AYSI CFO Barry Woodhouse directed my attention via e-mail this morning to the company’s updated website, which includes audited annual financials for 2010 and a letter from current CEO Gene Kostecki to investors. Kostecki writes:
During the financial year it became apparent that opportunities for sales were constrained by the Company’s capacity for secondary stages in the value added production process of ArcoPlate. As previously announced, a manufacturing site of 37,600 square metres was purchased at the Cilegong Manufacturing Estate located near Indonesia’s capital. The Company has successfully completed this land purchase paid for from cash-flow generated internally. The Company intends to construct suitable production facilities and increase production capacity, again funded by cash-flow and appropriate external financing.
This strong financial performance has come at a critical time in the Company’s development. The Board has been reviewing the best way to achieve further growth while protecting the interests of all shareholders.The Company has identified a new CEO, Chairman and new directors to help the Company in its next growth phase. We will advise shareholders once the appointments have been made. Regarding my role, I will resign as Chairman and CEO once the new Board and a replacement CEO are appointed, expected to be during the first calendar quarter of 2011. I will remain with the Company in the role of Technical Director to help supervise the continued development of Arcoplate and its production.