|By Marketwired .||
|January 27, 2014 09:45 AM EST||
FORT LAUDERDALE, FL -- (Marketwired) -- 01/27/14 -- Proguard Acquisition Corp. (OTCQB: PGRD) announced today the following CEO letter to shareholders.
Dear fellow shareholders,
As I have done periodically over the years, I'd like to take this opportunity to provide all of our shareholders at Proguard Acquisition Corp. with the most up-to-date information of what's happening within our organization. 2013 was a good year for our company and we were able to accomplish some of the goals we set out to hit at the end of 2012. We were able to secure multi-year contracts with government and educational agencies and we hope to be able to capitalize on these contracts, as well as grow our core business as we move forward in 2014 and beyond.
As a growing company, our Board of Directors faces many challenges and is always trying to lead our organization in the right direction. Last week our Board unanimously agreed that it is in the company's best interest to file a Form 15. By taking this action, we have removed the financial burden of quarterly and yearly reporting to the SEC. This financial burden consisted of legal fees, accounting fees and overall compliance costs that go into being a fully reporting Company.
For those of you who are not familiar with this action, it does not mean we are no longer a publically traded company. Our stock will still trade. In fact, what this does for our company is it significantly decreases accounting, legal and compliance costs. This saving should help us manage the larger receivables from our new contracts and business, put an increased focus on our operations and growth via our new ecommerce site and allow us to zero in on profitability.
You may know from my previous updates we have been challenged with the launch of our new ecommerce platform. This new platform is still a focus of our company and we feel confident it will be implemented in the first quarter of 2014. Once this is live, we hope to capitalize of the relationships we have built. We believe our customers will be receptive to the new site and added products and hope to quickly realize success with this new tool. This strategy does not come without risk and being underfunded poses its own set of problems. I believe in the leadership of our organization and I am confident that we will be able to meet these challenges head on and grow.
I believe 2014 will be a great year. It is my intention to continue to update all Shareholders through my Shareholder letter. We also intend to give financial reporting in some of those letters so that you are able to stay up-to-date. I am sincerely appreciative all of the support we have received from both our Customers and Shareholders over the years. Your encouragement and support is appreciated and is a huge motivator to know that you have the confidence in our Organization.
Safe Harbor Statement
This press release contains forward-looking statements that can be identified by terminology such as "believes," "expects," "potential," "plans," "suggests," "may," "should," "could," "intends," or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, the ability to report profitable operations, the availability of sufficient working capital to fund its growth and implement its acquisition strategy, the ability effectively compete and a limited public market for its common stock, among other risks. Proguard Acquisition Corp.'s future results may also be impacted by other risk factors listed in its Annual Report on Form 10-K for the year ended December 31, 2012 and its additional filings with the Securities and Exchange Commission. Many factors are difficult to predict accurately and are generally beyond the company's control. Forward-looking statements speak only as to the date they are made and Proguard Acquisition Corp. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
President and CEO