Update Includes Plans for Future
Fully Reporting Status, Removal of DTC Chill Efforts, Prospective
Funding, Introduction of New Product, Growth Strategy, Management
Team Changes
Tucson, AZ April 12, 2013
-- Bourque Industries
(Pink Sheets:
BORK),
an advanced materials science company that develops and
produces metal alloys and related product applications
using our revolutionary metal-alloying process,
Kryron,
announced today that the Company has updated shareholders on the
corporate side of the business on the Company’s website at
http://bourqueindustries.com/latest-news-press-releases. The update
includes the following items:
·
Plans for Future Fully Reporting
Status
·
Effort to Removal of DTC
Chill
·
New Corporate Initiatives and Task
Forces
·
Prospective
Funding
·
New Product
Launch
·
Growth Strategy
·
Management changes
·
JBT
Contract
Fully
Reporting Status
The order of events
that we have to go through to become a fully reporting Company is
as follows:
1.
Complete and File a SEC Form 10, and clear
with the SEC
2.
Prepare and submit Audited financials
to accompany the Form K
3.
File a 15c211 with a market maker to
move to the OTCBB
At the direction of
the new Board of Directors, we have re-initiated work toward
becoming a fully reporting company. We can give no definitive
timeline, but suffice it to say, we have begun an internal audit
process and look forward to completing and filing a Form 10 as
required for Fully Reporting status as soon as
practical.
Removal of
the DTC Chill
Last year, Bourque
Industries was designated Trade for Trade and exited from the
DTCC’s Continuous Net Settlement System (CNS), in management’s view
without reason or justification. We have filed various documents
with DTCC and are in a dialogue with them in an effort to lift the
chill on our common shares and return to non-chilled status.
Despite the DTCC
chill, and because of investor interest and enthusiasm for the
Company and its new technology, we have been able to maintain
excellent liquidity in our stock, in the public markets.
Management remains
optimistic that the DTCC will lift the chill on Bourque shares in
the near future.
New
Corporate Initiatives and Task Forces
The first action of
the newly formed Board of Directors is to complete an internal
audit of all financial and stock transactions, as well as all
material contracts. We
are doing this as a first step to present a completely audited
package to the auditors and legal team, who will help guide us to
Fully Reporting status. Independent committees were
formed by the Chairman. There is no ETA on the results of
the reports; however, they will be completed prior to presenting a
full package to the auditors and the SEC.
Task
Forces
The newly constituted
Board of Directors is enthusiastically engaged in the new direction
and success of Bourque Industries. In order to achieve success, the
Board has set up three independent separate committees, known as
task forces, to focus the Company forward, while addressing issues
of the past. At the
request of the Chairman and unanimously approved, the board has
established a financial and equity audit task force, a sales
contracts task force, and a task force to address previous
obligations entered in on behalf of the company.
The financial task
force is investigating all banking and equity transactions prior to
the constitution of the new board of directors. The sales contracts task force is
reviewing all agreements made on behalf of selling, marketing,
licensing and other revenue generating agreements, and deciding if
these are in the purview for the forward looking
company. The
obligations task force is reviewing all financial obligations on
and off the balance sheet that may have or will encumber the
Company, and will attempt to resolve any and all outstanding
obligations.
The task forces are
expected to report their findings to the Board on a continual
basis, until the Board is comfortable that the task force has
addressed each and every concern assigned.
Funding
Aside from being a
non-reporting Company, Bourque Industries’ biggest issue was
funding when I took over as Interim CEO. This is utmost and of critical
importance. Our newly
formed Board has many well qualified connections for funding
opportunities, and I expect to report on these as they become
concrete funding transactions.
One transaction that
has occurred is an amendment to our CNT agreement, which
accelerated their royalty payments to us. In return for the acceleration,
we agreed to release them of a future minimum royalty payment and
allowed them to explore currently dormant contracts with other
possible Kryron technologies. The transaction, led and
negotiated by our corporate counsel, has positively affected our
ability to sell, market, and distribute product and improve our
cash positions to fund daily operations.
In addition to above,
since the confirmation of the new Board, we have located numerous
institutional investors and funds which have been introduced to the
Company. Management
and the Board are in the process of considering various proposals
to bring additional capital to the Company. There is no guarantee of success
in closing on new capital infusion, or closing on commercially
reasonable terms, but management is optimistic that the Company
will be successful in this effort.
Assuming additional
funding is achieved, the primary use will be for growth, sales,
marketing, testing, new product launches and
initiatives.
I have never been
more confident in the strength of Bourque Industries. I am
confident that this Company will re-emerge as a much stronger
Company once we are fully reporting, which will provide better
access to the capital with attractive terms needed to grow
aggressively.
New
Product
1.
We currently have
what has been called the “Stand Alone” Terminator Armor Level
3. This has been
featured on TV and shown around the country getting shot over 100
rounds. This
particular product weighs less than 8 lbs.
2.
Our other product at
6 lbs. is called an “In-Conjunction” or ICW (In-Conj.
