TSX:MCB - Post Discussion
Post by
Possibleidiot01 on Apr 13, 2021 6:52am
letter to shareholders - March 15th
Letter to ShareholdersfromJim Rakievich, CEOMarch 15, 2021 Dear fellow shareholders, As our end-of-year financials have been released, I would like to provide our shareholders with a look back on 2020,and insight into our expectations for 2021. 2020 In Review: A Year of Perseverance and a Strong Balance Sheet The arrival of the global pandemic in February 2020,and the resultingsignificantdrop in oil consumption and oil prices,made for a challenging year.The management team promptly identifiedand acted uponthe pandemic’s material impacts to the Corporation.In March,we presented a revised forecastto ourBoardof Directorsfocused on protecting shareholder value and ensuring our continued financial viability, while prudently investing in our future.This response allowed us to pursue our strategy and produced key achievements including:Takingswift and measured action toreduce our cost structure, which included wage rollbacks lead by theBoard and executive team at 25%.Renegotiatingour existing debt to ensure McCoy’s balance sheet remainsstrong.Increasingoperating cash flow by27% year-over-year to CAD$8.8 milliondespite revenues declining 28%and concluding2020 witha strong net cash position.Achievingkey product development milestoneson our ‘Digital Technology Roadmap’; our new ‘Smart’ products developed under this initiative will deliver meaningful commercial value to our customers by enhancingsafety, efficiencyand wellboreintegrity while significantly reducing cost. Protectingour valued employees and customers by introducingstrict COVID-19 protocols and by pivoting our customer engagement strategy toward virtualtechnical support,training,and product introductions.Iam very proud that,despitethe trials of the pandemic and significant industry downturn, we retainedour key personneland continued to advance our strategy. Our lean team remains deeply engaged and encouraged byour vision to transform our industry through our ‘Digital Technology Roadmap’. 2021 and Beyond: A Strategy to Capitalize on Our Investments for Shareholders The global pandemic continues to deliver economic uncertaintyas we moveinto 2021. Access to growth capital remains scarce.All sectors in the oil and gas supply chain are focused on cash generation,cash preservationand cost management. We believetechnology will be a key differentiator and critical success factor in tomorrow’s marketplace. McCoy’s customers are responding to our new ‘Smart’ product offerings with keen interest.2021 will bea pivotal yearasseveral of ournew digital productsbecomecommercial.Our team is fully committed togrowing market adoption anddelivering results from these investments.In addition to McCoy OnDemand, we launchedour first digital product Virtual Thread Rep, and advanced two products from prototype, with customer service testing expected shortly. McCoy expects to launch its next two Smart Products later this year and we expect to enter into at least two major commercial contracts with leading customers for our Smart technologies in 2021. For more information,please visit us at www.mccoyglobal/news.com Board Addition: Continuing to Strengthen our Experienced and Knowledgeable Team In February2021, the Board of Directors announced the appointment of Cory Janssen, the co-founder and co-CEO of AltaMLInc. As we progress to the next phases of our Technology Roadmap, bringing in an expert in the field of Artificial Intelligence, Machine Learning and Data Science is timely. Cory has a proven track record of not only understanding technology development but also generatingcommercial value fromtechnology. We are very excited to have Cory’s expertise available to our Board.During these challenging times, our Boards’expertise and leadership have been vital to our continued stewardship of the strategy and oversight of the Corporation.Moving forward, their input and judgement is critical to the next stage of McCoy’s growth. I personally wish to thank them for their commitment and guidance during this past year and look forward to their contributionsas we progress our strategy in the transformational years that lie ahead.In closing, I want to thank all of you for your continued support through an incredibly challenging environment. As always, weaccept and embrace the responsibility of providingthe stewardship required not only to survive these unique challenges, but to thrive. I am always available to speak with shareholders and I invite you to connect with me directly with any questions or feedback. Signed, Jim RakievichPresident & CEOPhone: 1-780-913-1018 Email: info@mccoyglobal.com Website:www.mccoyglobal.com LinkedIn:https://www.linkedin.com/company/mccoy-corporation_2/mycompany/
This was the first time in the years I have owned shares that they mailed this out .
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