Parks! America, Inc. Issues 2024 Shareholder Letter

Rhea-AI Summary

Parks! America, Inc. (PRKA) issues its 2024 Shareholder Letter outlining strategic initiatives for shareholder value enhancement. Despite challenges like a tornado and activist investor, the company is on track for recovery and growth. Key focus areas include park asset investments, operational efficiencies, marketing, customer satisfaction, and enhanced shareholder communications.

Positive

• None.

Negative

• The strong balance sheet of Parks! America is being negatively impacted by frivolous claims from Focused Compounding, diverting resources from park revitalization and shareholder benefits.
• Focused Compounding lacks experience in operating a wildlife safari entertainment company or a public company, raising concerns about their ability to enhance shareholder value.
• Despite ISS and Glass Lewis recommending against FC's proposals, the uncertainty surrounding their intentions poses a risk to the company's governance and shareholder interests.

PINE MOUNTAIN, Georgia, March 12, 2024 (GLOBE NEWSWIRE) -- Parks! America, Inc. (OTCPink: PRKA), a leading operator of regional safari parks in the U.S., today issued its 2024 Shareholder Letter providing an update on the strategic direction of the Company for 2024 and on current developments.

Dear Parks! America Shareholders,

Since becoming the CEO of Parks! America in November of 2022, your Company encountered a challenging environment in 2023 ranging from a devastating EF3 tornado in March that hit our main property in Georgia causing a temporary shutdown, to an activist investor initiating a frivolous campaign of misinformation to essentially execute a hostile takeover of your company. We were able to safely reopen our Georgia property in just 20 days, due to the dedication and hard work of our employees and I am grateful for their outstanding efforts. I am pleased to report we are nearly fully recovered from all the tornado damage, and we fully expect to put this activist investor action behind us for the benefit of all Parks! America shareholders.

I am resolute in my commitment to steer Parks! America toward a brighter future, with enhanced shareholder value, grounded in transparency and integrity. I love this company, our valued employees and the unique entertainment and educational roles that our properties serve, and I am dedicated to enhancing those unique capabilities to the maximum extent possible.

I value your input and feedback tremendously, and I encourage you to continue sharing your perspectives with me. Your insights are invaluable as we navigate through this critical phase of our journey together. Rest assured that every decision I make is guided by our collective best interests and long-term success.

Now, let's discuss some of the strategic initiatives we are implementing to drive long-term value for our shareholders. After years of neglect from our prior CEO we are making the necessary investments to restore our properties as desirable destinations for new and returning customers and to communicate with our loyal shareholders on a regular basis.

• Investment in Park Assets and Amenities: We are committed to updating our park assets and amenities, which have been neglected in the past. In the near term, focus will be on improving infrastructure and facilities which were left neglected by my predecessor and enhancing the overall guest experience.
  
• Operational Efficiencies: We are working tirelessly to improve operational efficiencies across all our parks. By streamlining processes and optimizing resources, we aim to maximize productivity and profitability.
  
• Enhanced Marketing and Brand Awareness: We are investing in marketing efforts to increase brand awareness and attract more visitors to our parks. This includes targeted digital campaigns, social media initiatives, and community engagement activities.
  
• Customer Satisfaction: Our top priority is ensuring that every guest has an exceptional experience at our parks. We are focused on delivering outstanding customer service and creating memorable moments for visitors of all ages.
  
• Shareholder Communications: While the prior CEO did not engage in consistent shareholder communications, we are dedicated to conducting Annual Shareholder Meetings – the first of which will take place on June 6, 2024. We have also initiated quarterly financial reporting conference calls to keep shareholders abreast of our operational performance and to consistently provide progress updates on the execution of our strategic business plan.
  

From a financial standpoint, our strong balance sheet is being negatively impacted by the frivolous claims from Focused Compounding, diverting valuable resources from the revitalization of our parks and shareholders. Focused Compounding is not qualified to run Parks! America, or any public company for that matter. To this point, FC has not presented a cogent strategic plan on how they intend to operate this company more effectively and profitably. They expect blind faith on the part of the shareholder base that they will successfully operate this company and enhance shareholder value. The FC team has no experience in operating a wildlife safari entertainment company and they have no experience in running a public company and all it involves from an operations and regulatory perspective.

But they are looking to take control of the Company to benefit themselves in some sort of a “liquidity event” transaction and “cash out” as they take advantage of existing investors that look at their shares as “free money” since the previous CEO did not manage the Company to grow and thrive. This Board and management team are dedicated to building a well-run company with transparency and best practices in corporate governance. Importantly, the two leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) each RECOMMENDED that PRKA shareholders vote “AGAINST” all FC’s proposals.

Looking ahead, we are committed to maintaining open communication with shareholders and potential investors. We welcome your feedback and encourage you to reach out to me directly at lisa@parksamerica.com or by phone at 216-402-3685. Your input is crucial as we continue to execute our strategic plan and drive sustainable growth and hope to maintain your support as we head into our June shareholder meeting.

Sincerely,

Lisa Brady
President and CEO
Parks! America, Inc.

About Parks! America, Inc.

Parks! America, Inc. (OTCPink: PRKA), through its wholly owned subsidiaries, owns and operates three regional safari parks - the Wild Animal Safari theme park in Pine Mountain, Georgia, the Wild Animal Safari theme park located in Strafford, Missouri, and the Aggieland Wild Animal Safari theme park, located near Bryan/College Station, Texas.

Additional information, including our Form 10-K for the fiscal year ended October 1, 2023, is available on the Company’s website, http://www.animalsafari.com

Cautionary Note Regarding Forward Looking Statements

This news release may contain “forward-looking statements” within the meaning of U.S. securities laws. Forward-looking statements include statements concerning our future plans, business strategy, liquidity, capital expenditures, sources of revenue and other similar statements that are not historical in nature. You are cautioned not to place undue reliance on these forward-looking statements, which are based on our expectations as of the date of this news release and speak only as of the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results to differ significantly from those expressed or implied by such forward-looking statements. Readers are advised to consider the factors listed under the heading “Risk Factors” and the other information contained in the Company’s annual report and other reports filed from time to time with the SEC. We undertake no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Contact:

Lisa Brady,
President and Chief Executive Officer
(706) 663-8744
lisa@parksamerica.com

FAQ

What is the ticker symbol for Parks! America, Inc.?

The ticker symbol for Parks! America, Inc. is PRKA.

What are the key focus areas outlined in the 2024 Shareholder Letter?

The key focus areas include park asset investments, operational efficiencies, marketing efforts, customer satisfaction, and enhanced shareholder communications.

What challenges did Parks! America face in 2023?

Parks! America faced challenges like a devastating EF3 tornado in Georgia and an activist investor attempting a hostile takeover.

What strategic initiatives are being implemented by Parks! America for long-term shareholder value?

Parks! America is focusing on park asset investments, operational efficiencies, marketing, customer satisfaction, and enhanced shareholder communications.

Who recommended that PRKA shareholders vote 'AGAINST' all Focused Compounding's proposals?

Institutional Shareholder Services (ISS) and Glass Lewis & Co. recommended that PRKA shareholders vote 'AGAINST' all Focused Compounding's proposals.