CMARK International, Inc. Has Issued a Shareholder Letter
COLUMBIA, S.C., May 16, 2012 /PRNewswire/ — CMARK International, Inc. (OTC Pink Sheets: CMIT), a global provider of facility and logistic support services for government and commercial institutions, issued a shareholder letter.
Dear Valued CMARK International, Inc. Shareholders,
As we approach the second half of 2012, it is with great pleasure that I write this letter to share some recent corporate developments with you and thank you for your continued support, loyalty and belief in us through the years.
There have been significant changes for the better in the last year and you will find a summary of these developments but most of which should give you some immediate insight into the substantial progress we are making.
We have successfully achieved an up-listing on the pink sheets to Pink Current Information with a goal this year to become Fully Reporting. This was our first priority and commitment to you, our valued shareholders, to achieve this, so you have the transparency you deserve when evaluating your continued investment in CMARK.
Secondly, and equally important, we have made significant strides with our senior lender in overall debt restructure and fully completed in December of 2011 a complex conversion of approximately 80% of our debt to favorable equity, thereby reducing the senior debt on the balance sheet from over $11 million to $2.5 million. This has made many of those involved in the Company, much more comfortable in continuing a business association with CMARK overall.
Our senior lender also confirmed its long-term support by offering a working capital loan of $500,000 with favorable terms allowing us to execute on major business development activities and complete work in progress.
Operationally, I have personally negotiated with several of our top vendors for better net terms, freeing up some working capital for necessary human capital preservation and other vital ops issues. These relationships are now on solid footing.
Further to my personal operations management process we have reduced overhead over the past three years by approximately 70% including the consolidation of various physical office locations into one corporate office. As a function of this we have eliminated a lot of redundancy in those various offices, significantly reduced the costs of infrastructure and streamlined the corporate staffing accordingly to effective and efficient levels.
In our highly competent sales and marketing department, we have significantly narrowed our focus on certain product groups providing a more efficient marketing and sales effort, along with more concentrated engineering and design oversight. This has had a major impact on our team who are now thriving in this carefully cultured work environment! Additionally, we have substantially increased efforts in alternative energy projects, and our private brands offerings in food service equipment and furnishings.
On the public company side, we have initiated an investor relations overhaul and are very focused on aggressive M&A activities. As such we have re-engaged with two former consultants and employees familiar with the history of CMARK and who have agreed to facilitate a complete turnaround plan on a best efforts basis including a former CFO.
Lastly, we have reserved an approximate $17 million NOL carry-forward, which could significantly impact any acquisition activity brought forth for our consideration.
Over the past year we have accomplished a lot to restructure our senior debt, and turn around the operation with limited resources. The above accomplishments are a small step toward full recovery and I acknowledge that we must continue these types of efforts to see a substantial increase in revenues.
We realize that there are a lot of items that still need work including increasing our capitalization, doing the best we can to keep our vendors paid, and slowly increasing our sales staffing for better physical coverage which we work on daily and strive to consistently do BETTER.
I hope that you find these updates informative and helpful. We intend to continue the quarterly shareholder updates and keep you all informed of any significant developments in the near future.
Charles W. Jones Jr.
About CMARK International, Inc.:
CMARK International is a licensed architectural firm with a history since June of 2000, of providing products and services for construction and design projects for U.S. government facilities worldwide.
CMARK International provides a wide array of facility and logistic support services including construction, architectural design, food service, furnishings and maintenance and operation services with a primary focus on U.S. federal facilities. The company operates out of its headquarters in Columbia, SC with other field support locations in the United States, Europe, and Asia.
For more information, visit http://www.cmark.org.
Forward Looking Statements
Statements contained in this press release which are not historical facts are known as forward-looking statements as that item is defined in the Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Act of 1995. These forward- looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. The forward- looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
SOURCE CMARK International, Inc.