Many shareholders have asked when will VCSY’s stock will be trading again.
VCSY is currently seeking funding to cover the costs of the audit (plus the first and likely the second quarterly review of our financial statements. In connection with an audit, we also need to have funds to pay employee’s salaries as well as other ancillary costs associated with the audit and as well as the application fees and costs for listing on the OTC Link (aka the Pink Sheets).
Realize that the company has to balance the need to successfully prosecute ongoing legal proceedings with the need to get VCSY common stock in a position to trade on the Pink Sheets.
For those shareholders wondering when the audit will be completed, realize the company has to have all costs covered before an auditor can be engaged (that is one reason why VCSY often filed late). The auditors will need some time before we will have a sense of when the audit will be completed. We will update our shareholders but only when we have a clear sense of a timeline that we will be able to meet.
In sum, we are working to raise the capital required to get the stock re-listed and we appreciate your patience.
We cannot disclose our strategies for ongoing legal proceedings. However, we do want to provide you with a general update on the status of the following legal proceedings:
Lawsuit vs Wade & Mills – Luiz Valdetaro, et al vs. Richard S Wade, et al
The mediation scheduled at the end of March 2021 was postponed. We will update you when a new date has been scheduled. While the trial date is scheduled for May 11, 2021, that date will almost certainly be extended for several reasons. First, there is the change in the board of directors and managers. In addition, circumstances have changed and new facts will almost certainly be introduced in this case. Consequently, we anticipate amending the complaint. We recommend that those who are interested follow this lawsuit at the Dallas County court online portal at:
Dallas County Courts- Case Portal Case #: DC-20-06209
Lawsuit vs Farias - Lakeshore Investments, LLC vs. Now Solutions, Inc., Vertical Computer Systems, Inc.
The motion to file a Cross-Complaint was granted in December 2020. Under the cross-complaint we are seeking damages in excess of $5.5 million. Discovery is ongoing. The next hearing date is scheduled for May 3, 2021. We will provide some limited updates on material developments on the status of this lawsuit that become publicly available in court.
While access to the filings in this case is open to the general public, you will need to sign up for an account and pay fees to access this case.
Los Angeles Superior Court- Case Portal Case #: 19STCV15381
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The NOW Solutions team has been diligently working on several fronts:
First, the NOW Solutions’ website has been completely revamped to reflect its improved offering and an overall better look and feel. New pages are being added to offer increased exposure to the solution suite.
Second, the latest version of our emPath® Human Resources and Payroll suite will be in April 2021. More information on that release and upcoming features is available at NOW Solutions corporate site.
The NOW Solutions team has also begun deploying its marketing plans for 2021, which include participation in various HR and Payroll community groups, a social media presence and being more active in responding to RFP’s and the tender process.
In addition, emPath® has also been upgraded throughout to further improve its overall ability toward paperless solutions which will save our customers time, money and, of course, paper. In short, NOW Solutions is helping employers go green!
NOW Solutions is currently focused on identifying and promoting the strengths of its solutions on its corporate website and increasing its representation on social media platforms so that it can begin going after potential clients where emPath® is the best fit. The sales cycle for payroll, HRMS and talent solutions can take anywhere from 6 to 18 months.
After the change in board and management at the VCSY level, the team at NOW Solutions is energized and motivated for NOW Solutions to achieve its full potential.
Upon the appointment of the new board and management, the first and immediate problem we faced was that Vertical had been locked out of the old office in September 2020 due to previous management’s failure to pay rent and there were no available funds when the new team came on board. By the end of March 2021, we were able to obtain access and remove all equipment (including servers and PCs) as well as all company books and records from the old office. Having our books and records back under our control will enable the company to better run the business from an operational standpoint and to proceed in ongoing litigation and regulatory matters.
Once the Vertical stock is trading and we are current with the alternative reporting requirements with the standards set by the OTC Markets, the board intends to hold a shareholder meeting as soon as reasonably practicable.
To reach the Shareholder Advisory Board directly, please email: email@example.com