bronen
13年前
Update on Upcoming Financials
Posted by kcmholdings on June 7, 2012
Dear Investor Community,
The financials are in progress. As you know, because I inherited this responsibility, I am having to go back and figure some things out such as our financial pictures. Now that we are stabilized, I need to catch us up in the accounting area.
Our new accounting team reports that they needed to request our 2009 returns to properly file 2010 and 2011. This is in process. I should then have 2010 soon and begin catching up for 2011.
Thank-you for your patience as I sort through the confusion. Having a solid financial picture will be helpful to us all.
Again, still no word from the SEC. By this point I am completely boggled as to why. Quite possibly there are just higher priorities than us which I fully understand. Therefore patience and compliance are necessary. In the meantime, we are properly building our business model and are achieving small victores on a regular basis. Slow and steady will win this race.
Ed Kang
bronen
13年前
Update
Posted by kcmholdings on April 1, 2012
Here is the update. Please read carefully.
We have not heard from the SEC yet. At the risk of making a grave mistake by over communicating, let me explain what is going on so that those of you that feel I am withholding information can truly see how much my hands have been tied.
We were fined by the SEC. Instead of fighting the fine I agreed to settle. Although I feel the fine is outside of our capacity, I did not have the resources to attempt to negotiate without the risk of even heavier penalties. I want to communicate to our investors the size and nature of the fine, along with what we are doing to move forward, but I have not received confirmation from the SEC. Therefore my legal counsel has advised not to put anything out until we are absolutely sure this is over. This is what I have been waiting on for two months. I have received nothing. I sincerely hope you understand why I have been reticent about putting out news. If I put out all this news, and it turns out we have further complications, then this would look worse than waiting and being silent in respect of our legal situation. I am sure you would agree this is the responsible thing to do.
Until the SEC confirms, I cannot move ahead on anything from a public company perspective. The last thing we need is for KCMH to be shut down completely. This is what I am working against right now. It is the reality. For those of you expecting the stock to rebound in the near term, I am sorry but please manage your expectations. I am just trying to keep KCMH open amidst adverse conditions.
What I CAN move forward on in the meantime is financially stabilizing the company through our streams of business. We still have the retail subsidiary in Florida. Same with insurance. Both are making money.
Which brings us to our financial reporting. This IS being worked on now. But I am taking over an old accounting history with people across North America. However it is progressing and will be completed ASAP.
As stated, I am choosing not to report on any new business model progress at the risk of over-stepping my boundaries as far as legal compliance. Also, the people I am doing business with really do want us to get to our new name change so that the stigma of the old company does not taint new business deals. I am protecting all parties involved.
Let me reiterate. I have decided not to put any of our business associates at risk by prematurely associating them to our company before we are free and clear. Our plans and execution are all happening under the radar for now.
The plan is STILL the same. Financially stabilize the company by doing proper business. Get us financially up to-date. When we are settled with the SEC we will start paying the fine. We will pay for a complete name change overhaul. Then we will start releasing proper news with positive progress as a new company. All of you know that I never intended to be the CEO of a public company. I am not built for it as many of you can clearly see and have communicated to me. My position as CEO is an interim one, however I am committed to the company for the long haul. I am working diligently on redeeming our past and setting this company up for the future. I believe it is possible. I will stay as long as it takes. I have way more at stake than any public shareholder in this. So please understand that I have much to gain or lose and am doing all I can for the sake of my family’s well-being and all of our investors as well.
We will not leave any shareholder behind. If that weren’t the case, we would have jumped ship and saved ourselves a boat load of grief a very long time ago. We are still here. We are still doing business. We have not played games and diluted the stock with “awareness programs” for a quick exit. That should be at least a small sign of encouragement to you.
The need for patience has never changed. There are factors out of our control. But business continues.
