January 5, 2016
It has been three months since I have had the pleasure of working at Go Green Global Technologies. I wanted to take this opportunity to provide a company update and tell you a little about what we have been working on since my arrival. There is no doubt that 2015 was a very challenging year for the company, but it was not one without some highlights. I am enthusiastic about the growth potential of our Sonical technology and our company.
The first half of the year was spent bringing our factory to the United States. With the relocation of the factory, we now have far greater control over the manufacturing process, production times and quality. Having the manufacturing under our roof will allow us to better meet the demands of our customers and fill orders. Along with the manufacturing, we brought over the R&D component of our business. This will allow us to increase innovation and improve our existing products, while also seeking new applications and products. Moving the manufacturing to the United States will also allow us to better manage production as our order flow grows from our newly designed sales process. This should allow us to avoid some of the delays associated with having to change the production line in order to accommodate different products and allow us to become more efficient. It will also help us better manage cash flow and costs from buying raw materials.
While sales suffered because of the factory move, there were some highlights which indicate that we are on the right path. Our Sonical technology has been well received; but, as with any new technology that is brought to market, we are addressing the adoption rate hurdles. Our products have been successfully introduced globally to customers across three different continents. We have provided chemical free, green solutions to customers in several key markets.
An assisted living facility has installed our water units in their facilities as an alternative to the conventional water softener equipment they were using in order to reduce the amount of sodium introduced to the water used for cooking and drinking. This is beneficial to their residents because it reduces the amount of sodium that they ingest in their diet. We anticipate that we will receive additional orders for their other facilities. Given the size of the assisted living industry and the benefits of Go Green’s technology can provide, we expect to see substantial long term revenue from this market.
We continue to sell our products to diesel trucking fleets and also conduct fuel economy studies with these customers in the United States and Canada. We have recently concluded several tests for our diesel fuel units on trucks in the United States and Canada including a well-known transportation company. They found a significant improvement in the fuel economy of their trucks as a result of our technology. We installed units in 25 of their trucks, which have shown an average increase in fuel economy of approximately 8%. We expect to receive additional orders from this customer and to see the benefit of these fuel studies with new customers in the near future. We expect the transportation industry to be one of our largest global markets as both an aftermarket product and as a device installed by the original equipment manufacturers. We have already begun discussions with multiple OEMs in the automotive industry to explore ways we can reduce their emissions while also improving fuel economy and vehicle performance. As government mandated fuel economy standards and emissions requirements become more burdensome, we believe our product will be an integral part of the solution for meeting these requirements.
We have also begun the process of seeking the required insurance approvals and certifications for installations of our technology in ships for the maritime industry. As a solution for the near term emissions requirements facing the maritime industry, and our ability to substantially reduce their fuel costs
Our fuel units have been successfully installed on furnaces in municipal buildings. These units have dramatically reduced heating oil consumption and emissions for these customers. Annual maintenance costs have been reduced for these customers because of our Sonical units, while the improvement in efficiency has provided them with lower heating bills.
We have several tests of our water units going on with some well-known restaurant chains, further validating the function of our products. As the tests prove successful, we anticipate receiving orders. This testing process can take several months to conclude but we anticipate having positive results to share with investors and customers in the near future.
In November, we engaged a consulting company to help us raise capital and introduce us to influential customers. Through this relationship, we have already begun to investigate and evaluate strategic partnerships, alliances, licensing opportunities and other arrangements. Although this relationship is new, things are progressing quickly.
2015 proved to be a very challenging year for Go Green. However, since my arrival in October, we have addressed many of the key issues facing the company. Our work is far from done, but we are already beginning to see the fruits of our labor. We have established new structure and framework for the company, so that Go Green may be put in a position to have a successful year in 2016. We have made excellent progress so far on some of the issues that have been around for years. The Go Green team has worked extremely hard in 2015 to set the company up for success in 2016. We look forward to continuing this hard work and improving shareholder value in the coming year.
I wish you a happy and healthy new year!
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan,” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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