NOVEMBER 1, 2020
POWER 1 ENERGY COMPANY
It is hard to believe another month has flown by for P1EC staffers as we have our heads down and are working hard on a number of fronts multi-tasking numerous projects; all of which are important to our immediate future.
Highlighting some of our accomplishments for October are:
- This week we shipped our first round of P1EC share certificates to those who participated in the recent down round. We also sent letters out to those who had been issued shares under the AOTS 42 name with documentation that needs to be completed before we can issue the corrected shares with the correct name on them.
- We have significant focus on our Sales and Marketing efforts in the ramp up to our rapid growth plan. We have onboarded two additional Call Centers and added an additional commercial sales professional. We anticipate thirty days for effectiveness as the training curve starts now.
- We have begun to circulate our Bridge Round Documents to those who have demonstrated a serious interest in participating financially in the immediate round we have open now. As it takes a significant amount of time to walk through this information it is not something we are simply sending out to anyone who asks. Rather, we are determining the level of investment interest and following up with a telephone call with our Investment Banker, Averell Satloff, and myself typically taking over an hour of conversation at minimum plus follow-up. Although we have several internal and current investors interested, we are not resting on any laurels until the money is in the bank! Please call me if you have an interest in participating in this attractive investment opportunity and would like additional information.
- We anticipate our new P1EC website to be up and functional by the end of the month on which we will be posting information on a regular and ongoing basis. We will not wait until next month to provide updates and we will notify our shareholders when the site is functional.
- We have begun work on our S-1 filing for an IPO with our counsel Arthur Marcus of Sichenzia Ross Ference LLP and we will keep everyone updated on that progress.
- We have completed our forensic accounting work and now have financial statements for 2018, 2019 and Y-T-D 2020 being reviewed by our tax accountant. (I am quite sure we will have more questions to answer; however we are not going to stop until we are comfortable that we have answered every question to the absolute best of our ability!)
- We have a goal in November of reviewing CRM systems with the idea that we will make a selection by the end of the month and begin implementation prior to year-end.
- We have recently interviewed two highly recommended accounting firms with a third on the schedule, all with extensive experience in audit and SEC compliance, as well as experience in the energy sector. We are currently waiting for their respective proposals to come in for review with a goal of selection by November 15th, 2020.
As you might imagine, there are hundreds of collective hours spent completing small tasks that contribute to the overall bigger picture accomplishments that I attempt to outline each month. I continue to be impressed with our P1EC Team, our Board who does not hesitate to support us, and our new Partners in Investment Banking and Legal. Everyone has their oar in the water deep and are pulling in the same direction.
Again, thank you for your continued support, the checking in phone calls, and the encouragement that comes from our investment family. We are making fast progress!
Ed Jenks, CEO