Update on 91传媒 of California
William R. Jones, CEO issues the following update on the company鈥檚 future plans for 91传媒 of California. 聽鈥淲e announced more than a year ago to enter the vacuum heat treating market in the Los Angeles area. 聽We hired a president, Derek Dennis, and opened an office in Temecula and proceeded to search for a suitable plant site. 聽We found such a site in Perris, California and arranged for $12 million in financing. 聽In the last quarter of 2008, the bottom dropped out of the entire heat treating market, particularly Titanium, as a result of delays with the Boeing 787, and other Ti markets. 聽The HT market proceeded to slide further in the 1st quarter of 2009. 聽As a result, in March of this year we decided to delay our California investment for six months to see if the overall market will stabilize.鈥� 聽Solar is a private company with all investment backed by current Solar operations and the Jones family. 聽Although Solar combined sales and operating profits have improved, we are still testing the market to proceed with this major investment. 聽Everything is in place to go forward and we expect to make a decision by November 1, 2009.