Respectfully,
Ed Kang
bronen
13年前
Progress Update
March 16, 2012
Dear Investor Community,
I want to give you an update on our situation. Unfortunately I still have not heard from our legal counsel regarding finalizing our SEC settlement. This has nothing to do with our end as I have properly signed all documents long ago. I am still waiting while at the same time have not been advised to issue our intended press.
I have completely overhauled our accounting team. Unfortunately, I believe the stigma of our past was causing resistance from individuals assisting us which I understand. This has caused major delays. As frustrating as it has been, having a new team feels refreshing. They are currently working through our financials now.
Our model is progressing nicely. I have much more to share on this but would like to do things in proper order and I will wait until we hear from legal counsel that we can move ahead. But I assure you all that business is moving forward. We just have not been able to properly release it as news yet.
As always, as soon as I know, you will all know.
Ed Kang
bronen
13年前
Touching Base
Posted by kcmholdings on February 9, 2012
Dear Investment Community,
I cannot communicate anything on an official press level for 2 weeks. There is a VERY GOOD reason for this which I will communicate then. As per usual, I am navigating difficult regulatory waters.
We are also working on financials however we are only 1 month into 2012, so we are still consolidating 2011 figures and I am engaging new accounting staff for this. As you can imagine, it just looks better if we start with fresh books as we want to demonstrate to the regulatory authorities that we are taking our clean start very seriously.
I will be in touch soon.
Ed Kang
bronen
13年前
Real-Time Update on Press Release
Posted by kcmholdings on January 16, 2012
Dear Investor Community,
I have decided to be completely open about this press release situation in order for all of you to know our efforts to get this on track.
We have been trying to officially retain a legitimate news and press relase firm. I am not going to mention any names but it is one of the big ones. However, because of our previous legal issues surrounding our former CEO, they now have their legal department involved. It only makes sense because they don’t want to be issuing press on behalf of a company that is in trouble with regulatory bodies.
I am going to share with you what I shared with this PR firm. The SEC investigation is concluded and I have signed off on documents settling the case. Nothing is preventing us from doing business at the moment. The PR company informed us that this may take 3-5 business days to process based upon this information. This obviously will result in a delay. However they do have the release, my billing information and all other details of the company. I have even offered to present our legal documents as proof.
I hope that you all understand the very nature of what we are dealing with. This is only one example of dozens of other challenges I am navigating in order to keep all our investors from losing an opportunity to see a positive return despite everything we have had to deal with. I have inherited these issues that are out of my responsibility but I am willing to do what it takes to overcome them.
As soon as we see resolution on this, I will let all of you know.
Ed Kang
bronen
13年前
Dear Investment Community,
I sincerely hope that everybody had a wonderful Christmas and is in line for a safe and inspiring new year. As you can probably relate, on a company level, I can’t wait to get out of 2011 fast enough to begin 2012 on a much more positive note. I thought it would be best to address some comments that have been submitted over the past week or so concerning our new direction. I am going to shoot straight as I always have.
The Stock Price
First is, I do not control the stock price. I recognize that there are ways to have an influence on the stock using various methods. And trust me when I tell you there is no shortage of individuals and groups that want to “help” us with this. But I will not have any part in it. We will never issue a press release or make any announcement that does not follow strict compliance and ethical guidelines set by governing authorites.
So I am asking very kindly to refrain from any requests for press or promotions to increase the stock price. It’s a waste of your time and mine. Our plan is to carefully communicate to the public the progress of our company. First and foremost stabilize financially and then report our financials through the proper channels. This is taking more time than anybody obviously would like. However nobody but our team sees the daily effort we are putting in to build the right business foundation for long-term success and shareholder value.
This is what I can control. I can control the company’s progress in executing our business model and plan with the very limited resources I have had to work with. I would personally never ask anybody to walk a mile in my shoes based upon the circumstances in which I inherited leadership of this company. So again, the stock price is not a problem I can solve for anybody. It is a problem that will solve itself as we do good business and drive value.
