LocatePLUS Holdings Corp. CEO Updates Shareholders
BEVERLY, Mass., SANTA ANA, Calif., AUSTIN, Texas, and TAMPA, Fla., Sept. 28 /PRNewswire/ -- The following letter is being issued by LocatePLUS Holdings Corp. (Pink Sheets: LPHC) CEO:
To the Shareholders of LocatePLUS Holdings Corporation
Re: Shareholder Update
Dear Shareholders:
In July of 2010 the Board of Directors of LocatePLUS Holdings Corp. asked me to accept the position of President and Chief Executive Officer after working as a consultant for the company for the previous six weeks.
The board tasked me with the assignment of stabilizing the company, bring expenses in line with revenues, grow the company towards profitability and enhance shareholder and stakeholder value.
My predecessors embraced a wide variety of opinions and strategies on how to run and then re-structure the company and its subsidiaries. I believe I have taken the positive started by them, accelerated as well as modified some of their restructuring efforts and have in conjunction with our Board of Directors developed an all-encompassing forward looking strategic plan to enhance shareholder and stakeholder value.
The first and most important aspect was and still is to bring expenses in line with revenues. Staff reductions the past few months has crossed all departments and effectuated a 29% reduction. With the reduction of staff, to be more in line with the number of customers, we have created an environment where our customer service staff is now fully engaged with our customers calling in and our operations staff is fully engaged with our providers. This reduction also brings savings to our benefits and other miscellaneous G&A expenditures. We continue to monitor G&A expenses and identify costs savings that are appropriate as well as increasing process and production efficiencies throughout the company.
We have been working diligently and will continue to work with our data providers and debt holders to structure payment plans that the company can meet within current cash flow. The goal is to make payments on a continued and regular basis based on the commitments we negotiate. Many of our providers and debt holders have voiced their support of LocatePLUS and look to help us in this time of restructuring in making our company the leader in the industry once again.
It has been a significant time since enhancements have been added on to the cutting edge software that was built here at LocatePLUS years ago. In addition to several of the core developers an additional team of new web developers, network engineers and database managers have been added to the team. This team is now building onto one of the great assets of our company our software code -- unique in how it provides the results of various searches of information requested by our customers. The mission of each subsidiary is to offer the delivery of complete information in every possible media with the flexibility to display data as required by our customers.
Our sales and marketing group are completing competitive and marketing analysis reports for our subsidiaries and their products. With this in place we are rebuilding our entire sales training programs, sales and marketing presentations and competitive pricing sets.
We are reviewing and analyzing a group of competitors in each of our subsidiaries as well as becoming better acquainted with who our customers are and what their data and services needs are. Each subsidiary succeeded in building a loyal customer base over the years by offering innovative products and services at great value. The superior products and services were complimented by a super marketing machine that blanketed the market with a variety of advertising, sponsorships, email marketing and other promotions. We are beginning the process to increase our sales groups in each product offering with the stated goal of increasing top line revenue growth.
The past few years LocatePLUS Holdings Corporation and its subsidiaries existed with a dis-jointed vision. My goal is simple -- rebuild all the companies from the ground up, rebuild them in a way where they each become independent entities, buying or selling services to each of its sister companies as well as its primary mission of increasing its market share in its unique business segment. I believe real shareholder value comes from the sum of the parts. The goal is to build a subsidiary to be able to sustain itself and to generate profits to LocatePLUS Holdings Corporation. As our companies stabilize and our economy begins to work its way out of the Great Recession, our strategic plan is to be positioned to be able to cut into market share for each of our subsidiaries.
Very truly yours,
Ronald Lifton
President
Chief Executive Officer
LocatePLUS Holdings Contact: |
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Brian McHugh, CFO |
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978-921-2727 |
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SOURCE LocatePLUS Holdings Corporation
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