Today after the closing bell, Warren Stroud, President and CEO of Convergence Technologies Inc., issued the following letter to shareholders:
After taking a close look at our strengths and weaknesses, we came to the conclusion that we were not fully utilizing our major assets - our management team and our public company. Realizing this, we have modified our business plan.
Convergence Technologies Inc. will be changing its focus from being a vertically-integrated voice to voice company to becoming a conglomerate with a voice to voice division. We are now actively involved in a number of non-telephony related ventures, which will be announced in future releases.
Our primary reason for making the modification was to ensure that we build shareholder equity for our stockholders. It is our objective this year to take steps to list on a Nationally Recognized Exchange.
Our interest is to apply for the NYSE Alternext, formerly known as the American Stock Exchange, which will require us to meet minimum listing requirements. Notable benefits of the NYSE Alternext are improved liquidity, better access to capital markets, and more visibility.
Moving forward, management will be working very hard to make this enterprise a strong, profitable venture.
President and CEO
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