thus future growth. This was no mean accomplishment given the breadth
of compliance deficiencies with which we were faced. A number of
procedural and internal control improvements are now in place to ensure
that this experience will not be repeated.
-- Enhanced Fiscal Responsibility -- We promised to get more "bang for the
buck" from our shareholders' investment and while this will remain an
ongoing goal and obligation, we have already made significant progress
toward reducing our cost of operations without sacrificing quality or
capacity. We have taken a hard look at every aspect of our operation
and implemented a number of changes designed to reduce waste and
increase efficiency. Specific examples include identifying less
expensive raw materials, changing utility providers, and strategically
reducing our workforce.
-- Plant Optimization -- We committed to find ways to improve our capacity
while lowering our costs and are well on our way to achieving this
critical objective. Dr. Shukla is confident that by utilizing improved
drying technology, we will be able to substantially increase our pilot
plant capacity while simultaneously driving down unit production costs.
We have already begun the process of re-designing the plant to meet
these objectives, with the goal of completing plant modifications by
the third quarter of this year.
-- Capital -- We just filed our 2007 annual report, and although our
financial performance has materially improved, many hurdles must be
surmounted before we achieve success. Principle among these is the
need to raise the money required to fund plant improvements, strengthen
our sales capabilities and sustain our operations until we reach
profitability. Our Boar
|SOURCE Z Trim|
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