QUESTION
Hi Eric, Just wondering if you can share how bills and wages are being paid at this time. You blogged that there no issuance of shares at this time and it is hard for any investor to understand how the company is moving forward at this time, as dilution was the main source of revenue here to pay the bills and pay down debt. I for one do not understand how the company is staying afloat as friendly financing has still not been announced. Can you enlighten me on how this is at all possible and why this was not the course of action months ago, before the dilution got crazy?
ANSWER
Although a formal “full package” friendly refinancing is not yet in place, there is ongoing cooperation amongst a variety of parties who see the potential, efforts and progress being made by Winning Brands and are helping, each according to their ability. Whether amongst the supplier team, our lenders, our A/R team, etc – collaboration for mutual gain from the growth of the business has been helpful and effective in bridging the cashflow gap. This confidence and cooperation takes time to develop but has been growing, particularly in view of the likelihood of further advancements for the company in 2013.
As to dilution, a substantial proportion of dilution in the past 18 months has been the settlement of earlier Convertible Promissory Notes at an inopportune time, i.e. when the share price has been low; not only 504 financing. If the DTC chill is removed as a result of the current appeal application, which appeal is now underway in formal terms, the trading dynamic for WNBD shares would likely benefit substantially. The removal of the chill is not a certainty, it is now a possibility for the first time, due to the commencement of a formal review.
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As always, I emphasize that Winning Brands is in the highest category of risk where investments are concerned. However, the company is also exceptionally good at describing its activities for stakeholders to see and understand for themselves, warts and all. Thus, participants can make informed choices in accordance with their risk tolerance and their interest in playing a positive role in the emergence of a terrific consumer product into a respected national product. It’s important to remember that our lead product is an environmentally responsible product and continues to improve in this regard. The regulations keep becoming more stringent, including changes again in California for VOC limits, however, we are ahead of the curve and active in R&D to keep raising the bar for ourselves technically. 1000+ Stain Remover is an Ethical Investment from this perspective and will be of increasing interest to parties who follow Ethical Investment opportunities. As we prove that we are on solid ground in the scope of our distribution, including anticipated advancements coming to fruition, it will be easier for such eco/ethical investment interest to be realized.
When people of goodwill, intelligence and proper motivation commit themselves to getting through challenges, positive resourceful arrangements can emerge. Whatever else may be said of Winning Brands by way of criticism of its slow progress, the integrity of the effort is undeniable. Those who collaborate with us see this quality in us and are informed by it in deciding to what extent they wish to play a constructive part in helping the firm reach its goals and to be part of that eventual success. This has been of great assistance, for which we are grateful.
