Premier Products Group Releases Letter to Shareholder
Premier Products Group (OTC PINK:PMPG) shared a letter with shareholders outlining the company's current status and future plans. The CEO acknowledged challenges in securing funding and the impact of delayed filings due to changes in auditing partners. PMPG is focused on developing SmartRoad technology and aims to align with the new US Infrastructure Bill for potential funding. Key initiatives include restructuring leadership, launching a social media platform for better communication, and negotiating with joint venture partners for Smart City developments.
- Plans to negotiate with SmartRoad and Smart City JV partners for potential contract finalization.
- 5G Infrastructure Division intends to generate revenue within one quarter from securing funding.
- Delays in filing 10K due to inability to secure a new auditor.
- Past auditor's oversight led to PMPG being classified on the Expert Market.
WOODLAND HILLS, CA / ACCESSWIRE / April 6, 2022 / Premier Products Group (OTC PINK:PMPG) released a letter to shareholders.
Dear Shareholders,
As CEO of Premier Products Group, Inc. (PMPG), I make it a priority to write to you about the current health, goals, and future plans of the Company. The majority of PMPG's Shareholders are long term Shareholders. Our business and investment thesis is a long-term endeavor, and we have continuously taken a long-term approach to shareholder returns, analyzing business transactions and investment opportunities on behalf of PMPG. PMPG must create value for and be valued by its full range of stakeholders in order to deliver long-term value for its shareholders. PMPG entered into various business agreements and potential joint venture projects over the past year. PMPG's primary function in the past practices and actions were to help raise funds and manage the joint ventures and business agreements, we entered. PMPG's ability to deliver on its promises over the past 12 months have been hindered by lack of funding from the right debt/equity investors, that fit into PMPG's long term goals.
PMPG would like to assure PMPG shareholders that we have not abandoned them and are working diligently every day to transform any City, Road Authority or Municipality that strives to turn their cities and roads into the smart cities and roads of the future, that we envision.
PMPG understands the frustrations you feel and we would like to ask your understanding and patience, as we will strive to do better of communicating the progress of the Company going forward.
The SmartRoad technology we are pursuing is a huge undertaking within a new Industry. We have learned many lessons on the job, to mitigate all the twists and turns that have been put in our way. In the end, we feel we will ultimately succeed. Over the last 6-7 months we have done the following to better align PMPG and its pending venture with their various business segments, and a corporate realignment to better allow us to manage our assets and business portfolio for growth in the future.
The steps we have taken over the last 6 months are as follows:
1. Working to bring the Company into compliance with the new rules and regulations put forth during the 3rd Quarter of 2021.
2. Structuring the various alliances and partnerships needed to roll out the products and services needed to enable our vision of the future as it pertains to our Smart Cities And Roads initiatives.
3. Restructuring our Company Board of Directors to bring on new Directors who better understand the needs of the company and will include outside independent Directors.
4. Launching by Q2 a new social media platform. This will be helpful in better communication with Investors and Shareholders.
5. Leveraging the provisions of the new US Infrastructure Bill and the funds that will be made available to companies involved in building and rolling out new technologies to advance things like Internet and Smart Road and Cities deployment.
PMPG 10k late filings were not filed due to our inability to secure a new Auditor for our Audits ending the 2021 accounting year.
PMPG stated in a prior 8k on October 25th, 2021, "The Auditor overlooked prior filings, the non-booking of derivatives on liability notes. At this point, it was PMPG's understanding that PMPG cannot file the 2nd Quarter 10Q filing before the amended filings are completed. Due to the extremely short and limited time frame to complete the amendments, PMPG could not complete the two amended filings and 2nd quarter filings prior to the September 28th 15c2-11 amendment date. The non-filing resulted in PMPG being classified to the Expert Market. This oversight by the previous Auditor forced PMPG to seek a new Auditing Partner.
Could PMPG have prevented the corporate Action?
PMPG met its obligations to the Auditor and PMPG could have provided the financials on time for the Auditor's review of the financials. While the previous Auditor had five (5) months to review and amend the prior filings, the previous Auditor made the decision to amend the prior filings in early September. This extremely late decision by the previous Auditor put a strain on PMPG Management and our Accountants. PMPG and our Accountants worked day and night to complete the amended financials for the previous Auditor's review in a limited time frame. As of April 5th, 2022, PMPG has not secured a new Auditing Partner. Once a New Auditing Partner has been selected, PMPG will work diligently to file all appropriate SEC Filings and have our stock trading status in good standing.
Shareholder Transparency
In the Spirit of Transparency, PMPG's management understand the reporting obligations of the Company and is working vigorously to rectify our current standing.
PMPG Updates:
• PMPG's 5G Infrastructure Division is currently seeking funding. With funding secured, PMPG intends to generate revenues for the Division within one quarter from funding. The 5G Infrastructure Division will have access to multiple 5G contracts with funds used to deploy our field services on all 5G contracts secured. PMPG will move forward with contract finalization once funding is secured.
• PMPG is currently planning to renegotiate its position with our potential SmartRoad and Smart City JV partners. Once funding is secured, a Proof of Concept field trial is planned for deployment. Funding for deployment has to be secured prior to negotiating & accepting a contract for the Smart Road / Smart City Proof of Concepts.
• PMPG is awaiting a final term sheet from a potential Investment Fund Partner. The Investment Fund plans to fund in these JV's in 3 stages:
Stage 1 - Secure a New Audit Partner for PMPG, and file all appropriate SEC filings to publicly trade again.
Stage 2 - Secure 5G contracts and deploy 5G field services teams
Stage 3 - Negotiate and Finalize Smart Road / Smart City Contracts & Sites for Proof of Concept deployment.
In closing, I would like to reaffirm that PMPG will do everything possible to regain your Support and Patience. We believe that PMPG can become the company synonymous with Smart Cities and Roads. Looking forward to the future, with your support.
Keep the Faith.
Safe Harbor Statement:
Except for historical information, certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cautions these forward-looking statements are qualified by other factors. The Company undertakes no obligation to publicly update any statements in this release.
CONTACT:
Tony Hicks, CEO
Premier Products Group, Inc.
info@pmpginc.com
SOURCE: Premier Products Group, Inc.
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https://www.accesswire.com/696421/Premier-Products-Group-Releases-Letter-to-Shareholder
FAQ
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