SHAREHOLDER MEETING MINUTES
SEPTEMBER 12, 2O23
The Annual Shareholders Meeting of Adsil, Inc. (Adsil) was called to order by the Chairman of the Board, Mr. David Spencer at 10:00 A.M. EST, September 13, 2023.
Mr. Spencer welcomed all the Adsil Shareholders present for attending the meeting. He then introduced all the Board Members present at the meeting. The other Board Members present were Glenn Bordfeld, Adsil President, H. Leon Holbrook, Robert Johnson, and Barry Wojtak. Tom Beeckler was absent.
SHAREHOLDER VOTING RESULTS:
Ms. Betsi Dmitrenko, Marketing Manager, proceeded to report on the shareholder voting results. She stated that a total of 4,527,468 shares were voted. That did not reach the requirement of a quorum. Therefore, Board Members will retain their positions for the following year (2024).
Mr. Barry Wojtak, Board Member was introduced to give the financial results for the years of 2022 compared to 2021 and the Year-to-Date as of June 2023 compared to Year-to-Date June 2022. For the year 2022 the Sales Totaled $1,367,138 versus a total in the prior 2021 of $852,545. That resulted in an increase in Sales of $514,583 or 60%. Net Income for the year 2022 was $325,400 compared to a total of $44,817. That resulted in an increase in Net Income of $280,583 or 626%.
For the year-to-date 2023 through the month of June, Sales were $944,296 versus $512,376 for the same period in 2022. This resulted in an increase of $431,920 or 84% for the same period through June year over year. Net Income through the month of June for the year 2023 was $377,400 versus the Net Income through June for the year 2022 was $85,882. That’s an increase in profit of $291,519 or 339%
STATE OF THE COMPANY:
Mr. Glenn Bordfeld, President, addressed the meeting to discuss the current “State of the Company.” He began his presentation with a favorable response to the Income growth of Adsil, Inc. over the last couple of years, especially the last year. He feels the company is moving in the right direction. The key factors in the recent success of Adsil are the new products and the new go-to-market strategy of selling to distributors rather than installers.
Mr. Gordon Miller, General Manager, indicated Adsil is currently in the process of hiring for three positions: Operations Manager, Admin Assistant and Senior Sales Representative. He expects that Adsil, Inc. will continue to grow and produce positive results through the end of this year and beyond.
Q AND A SEGMENT:
Question: Where is the market growth coming from?
Mr. Miller: New Products and Distribution
Question: Any new customers?
Mr. Miller: Yes
Question: What is Adsil doing to attract new hires?
Mr. Bordfeld: We post on employment websites, utilize word of mouth, and run ads in industry magazines. Note: Two shareholders offered their services to find the people that we need to move forward. (Elain Johnson and Dana Steward).
Question: Is Adsil advertising?
Mr. Bordfeld: We run some publicity but haven’t started a campaign yet since we need to have a salesperson in place to handle leads.
Mr. Spencer asked if there were any further questions. With no further questions, the Shareholder Meeting was closed at 10:20 EST.
The meeting was closed at 10:20 EST.