Dear WaveTrue, Inc. Shareholder (formerly known as Profile Tech. Shareholder),
It is with great pleasure that we bring you news regarding Profile Technologies, Inc. and your ownership going forward.
The new Board of Directors, all of whom are also shareholders in Profile, has worked diligently to bring forth a vibrant new company, WaveTrue, Inc.
Every shareholder in Profile Technologies, Inc. is also a shareholder in WaveTrue, Inc. in conformance with the successful exit from bankruptcy that was finalized at the end of November 2013.
This letter outlines the process of the share conversion of your ownership in Profile Technologies to the new shares of WaveTrue, Inc.
You were/are an owner of shares in Profile Technologies, Inc. (CUSIP 743164105) as of November 29, 2013.
There are 3 types off ownership (you may have more than one type of ownership)
1. Statement ownership – You own your shares through your broker.
2. Physical ownership – You own your shares as evidenced by a stock certificate.
3. Unsecured allocation ownership- You own your shares because you were an unsecured creditor in Profile when it declared bankruptcy.
Please identify your ownership, read the synopsis below and the link available on this website for more detail.
1. STATEMENT OWNERSHIP – If you own your shares through a brokerage firm your shares will be converted automatically by the firm to ownership in WaveTrue, Inc., and your ownership will be reflected in your statement. You NEED TO DO NOTHING AT THIS TIME.
2. PHYSICAL OWNERSHIP – If you own your shares outright, and are in possession of your certificates, you will be contacted directly by the company in the next 2 weeks to convert your shares to WaveTrue Shares. Here is what the letter will look like: Specimen Document.
3.UNSECURED ALLOCATION OWNERSHIP –If you own your shares by allocation from the bankruptcy then you will be contacted directly by the company in the next 2 weeks to convert your shares to WaveTrue Shares. Here is what the letter will look like: Specimen Document
Once the company receives your share certificates and/or your letter of attestation, your shares will be converted to WaveTrue shares. The company will maintain the shareholder registration of all shares with its Certified Public Accountants.
Some additional information regarding the conversion and shares in WaveTrue, Inc.
1. The share conversion is based on the Bankruptcy Courts decision that the conversion rate of your PRTK shares to new WaveTrue, Inc. shares is calculated based on the pro-rata holdings of 18,955,120 shares of PRTK common stock multiplied by 10% of the outstanding stock of WaveTrue (2,000,000 shares). The Company will maintain the shareholder registration of all shares with its Certified Public Accountants.
2. Shares of WaveTrue, Inc. are not registered with the SEC. These new shares will be restricted for a minimum of one year from being traded. Any transference of shares before the re-listing of shares with the SEC (undetermined) must be done through the company to maintain the proper registration of ownership.
The Board of Directors of WaveTrue recapitalized the company and is entirely new. The Board comprised of successful businessmen, entrepreneurs, and the former COO of Profile. We thank you for your patience in the past and are fully dedicated to rewarding your faithfulness by creating a successful operating company based on the commercialization of
our patented technologies.
It is therefore with great excitement and expectations that we all look forward to serving our shareholders in the coming years.
Ron Floit, CEO and John DeWees, President