With). This is a level
3 protection strike plate when used (WITH) level 3A soft body
armor. 3A is the soft
“vest” you may see police wear today; they only stop
handguns. Even if
shot, it breaks ribs, has shocked the heart, caused infections and
other maladies. Think
of a trampoline, the bullet goes in and the fabric brings it back
out. OUR ICW at 6 lbs
prevents all of this by using a hard armor and is able to stop all
rounds even up to the .308.
3.
This leads us to a
new product in this market. We have been able to make the
Kryron formula that gives us a stronger strike plate. We now have a LEVEL 3 Stand Alone
plate that weighs less than 5 1/2 lbs. In summary, we have cut the
weight by 25% and still stop the multi impact .308 rounds without
any 3A body armor behind it. The only down fall of this plate
vs. what we have had in the past is that it will not take 100
rounds. It will take
about 8 shots from a .308, 10 from an AK-47 and 10 from a hand
gun. We have listened
to the Law Enforcement customer and built what they have
demanded. We now have
a light weight armor solution that has no ricochet, no spall, is
multi-impact and affordable in today’s market
4.
Heat Sinks and
electrical Kryron alloys have also been enhanced and are scheduled
for USA testing. I’ll
provide further detail in the next report.
Growth
Strategy as a Fully Reporting Company
I believe Bourque
Industries will secure the financing that is needed to proceed to
the next phase of growth. I also believe sales and
licensing agreements will provide substantial revenue very shortly
in multiple industries.
Couple that with
achieving Fully Reporting status, we believe we are positioned to
move forward on multiple revenue growth prospects, including the
ability to process larger orders.
Management
Changes
As has been previously reported,
management made significant changes as or March 7,
2013. Since this
event, the Company, at the leadership of the Chairman, has taken
numerous actions on the management structure and
payments. First, the
Company will no longer compensate John Bourque his annual salary
per year as CEO. In
addition as reported on March 19, 2013, John Bourque’s shares have
been entered into a lock up agreement. Per that report, the Lock-Up Agreement was approved by the Board
of Directors on March 19, 2013, and is now in place. The
Lock-Up Agreement substantially removes Mr. Bourque from a position
of control of the Company for the period of its term and gives the
new Board of Directors freedom to press forward with reorganization
of the Company’s business and the marketing and sales of various
contemplated product lines based upon the Company’s Kryron
alloy material.
A change of officers has occurred as
well, with the withdrawal of Carol “CJ” Condon as Corporate
Secretary, and the appointment of Matthew L. Schissler to fill that
position. Ms. Condon also resigned from the Board of
Directors.
The
Company’s Officers are now as follows:
Sean Floyd, President and Interim
Chief Executive Officer
Charmaine “Sandy” Berry –
Treasurer
Matthew L. Schissler
- Secretary
The Company’s Directors are as
follows:
Matthew L, Schissler, Chairman and
Secretary
Charmaine “Sandy”
Berry
Joel Heffron
Raymond
Humphrey
Michael
Kotelec
Scott Stover
Brent Willis
JBT
Contract
On January 31, 2012,
Shenzhen JBT Electronics Company of Guangdong China announced a
non-binding letter of intent with Bourque Industries. On February 4, 2013, Bourque
Industries announced its first purchase order with Shenzhen JBT
Electronics Company of Guangdong.
On April 4, 2013, the
Board of Directors determined it was in the best interests of
Bourque to terminate the letter of intent with JBT Electronics
Company, and the Company has done so.
Regards,
Sean Floyd
Interim CEO
About Bourque Industries
Bourque Industries is an advanced materials science company that
develops and produces metal alloys and related
product applications using our revolutionary metal-alloying
process, Kryron.
Kryronized alloys have
shown global potential for paradigm-shifting applications across a
wide range of industries, including ballistic armor, electrical,
aviation, automotive, mining, medical devices, agriculture and
heavy equipment, consumer electronics, and more. Our
fundamental
goal is to establish broad market
penetration across a wide range of industries. Please visit
www.bourqueindustries.com.
CONTACT:
For more information and to learn about Bourque Industries and
Kryron applications, please contact
Sean Floyd, Interim CEO:
1-877-379-6551 or 520-624-5248
Safe Harbor Statement:
This
release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 27E of the
Securities Act of 1934. Statements contained in this
release that are not historical facts may be deemed to be
forward-looking statements. Investors are cautioned that
forward-looking statements are inherently uncertain. Actual performance and results may
differ materially from that projected or suggested herein due to
certain risks and uncertainties including, without limitation,
ability to obtain financing and regulatory and shareholder
approvals for anticipated actions. Such statements are based on
management's current expectations and are subject to certain
factors, risks and uncertainties that may cause actual results,
events and performance to differ materially from those referred to
or implied by such statements. In addition, actual or future
results may differ materially from those anticipated depending on a
variety of factors, including continued maintenance of favorable
license arrangements, success of market research identifying new
product opportunities, successful introduction of new products,
continued product innovation, sales and earnings growth, ability to
attract and retain key personnel, and general economic conditions
affecting consumer spending. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date hereof. BORK does not intend to update any
of the forward-looking statements after the date of this release to
conform these statements to actual results or to changes in its
expectations, except as may be required by law.
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