Letter to our Shareholders

The passing of Mike Trudnak, now more than a month ago, was a heartfelt loss. As the founder and initial investor Mike’s vision for the development of life-saving imaging software technology was a constant source of inspiration for those of us who worked with him.

The Board of Directors recently elected me to become the new Chairman and Chief Executive Officer (CEO), expanding my current role as President. I have worked for the company the past 10 years and have a very keen understanding of our opportunities, challenges, and growing progress.   While progress is measured by direction and not by distance, it is critically important that we add success to the progress.

Over the past several weeks we have reflected on the company’s history and progress; analyzed our current state of affairs and opportunities; and set the strategic goals and objectives to drive success.  As a component of that process we conducted a detailed analysis of the marketplace for our TBDx™ and BCDx™ products.  That analysis is provided via the following link: SMMS Market Valuation. It illustrates, as revenues and earnings arrive, you will see the growing market value of your investment.

As CEO I am making these strategic commitments to you:

  • The company will maintain a focus on the best earnings and growth potential available to us through our technology. It is vital that we leverage our investment in these patented methodologies and this requires clarity regarding the best application with long-term earnings potential.
  • The company will leverage the investment in the TBDx computer-vision microscopy platform, developing new diagnostic applications that leverage our customer’s investment in the hardware. TBDx is unique in the market. No other automated sputum microscopy application exists that detects TB, largely because it is very difficult to create and train software for that purpose. Running multiple applications on one platform can provide our customers a better return on their investment, create new revenue streams for our company, and establish market entry barriers for our competition. Today TBDx has a “first mover” advantage and we will take full advantage of it.
  • The company requires new capital investment to leverage the opportunities available to us not only in digital pathology but also in breast cancer radiology.  Additionally, it will fund our sales expansion and product development. This will be accomplished through strategic ventures and other mechanisms that ensure a competitive rate of return while positioning the company for both short and long-term profitability.
  • You will be kept informed of our progress and success. Since our progress is not always evident to those outside of the employees, it is extremely important that we reinforce the value of your investment.  In our next blog I will be issuing a CEO Update. This quarterly blog post will describe opportunities and successes important to you as investors.

Every member of the team has reaffirmed their personal commitment to the production of successful results.  Each remains positive, enthusiastic, and determined.  They have demonstrated an extraordinary commitment to a shared vision!

We will overcome the working capital hurdle we have faced for so many years.  We will make sound, well-conceived business decisions.  We will execute business strategy with precision, driving this company to success.  We will make a difference in the lives of people around the globe.

Thank you for your continued commitment to APVS.

Bill Donovan

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3 Responses to Letter to our Shareholders

  1. DG says:

    Thank you very much for this Blog!

    The commitment that you and your employees have made over the last several years is very evident in the progress realized recently. I look forward to the future results in all products you have and the continued development of those you do not even know you will have. This product has so many application opportunities it is unreal. We seem so close with the TB application and all that is happening with it. This application alone will bring such a beneficial impact to the world that we can not even imagine the size it is or will be in the future for the company. Again, this is not to mention the other applications and the impacts it will have in other applications.

    For the efforts and the commitments of all I thank you. Please keep up the good work and do not lose sight of where you are going.

    Thanks to all!

  2. Angelo Cusinnato says:

    Thanks Bill for your continued commitment to threat detection technology and specifically with your efforts in health care. This is obviously a David vs Goliath challenge that needs to be recognized as a way to reduce health care costs and improve diagnostic accuracy. Continued best wishes.

  3. kj says:

    Very exciting news! I know it’s been a long haul but I can see that the hard work and frustrations are finally going to pay off!

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