Shareholder Statement
SyncPac is a privately held company with approximately 160 investors. The company has had substantial losses accumulated since its inception and its reorganization in 2001. The founder has continued to operate the company as an on-going concern and continued to provide operating capital through direct investment and through self-funded projects. The founder has received additional shares of the company stock in lue of salary at the par value of $.001 per share. There has been no market for the shares and management is not actively seeking a market for the shares.
SyncPac expects that its BizBanc LLC holding will generate cash-flow and value for the company over the next twelve months. BizBanc LLC projects that it will gather fifty new prime clients by Q3 2009. A prime client is defined as a client that fits the following criteria: Church organization with at least one of the following parameters, a capital building campaign valued at $1 million or more, has a regular membership roster of at least 500, or is at least ten years old and at least $750 thousand in general revenue. The target is for BizBanc to transact $500 thousand in revenue per prime client which would nominally yield cash flow thru BizBanc $25 million and net revenues greater than $100 thousand. According to surveys there are more than 450 thousand churches in the US. In 2007 total giving was in excess of $309 billion with individuals giving approximately 75% of that total ($229.03 billion). Faith based charities received nearly half of that given by individuals ($103 billion). Education was a distant second at $43 billion. BizBanc management will aggressively market to this market as our prime target. Management does not expect to be profitable before 2012 as the expense of marketing will continue to drain profits. Our goal for 2012 is to have recruited 1000 churches as prime clients.
Forward-Looking Statements
This statement may contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's current expectations, estimates and projections. Words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "may," "will," "could," "should," "would," variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to known, and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or implied in the forward-looking statements. Such risks and uncertainties, many of which are beyond the control of the Company, include but are not limited to, the risks, uncertainties and assumptions associated with: changes in banking regulations, charges charged by banks, action by the Federal Reserve, Florida, and other states; the ability to access funds held in escrow, the continued access to banking partners; the ability to attract and maintain adequate sales professionals, and other factors. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis, judgment, beliefs, projections or expectations only as of the date hereof. The Company does not undertake any obligation to publicly release any revisions to any forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.