Specialty Liquid Transportation Corp. (TSXV: SLT) provides the following letter to shareholders.
As recently appointed Interim CEO, and in light of the recently announced management change, I would like to introduce myself and provide an update to our shareholders.
I am very encouraged and excited about the prospects for SLT. For the past year, I have been involved in the development of the new SLT business plan, in particular focusing on vertical integration of supply, logistics and transport in the juice and bitumen markets. We have made excellent progress in using our proprietary Flexitanks towards commencing shipping operations in the integrated shipping segment of our business. However, there is still work to be done.
These operations require a significant amount of lead-time to establish required components from the supply side, product testing, shipping logistics and fulfillment. I am pleased to announce that most of this work has been accomplished during this year with a number of potential end purchasers as well as, shipping services and suppliers. I believe that as a result of our hard work to date, we are now positioned to achieve monthly recurring shipments of Bitumen from Alberta to Asia, and have been closely working with the potential customers towards securing initial purchase orders. Similar progress is being made on the transportation of juice products. This business strategy of diversifying from pure manufacturing of Flexitank products to a turnkey logistics solutions platform focuses on higher margin services with potentially significantly larger sales numbers.
SLT has an excellent management team currently in place that under my direct supervision is working hard towards the launch of our new vertically integrated business model. I have a strong background in operations as well as sales, and those of you who know me understand that I take a very grounded approach to executing on business opportunities such as presented by SLT. The Company’s operations and new business development is supported by key management team members who have been instrumental in our Flexitank/Juice Logistics Business. Mr. Jason Barr and Mr. Allan Doris are two executives with SLT’s operating subsidiary and bring vast experience and talent to our team. I work closely with both of them and we will be providing further updates on their efforts shortly. We also have a very committed and active Board of Directors and they are supportive and excited about our direction. I have been and continue to be in direct discussions with them regarding all our efforts and keep them apprised.
With respect to the Cease Trade Order (CTO) and the filing of our audited financial statements, we have made significant progress and are working closely with our auditors to finalize the required filings. With a lack of a CFO in the period immediately following our transition to a public company, and a new CFO only starting in the first quarter of 2019, it became more difficult than anticipated to have the financial statements completed in a timely manner. With the Company having multiple operating subsidiaries in multiple countries this complicated matters further. We have made good progress and continue to work with our auditors to complete the financial statements which we will endeavour to have in the coming week. We will request that trading in the shares resume once the financial statements have been filed and the CTO lifted by the securities commission.
Further to our press release of September 4, 2019, we wish to clarify that our former CEO, David Skriloff, will have no ongoing active management role with the Company. However as he was an integral part of the Company he will be available to me and the Board as a resource during this transition period, and we appreciate his willingness to assist us in this limited capacity.
Lastly, I wish to thank you all for your patience and endurance while my management team and I have been working hard behind the scenes to develop the Company’s business over the past months. As Interim CEO and a fellow shareholder, I will endeavor to provide regular updates to shareholders regarding our ongoing business developments.
Bud LaCombe, Interim CEO
Telephone: (480) 524-9200
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward looking statements in this news release include, but are not limited to, the Company’s execution of its new business strategy, financing required, and timing of filing financial statements and resumption of trading. Although the Company believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.