By 2013 was a year of substantive developments for 5BARz. We made great strides in moving the Company to the next level. This, of course, would not have been possible without the steadfast support of our dedicated team of employees and advisors, not to mention the much appreciated support of our stakeholders.
During the last year, our Company has undergone a transformational change that positions us for accelerated growth moving forward. We would like to share some of the main highlights.
One of our more notable developments in the last quarter of 2013 was the addition of Dr. Gil Amelio as our Chairman of the Board. Needless to say, adding an "iconic American business executive" of Gil's caliber to our team significantly strengthens our Company's leadership and strategic position as our business develops. The fact that an accomplished technology executive and investor such as Gil would decide to step down from his long-tenured position on the AT&T Board of Directors to lead ours, speaks volumes of both the potential and market opportunity that our Company offers. Gil's experience and global network will be instrumental in our entering and expanding our product offering to different market segments, an effort that we are already diligently undertaking.
We are also excited to report that we have begun distribution of our product with the delivery of the first of 16,000 units into Mexico. Our strategic decision to commence distribution in Mexico, Latin America's second largest market, through Computación AM, which boasts over 20,000 clients, positions us for strong growth in 2014 and beyond, setting forth one of the many paths we will continue to focus on.
Innovation remains at the heart of the Company culture and will be the critical ingredient to our long-term success. The hiring of Naresh Soni as our CTO in May, coupled with the opening of our new 5BARz Innovation Center in October, provides us with the design and engineering capabilities to further develop our core technologies and meet the product delivery needs of our partners. Under the leadership of Naresh, who was formerly the CTO of Interdigial, a two billion dollar NASDAQ listed company, and in collaboration with over 18 designers and engineers working around the clock from different points around the world, our Company is sharply focused upon meeting its near-term objectives. Our focus to provide highly-engineered products, integrating the 5BARz technology to our growing pipeline of product applications is our first priority.
Another important milestone this past year was the development of our working relationship with the Maxim Group as our Investment Banking firm. The Firm's reputation, experience and capabilities provide 5BARz with a significant advantage as we look towards the future, greatly enhancing our access to investment capital that will be instrumental in our continuing effort to innovate, grow and expand.
The successful completion of the various private placements we undertook this past year resulted in our raising in excess of $3 million in net proceeds, allowing us to accelerate the completion of our second-generation device which has been designed to work on the frequency of a major global network carrier with over 300 million mobile subscribers. We believe that our new device will ultimately become the industry standard, positioning 5BARz as the preferred cellular extender solution for network carriers around the world.
Last but not least, this year's FCC ruling underscoring the need for signal "boosters" that do not adversely affect wireless networks provides 5BARz with a significant and sustainable competitive advantage. 5Barz patented technology incorporates all of the "Network Protection Standard Requirements" set out in the FCC findings while making our product both user and operator network friendly.
Together, all of these developments highlight the tremendous momentum we have moving forward and positions us to become the market leader in the cellular extender market.
When we survey the current state of our Company and the global wireless industry, we see the limitless potential and energy to make 5BARz a great company. Our efforts and success this past year have reaffirmed our strategy and solidified our growth plans. I am delighted to report that we are on track to become the Company we can, and want to be.
Of course we need to walk before we can run, but with your support and our commitment, we believe that 2014 will be a great year and that we are well on our way to fulfilling the vision and opportunity that has brought us together.
Happy, Healthy and Prosperous New Year to you and your family.
Yours sincerely,
/s/ Daniel Bland /s/ Dr. Gil Amelio
Chief Executive Officer Chairman of the Board
January 9, 2014
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