August 16, 2018
Dear fellow Shareholders of APC,
The summer is winding down and fall-time is quickly coming upon us. Those who continue to commercial fish the Bay are headed home, if not already. Hopefully our fish are hanging or rest in jars, and berries are headed to the freezer. As we prepare for seasonal transition, APC businesses are still very active, and the work season continues to forge forward and we are anticipating a healthy profit by year-end. Our forecast is in stark contrast to the situation we stood in a year ago-likely our darkest and bleakest time as we struggled to make payroll and to pay rent.
Last November, the board of directors realized APC required immediate corporate restructuring if we were to remain solvent and operable. As a result, we reorganized management by hiring Dave McAlister as acting CEO, promoted Brad Angasan to Vice President of Corporate Affairs and Tana Myers to Chief Financial Officer. Collectively, they were tasked with reviewing the financial condition of the company and securing financial stability. An objective they accomplished by swiftly acting to reduce over-head spending and restructuring subsidiary management. They reigned in subsidiary offices under one roof, cut all but essential costs and overhauled our very shoddy accounting and finance system.
During the last annual meeting in April, the new team reported APC was on the path to recovery. At this meeting, the board named me as the board chairman and president of the company. I receive no compensation for those positions. They named Dave McAlister as Senior Vice President in charge of operations and CEO. His successful experiences at other Native owned businesses and throughout the Alaska oil industry along with his ability to execute immediate corrective action with our finances and subsidiaries made him the right person for job. He is well connected throughout several industries and is proving to be highly resourceful in the commercial business sector. The board named Brad Angasan as the Vice President of Corporate Affairs, a task that includes administering to all matters relating to shareholders, corporate business development, government & public affairs and management of the more than 400,000 acres of corporate land. He is tasked with developing a business strategy that involves the growth of our government services businesses. As with Dave, Brad has proven to be well connected in the government contracting sector throughout certain industries. Finally, we named Tana Myers as CFO and assistant Treasurer. A gifted accounting and finance manager, her role has been critical in restoring our financial health- at that time, a task appearing impossible at-best due the depth of the corporation’s financial disorganization. Her financial problem-solving skills along with Dave and Brad’s diligence has helped to right our near sunken vessel. We are no longer struggling to stay afloat, and we can now focus on developing our future and sustaining profitability.
As previously stated, we can anticipate a healthy profit brought forth by our businesses engaged in natural resource development activities, construction and environmental work. For the coming year, we are committed to further diversifying the company to ensure we never fall back to the way we were prior to the recovery effort that began in November of 2017.
Trefon Angasan, President & Chairman of the Board