eDOORWAYS Corporation today provided the investment community with a final update on its proposed walk-through presentation described in the press release issued on Friday, July 24, 2009.
“Recently, we extended an offer to show SOLVE to those shareholders who would like to gain a better understanding of the design and workings of the SOLVE doorway via a live walk-through demonstration,” stated eDOORWAYS Chairman and CEO Gary Kimmons. “These same shareholders would then have the duty of giving an unbiased reporting to those shareholders who were not made privy to the demonstration.
“Our offer was made with the provision that any shareholder desiring to view the presentation would be required to make necessary representation that they were, in fact, a shareholder of record and that they would comply with certain SEC legislation that would limit their activity in the marketplace as it relates to trading eDOORWAYS securities. This placed a burden on most of our shareholders that has proven difficult to overcome.
“Of the more than two thousand shareholders of record holding eDOORWAYS stock today, virtually no one elected to participate. There were fewer than five verified shareholders of record who chose to do so. This number represents less than 1% of the current shareholders holding eDOORWAYS stock of which collectively hold less than 1% of the Issued and Outstanding Shares. Unfortunately, these numbers would have had to be much greater for us to justify going forward with the demonstration.
“First, the cost of doing so would have been prohibitive to accommodate such a small number of volunteers. Even more important for us all to consider, however, is the relative risk of entrusting an extremely limited number of participants, whom combined hold a fraction of the overall share count, with the responsibility of reporting their observations and opinions to our entire shareholder base and the rest of the world. A fair representation of shareholder interest for an example would have been a greater number of shareholders (twenty or thirty) irrespective of stock ownership, or, a fewer number of shareholders with significant (thirty to sixty million shares) combined holdings.
“We do not believe that it is fair to you, our shareholders, to risk the value of your holdings on the basis of one or two opinions from individuals who combined may have much less at stake than you. The question we had to ask ourselves was this: ‘Is this group truly capable of portraying SOLVE as it should be seen and will this group be considerate of shareholder risk?’
“With the soft launch now looming as a near-term event, we believe it to be far better for us to wait until everyone can see the platform. We ask for your patience as we await this event, and we thank you for being loyal and supportive investors in eDOORWAYS Corporation.”
eDOORWAYS’ executive management reaffirmed that the company is still on track for a timely soft launch on October, 1, 2009. In the press release, the company also said that auditors will begin their review for the filing of Form 10K sometime in the next seven business days, which should keep eDOORWAYS on course for its target date for filing the 10K along with first and second quarter statements.
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