The Model
I have received some very pointed comments accusing us that our new business model is nothing more than a “scam at best.” I am grieved by these comments, not because I am personally offended, but because I wish every shareholder could see the work that has been put in to get this ship back on course for the past year. Again, if we were doing all of this to excite shareholders with nothing but smoke and mirrors, there would be more smoke and mirrors. I have done nothing but carefully lay out the execution milestones especially in regards to our dealings with the SEC and legal proceedings.
If you look through all my previous posts, along with video captured of me personally executing our model, I believe my track record of honest communication speaks for itself. I say none of this to defend who I am or the integrity of our company. It is my goal to have the right shareholders as true partners in our company that understand necessity has been the mother of all invention here. I hope that the right shareholder can see that we could have gone away a long time ago, but instead we are still here and I am still communicating to the best of my efforts. (I now know how NFL coaches and quarterbacks feel on Monday morning which actually has been a great learning experience.)
With that being said, this has given me an even greater appreciation for the shareholders that have sent me great encouragement over the past few months. A deep thank-you to you all from the bottom of my heart.
Expectations of “Big Things”
To all those who have sent comments around the idea that the shareholders are expecting big things in the new year, I want to respond by saying that nobody expects bigger things than me in this company. I firmly expect our revenues to soar and exponential scalable growth to occur in 2012. I firmly expect to have a healthy stock price that represents the value of our company. I firmly expect to be able to sleep at night knowing I have made things right and fought the good fight on behalf all the friends and family that have put these expectations upon me.
Nobody is more dissapointed than I am right now at the state of the company. However, I assure you that nobody is more hopeful then me at what I expect to accomplish in the next year. I cannot control the expectations of the shareholders. But I can control what I do everyday to make sure I am performing to the best of my abilities to meet the expectations of excellence and integrity I have set for myself.
Of course I will never make everybody happy which I accept. I also recognize that investors are burned every day by CEO’s that have said the very things I have here. So it is up to us to deliver. Only time will tell.
I look forward in publishing our first press release in the new year and hope it will be met with a fresh optimism.
Have a wonderful New Years,
Ed Kang
bronen
13年前
Dear Investment Community,
I hope your holidays are shaping up to be a special time for loved ones and Christmas spirit. We are continuing to work diligently at re-vamping KCMH and launching our new model. Here are some highlights.
I am currently working with Donald Klein, former President and CEO, along with major stakeholders, to make the necessary legal moves to change our business structure to accomodate the new model. I will not overwhelm you with details but there is much to cover. However I can officially state that we are moving forward and that Donald Klein, along with other key shareholders have agreed to my new direction. In fact they have been very accomodating and completely supportive of my requests.
We have chosen the name “CVS Capital.” More on the rationale behind this name to be shared later.
Below is a graphic of the new business model. Please note that we are currently operating the first 2 phases of “Intellectual Capital” and “Vertical Markets” and generating revenue. We are using the public company for the next 2 phases “Financial Capital” and “Investment Capital.” The last 2 phases “Social Capital” and “Human Capital” will take care of themselves with successful operation of the previous phases.
As I have stated, this model is already generating revenue. My first objective was to secure a working model and ensure that is was scalable enough to warrant taking over KCMH as a publicly traded entity.
I am very satisfied with our progress so far. Our recent consulting engagements have gone without a hitch and our clients and channel partners are very excited. As stated, I now require substantial time to properly position the legal aspects of KCMH to bring this all to the next level.
I encourage you to overview the model and provide your feedback. This however does delay our official press release for the month of January. I felt that a release at Christmas time would be somewhat wasted. In the new year we plan to launch the necessary PR to satisfy our investors while maintaining proper compliance and integrity to our operating values. At the same time, I will also be introducing new members of management to demonstrate our scalability in human resources necessary to accomplish our objectives.
Thank-you for your continued patience as we attempt to build a proper foundation for success in 2012.
Sincerley,
Ed Kang
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