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Executing Our Vision, Achieving Our Global Potential: A Letter to Shareholders

Featured Submission, Featured Submission
1 Comment| April 14, 2022

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Dear Fellow Legible Shareholders,

I want to thank you for your continued support, faith, and trust in the Legible team to execute on our vision to revolutionize the global eBook marketplace for readers, publishers, and authors through our innovative eBook entertainment platform, Legible.com, our publishing services, and our multimedia book experience. Our goal is to acquire significant eBook market share as a values-based brand, providing global access to reading when, where, and how people want.

I’d like to take this opportunity to update you on the recent restructuring of Legible. While this has been challenging for everyone at Legible, the changes were strategically made for Legible’s long-term success. Legible has restructured to assure that we can complete a follow-on private placement financing, reduce our annualized burn rate by over $3.3 Million, and execute on our milestones. In these turbulent times, we needed to be a smaller company with a focused team, which has led to some difficult but necessary decisions.

Legible is rebuilding our executive team to achieve our global potential while reflecting that we are still a small-cap startup. We have consolidated the product team to a strategic set of senior developers. We have brought the publishing team under Ms. Angela Doll, former Chief Publishing Officer, and have folded the curation, content creation, and acquisition roles into one team. Our sales and marketing plans, relationships, and strategies are being implemented and our December 31, 2021, year-end audited financial statements are on track to be released on time by the end of this month. We are excited and confident that this streamlined company can deliver on the value created over the last year. This is our moment; this is our year.

What’s next for Legible is all about revenue, partnerships, market capture, brand awareness, new revenue sources, publishing and catalogue remediation, multimedia books, more content for our readers, and continuous innovation in the book marketplace. We will be releasing new features in the coming days, weeks, and months that will help to differentiate Legible from other ebook reading platforms. We will release our ground-breaking Living eBooks and we will continue to invest in sales and marketing according to our current strategic plan. We will also continue to rapidly build our content acquisitions.

A major focus for Legible has been market support and expanding that market. To that end, we have engaged with Hybrid Financial, as announced, to support these efforts, and we will engage other firms in the weeks and months ahead. We know that Legible’s content acquisitions, strategic partnerships, and market opportunities will build strong value for our shareholders, and we look forward to working with our IR partners going forward.

Every great company endures challenging times on its path to success. Difficult business decisions had to be made, and challenges must be met with strategy, focus, and determination. Ultimately, the vision, the product, and the business plan must prevail. Legible is unwavering in its commitment to give billions of people access to millions of books.

Kaleeg Hainsworth

CEO



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