After unforeseen delays, we expect that the accountants and Auditors should complete the 10-K before the end of the month.
The investors do not understand the battle I have been fighting with the former owner of Verity Farms since I was appointed President of Verity Farms LLC. We are now finding out Mr. Duane Spader needed and used Verity Farms as a tax write off and has recently come to me and the other board member telling us we need to resign so that he can take the company over and close down the public side with no regard for shareholders.
He knows we are uncovering the dead bodies one by one that will eventually jeopardize his reputation and, potentially, his freedom.. When Mr. Spader had almost total control over the private company and initially set up the public company, he awarded himself a ridiculous amount of shares for himself--an allocation of more than 300% than the next largest shareholder/founder. There is debt on the company's books that we cannot account for--but the supposed debt is still there. There were significant economic decisions made solely by Mr. Spader that benefited himself and harmed the company. The list goes on and on.
In addition, Mr. Spader has been subversively opposing our attempts to move this company forward at every turn. We have discovered that Mr. Spader is setting up a competitive company down in Georgia which is in violation of the non-compete/ nondisclosure agreement he signed. We have informed Mr. Spader that competing with the company is against the best interests of the company and its shareholders but he makes it pretty clear that his self interest is more important to him (even though he is a VRTY shareholder).
Without the need to fight Mr. Spader at every turn, this company would be expanding and building shareholder value.
Mr. Kamolvathin was terminated because he was about to expose Mr. Spader's activities and because of my opposition to Mr. Spader's activities I am also at risk of losing my job.
Mr White, the former CEO who knew Mr. Spader for many years, became fearful of his liability representing the company because of Mr. Spader's insistence on how he wanted things done and what his intentions, were resulting in Mr. White's resignation, as Mr. Spader opposed him at every turn.
I am doing everything within my power to move things forward as I have my whole life in this company as well as my life savings and am going to continue to fight for all of you and for good safe global food production.
I can only apologize for the lack of communications since I have had to assume the role of CEO as well as President of Verity Farms, but I saw no reason to keep paying and IR firm a monthly retainer when we were not a reporting company and felt it my responsibility to conserve money for the purchase of product during the busy spring season which we are now in as it takes a large amount of capital to purchase product for resale.
I take very serious my fiduciary responsibility to the investors that have put their hard earned money into this company and will continue to fight to protect you all. I have been cautioned by other IR people to not send this kind of information out, but the investors have a right to know what the problem is and has been all along and I will do so even at the risk of being sued and taken to court and losing everything I have worked for my whole life.
I personally believe that if we can get beyond the interference posed by Mr. Spader, Verity will have a great future and shareholders will be rewarded for their belief in our business plan and corporate mission.
For me this is not about the money. It is deeply personal based on ethics and doing the "right thing".
Verlyn Sneller
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