Second Letter to Shareholders of Productivity Technologies Corp. - Erie News Now | WICU & WSEE in Erie, PA

Second Letter to Shareholders of Productivity Technologies Corp. from Jesse Levine (OTC: PRAC)

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SOURCE Jesse Levine, an individual

FENTON, Mich., Oct. 6, 2017 /PRNewswire/ --

Shareholders:

We are in the process of setting up a website to help communicate with PTC shareholders:  www.OptimizePTC.com

One objective of this website will be to keep PTC shareholders informed about the litigation with PTC and Atlas. The website also will include forms that can be filled out by 1% and greater shareholders to request certain records regarding PTC and Atlas that we receive. 

We also intend for the website to inform PTC shareholders about our strategies and efforts for obtaining a near term financial return for PTC shareholders and changing the course of PTC and Atlas.

For instance, we think the controlling directors of PTC (Messrs. Seidman and Stupay) should immediately outline a program for PTC to pay quarterly dividends starting with the September 30 quarter just ended.

Messrs. Seidman and Stupay should also immediately present a full and clear statement of the business and condition of PTC. Given Mr. Seidman is executive chairman of both PTC and Atlas, this statement should include how often he and Mr. Stupay are visiting current and potential new customers. If they are unwilling or unable to do so, we think this is relevant for PTC shareholders.

We believe Atlas is focused on low margin and difficult to sell products with long-term warranty costs, and Messrs. Seidman and Stupay are resistant to modernizing Atlas. We would seek for PTC to invest in designing high-margin products which can be predictably and consistently sold.  We may use www.OptimizePTC.com to discuss higher-margin product potentials.  

We expect to intensify efforts to change the direction of PTC and seek to mobilize a working group comprised of major PTC shareholders.  Our efforts may include initiatives to deal with the current controlling directors which we believe are not acting in the best interests of PTC shareholders. We have started considering how both PTC shareholders and third parties could assist efforts to increase the value of PTC shares.   

We also believe Atlas' factory could be monetized in one or a number of ways to extract value for PTC shareholders within a short period of time, and will soon begin discussions with local real estate professionals to assess the current value of Atlas' production facility.

We appreciate statements of support received since our last letter to you.  We plan to continue updating you regarding our efforts to increase the value of PTC shares. 

Note: The above may include predictions or other information that might be considered forward-looking. While these statements represent our current judgments on what the future may hold, these are subject to risks and uncertainties and actual future results could differ materially.  You are cautioned to not unduly rely on forward-looking statements, which reflect our opinions only as of today's date.  While we will make reasonable efforts to do so, please keep in mind we are not obligating ourselves to revise or publicly release revisions to these forward-looking statements due to new information or future events

JESSE LEVINE
248-219-5500

 

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