportunities for their investment to grow by identifying product placement openings or making other helpful suggestions to the company.
The outgoing letters are not mandated by any agency, and do not contain any time sensitive issues, nor is there an offering. Instead, the letters provide basic information to shareholders who are not as familiar with the company’s lead product as those who carried out extensive research. This starts with something as basic as a brochure for the company’s product. A reminder that the CEO Weblog is a valuable and active resource is included, my business card and an invitation for the shareholders to ask any questions they would like or even make suggestions of interest to their company.
The reason for inviting the shareholder to confirm the accuracy of their information on record is no more unusual than any other efficient organization that holds an asset on behalf of a third party – the never-ending goal of accuracy in all things, where possible. To the extent that the letter, addressed directly to the shareholder, states what we have on file as at a specified record date, it is easy and convenient for the shareholder to confirm, if they wish. Should the time come that formal or time sensitive material be called for, it is in everyone’s interest that accuracy has already been established in the mailing procedure.
The letters are being sent out in a systematic manner; a certain number every day, rather than all at once. The systematic approach is to ensure that we can respond professionally to replies, by reacting in a timely manner. Our shareholders are telling us that they find this approach refreshing and appreciate the contact. We are grateful for the many pleasant replies that we are receiving.
The last thing on our minds would be to prepare for a Reverse Split. There is absolutely no connection between our correspondence and a Reverse Split. Our preference has always been, and remains, natural reduction of the O/S again, in due course. Even when surplus cash from operations is not available, this can be accomplished through special, non-toxic, financing for repurchasing shares and reducing float. Bear in mind that if/when Winning Brands is registered with the SEC, it will be possible to raise funds from increasingly “senior” sources at lower risk discounts. There are non-R/S options available to management to reduce O/S again if management makes the effort to develop them, and if the company’s circumstances are conducive (as Winning Brands’ are). This is a particularly attractive time to contemplate such options because the company is currently undervalued, in the opinion of management, on the basis of market capitalization. A review of the records will reveal that the company’s market capitalization has been higher for most of its history as WNBD. This is ironic, because WNBD is now better positioned to prosper than ever.
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Making suitable financing arrangements for the company’s continuing opportunities will be possible because the financial engineering required is not particularly difficult. There are many sources of expertise in this area, and our “problem” is a good one – ensuring that the company has the means to implement its many fine opportunities, in a way that remembers the interests of the common shareholders.
I have made this so painfully clear to any and all advisers that they can already anticipate the next word coming out out of my mouth on this subject. That’s a good thing. They know that I do not want to used tired, discredited techniques to advance personal interests – my interests are aligned with the common shareholders. If they are not going to benefit from an arrangement, then I am not interested.
Winning Brands is a cut above. It has common shareholders with goodwill and enthusiasm. It has terrific products. It has dedicated management and staff. It has a track record of operational competence. It has fine retail partners, now even including the United States government.
I hardly think that with all this going for the company, that we are going to be defeated by the need to be astute in making forward looking financial arrangements. Most failures amongst our peers in this level of the public markets occurs due to basic shortcomings that we have long since outgrown, or never even possessed. In the junior public markets, our product(s) is not typical, our company is not typical, nor am I a typical CEO. Why then, should our destiny be typical?
Thank you for taking the time to share your excellent question. No doubt it mirrors concerns that others may have had.
