Dear Fellow Stockholders,
2018 is expected to be a year of positive growth for U.S. Precious Metals. Last year was a period of rebuilding and restructuring the company’s foundation, and though this has been an arduous endeavor, it remains ongoing. For years, the company was operated by executives that, from reviewing the corporate books and records, were more focused on raising quick cash and than developing the company’s mineral reserves. As the company’s newly appointed CEO, I assure my fellow shareholders that I will avoid the mistakes of my predecessors, and will focus my acumen on realizable, identifiable, and concrete goals. But rebuilding this company to its fullest potential is not going to be fast or easy. However, greatness is never achieved suddenly, it is attained over time by making consistently smart decisions and finding ways to turn business adversities into opportunities. To this end, I am committed to working diligently to make the correct choices that will lead our company on a pathway to fully realize its innate value and, most importantly, maximize our shareholders’ wealth.
Here’s an update on our progress thus far on the goals I set for the first 100 days of my tenure:
Mining Campaign – The company has been working to assess the results from the 2015 drilling campaign recently provided us from our Mexican counterpart. Many of the aspects of this drilling campaign were left opened or unattended by the drilling company, ACT. We are in the process of rectifying these omissions as to not hinder any future drilling campaigns. I am currently seeking to obtain the secondary source data that will back up the 2015 Technical Report 43-101. Once this is complete, I, along with a team of experts, can evaluate the feasibility of further drilling at this location.
SEC Reporting – The company has compiled all financial documents for the past two years that were made available by the past board and executive staff, and has generated the necessary financial reports for 2015 and 2016. However, prior to filing these financial documents they must be reviewed by a Public Company Accounting Oversight Board (PCAOB) per SEC rules and regulations. I have identified an accounting firm that is PCAOB certified, and are engaged in talks of retaining the firm’s services to get the company back to full reporting status.
Liabilities – The company is continuing to work earnestly to resolve the corporate obligations of the past. However, I must admit that the outstanding liabilities far outweigh any income that the company has or anticipates in the near future. Nonetheless, I hope that through the means of mediation and/or arbitration, our company will be able to resolve these matters without the aggravation and expense of litigation.
Relocation – The company has successfully relocated its corporate office from West Virginia to Florida. This move allows us to conserve needed financial resources by consolidating and downsizing significantly.
In closing, I would like to point out that our company is in its current situation due to years of weak management and poor decision-making. Our company’s current sub-penny stock price is evidence of this point. Nonetheless, I have made it my goal for 2018 to rebuild this company from ground up, one brick at a time, one day at a time, one dollar at a time. I will not make grand promises, nor will I hedge expectations. I will give you my honest well-researched analysis, and moreover, I’ll work with our team daily to bring us closer to making U.S. Precious Metals the viable and successful company we know it can be with effective management and an unyielding commitment to settle for nothing short of excellence. I welcome you to a new year, and a new era of strong leadership, goal oriented achievement, and forthcoming prosperity.