Dear Shareholders: September 4, 2012 (REV 9/18/12)
I am writing to you today on behalf of the Board of Directors for the Company. Fiscal 2011 was a very interesting and exciting year for Blue Planet. A copy of the financial statements for the year ended December 31, 2011 can be found on our website under Investor Relations. However, the financial statements do not tell ourentire story. Over $1,000,000 of orders for our watering products were placed by mass market retailers in the US and Canada to be on their shelves in the Spring of 2012. On the commercial side, we oversaw the design and construction of a greenhouse near Saratoga Springs , New York, which we have leased and staffed, to be utilized for commercial production as well as a research and testing facility. We expect it will be operational sometime in the Fall of 2012. In December 2011 we closed on a very significant financing with BPE Marketing Services LLC. The terms of the financing provided Blue Planet with $500,000USD initially, with up to three additional follow-on rounds in the following year of $500,000USD each. The second tranche of $500,000USD closed in June 2012, and the third tranche of $500,000USD closed in September 2012. The fourth tranche is expected to close in December 2012. A copy of the press release describing these tranches can be found on our website.
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