May 24, 2004
Dear Investor:
This past January, I became President and CEO of Invisa, succeeding Cofounder Steve Michael. To put it in a nutshell, I am excited by Invisa's potential: with support from the Board of Directors, we have already made significant progress in streamlining operations and focusing our efforts.
In just under five months, the team at Invisa has:
- Reduced current liabilities by 33%, from $2.51 million to $1.68 million (December 31, 2003 versus March 31, 2004). I expect that this number will improve further by the end of the current quarter.
- Focused on operational efficiencies and on lowering our recurring expenses - for example, we have cut space under lease by more than 50%.
- Revamped the marketing and sales group, hiring a technology sector veteran, Charles "Bud" Yanak, to lead these functions and implement a channel strategy.
- Paid the final installment to acquire a patent that protects certain key design aspects of our proprietary InvisaShield™ technology.
- Completed the design and development of a cost-reduced 4th generation InvisaShield hardware platform. At a cost that is substantially lower than today's system, this new product will allow us to sell and license solutions at a much more attractive price point. The 4th generation platform has the potential for widespread market acceptance. Aggressive efforts are underway to sell and, ultimately, license this solution to the largest ompanies in several industry sectors.
I believe personally that, with the continued support of our team and the right level of financing, we can start to achieve our growth objectives.
While we at Invisa are excited by our recent progress, we also recognize that there is substantial risk and much more to do in positioning the company for success. The support of Invisa shareholders and investors has been gratifying. I commit to keeping the line of communications open between our management and the investor community.
Sincerely,
Herb Lustig
President & CEO
6935 15th Street East, Suite 120, Sarasota, Florida 34243 USA; Tel 941.355.9361; Fax 941.355.9373