The Company has been using its financing to further the achievement of all activities set forth in its news releases of early May that included audits & filing work, payoff of convertible debt, positioning to begin production and distribution, and creation of strategic marketing and operating affiliations with food companies for partnering and/or acquisition.SaidFeintech, "We have sufficient capital in the bank to complete the follow-through of all activities that will manicure our corporate profile and launch SMKY into revenue-generating operations."The Company has achieved or is continuing to achieve the following activities:
Audits/Filings:Though losing a month with replacing its auditor, the Company is near completion of its 2012 audit and will begin making its 2012 10K and 2013 10Q filings later in July, and will have its 2013 audit completed in August, with remaining filings for its 2013 10K and 2014 10Qs beginning in late August and into early September.
Convertible Debt:The Company used financing to pay off all outstanding investment bank convertible notes and there is no remaining debt that is convertible into free-trading market shares, nor is there any amount of market shares outstanding that are still held in connection with the previous conversions of convertible notes.SaidFeintech, "In connection with the Company's interim financing structures that have and are currently funding our present operations, I confirm that there is no financing transaction which is not representative of a completely favorable value to existing shareholders."
Production/Distribution:The Company is on schedule to commence production and distribution of selected products beginning in August and will have a featured selection of new and delectable Smoke-Baked fish species for wholesale to commercial end-users;retail sales to consumers including Internet beginsin October.The Company's unique quality of Smoke-Baked Salmon has shown consistent demand by restaurants in
Marketing/Operating Affiliations:The Company is forging marketing and operating (reseller) affiliations with raw product suppliers of its fish andchicken,and signing marketing agreementswith specialty food distributors for institutional & foodservice distribution.Additionally, as a result of a major operating affiliation soon to be announced this month, the Company has secured substantial financing that will enable co-brand marketing affiliations to be forged with large regional and national restaurant chains that are seeking incremental income by menu enhancement, and especially those chains that seek to build or expand their breakfast and lunch business using the Company's artisan quality of Smoke-Baked fish and chicken.SaidFeintech, "Major restaurant chains are announcing their intent to convert to purchasing only 'nutritious' value-added proteins by 2016, but we can deliver this quality to them now and at prices that give us the edge."
Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements,including: our limited operating history, need for future capital and need to enter into relationships with retailers for retail merchandising business, supply and distribution risks, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company's periodic reports, including the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
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