Premier Shooting Center

Premier Shooting Center – Founders’ Club Pre-Registration Open !

Premier Shooting Center – Founders’ Club Pre-Registration Open !

Sunday, June 18th, 2017

The Founders’ Club Membership Level

This month’s newsletter is basically just one topic :

The major milestone we have achieved – being able to officially offer the Founders’ Club pre-memberships investment

The story so far (admittedly an insultingly basic outline here !)

Plan A:

  • develop business plan – complete
  • establish agreement for land – complete 
  • develop understanding with township  – complete
  • gain full investment 
  • build
  • open

Plan B:

  • develop business plan – complete
  • establish agreement for land – complete 
  • develop understanding with township  – complete
  • secure 1st round funding
  • secure 2nd round funding (available after zoning)  – complete
  • build
  • open

Plan C:

  • develop business plan – complete
  • establish agreement for land – complete 
  • develop understanding with township  – complete
  • offer shares to the value of 1st round funding (350 max)  – complete
  • secure 2nd round funding (available after zoning)  – complete
  • build – late Spring 2018
  • open- late Autumn 2018

 

 

So all was going along well enough until last May when we were about to release the offer on May 5th but we wanted to pass the details of the certificate through the lawyers first and it turned out that to simply attached a share offer to the unique and one-time membership level with all of its benefits wasn’t as easy as we first considered

This is why we surround ourselves by subject matter experts in their specific field. In this case T Rynard Law offices in Barrie Ont.

They are first rate people to work with and I feel we have developed a great working partnership. I know they have commented that I have made them think when it comes to alternatives in dealing with some of the issues. They would debate and/or do due their diligence in establishing a go-forward. I like this way or working to explore all options. Plus, they are efficient to work with. They commit to a time line and deliver to that time line.

I can definitely recommend that if there is anyone out there is looking at setting up a range in Ontario they would be well advised to touch base with these folks

 

We had just made up all of the graphics for the mail out and ad work and had the IT/Web guy working with us for the secure payment stream on line and open up the web page tabs that have been hiding in the background – until we received the call last second

It was our fault and not the lawyers but I am glad that we did our own due diligence and asked. Apparently, there are Canadian Securities Laws that say that any more than 50 people who would be investing into a company falls into a specific requirement that protects all parties from loss or fraud.

I can never say its not a good thing to have the laws in place to protect both the investor and the company but from the outside looking in, I can’t help but think there are better ways ! To me if 49 people invest a much larger stake the SEC doesn’t seem to mind…..but if 51 people invest a lesser level of investment then the company being invested in needs to produce what I believe is called an Offering Memorandum Prospectus (all legal people out there will roll their eyes at me killing the correct terminology) and of course there is a fee for such a prospectus ………….to the value of around $30K ……and then everything can be worked out fine.

 

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That bring us up to date:

SEC is fat and happy and the Lawyer is doing her part in drawing up the prospectus in all of the appropriate jargon; and we are left grumbling and biting the lip thinking that somehow we have been duped by the system

 

So what does all this mean in reality.

  • It means that we are able to fully legally and properly offer out the Founders’ Club membership level which is basically a share.
  • Each and every share owns a portion of the land area that the Premier Shooting Center will operate on
  • The Founders really are a key and prominent part of this development and should be recognized for their commitment to developing the sport, industry and next generation of shooters – that is why they see all of the benefits
  • The share is transferable – with all of the perks that go with the share
  • The total number of Founders Club members is limited to a max of 350
  • Artificially keeping the head count low to make the Founders’ club exclusive and to be able to provide the level of preference to the members

 

It should be noted that the Founders’ Club has three clear advantages that haven’t been highlighted as clearly yet…..

  • The Founders’ are guaranteed first in line for the opening membership at the Premier Shooting Center
  • They are able to apply their 15% off memberships immediately
  • They will have the range to themselves for months!

In any service industry first impressions mean everything and if we are trying to set the standard then we had better get it right. To this end we will be limiting the number of people coming through the gates directly to the Founders Only for several months. The 350 Founders’ Club members would need to have their induction course arranged, pass cards sorted; on-site infrastructure settled and teething issued dealt with. In all this time we expect that we will not be inducting any new regular memberships so the Founders’ will have the run of the campus.

 

And here we are today:

And here we are today…..the flyers and posters have started to go out to various locations, shooting clubs and stores. The online awareness program will be kicking off Monday 19th June and the marketing folks are working to make sure the word gets out there about the facility and more important, about the offer being promoted.

It is fair to say that there have been some stand out folks right at the kick off for this awareness program and whom have gladly and with enthusiasm agreed to share the details around and spread the word…..but I know there will be many more to follow and I look forward in sharing their names too.

 

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Footnote:

As a foot note, even though we feel we have gone above and beyond to develop the facility with solid financial practices while being as open and transparent as we possibly can be, as always, we still wanted to go further to demonstrate irreproachable ethics and that is to close down the question of “what happens to the money”

It’s the first and obvious question of any investor; which effectively is what the Founders’ Club membership level is.

The easy answer is that the Offering Memorandum prospectus will answer all those questions and more than you can think of  – but where exactly does the money go?

The answer is simple: into a specific business account of course, but we felt is should be fully traceable (in and out) and held within a trust account that cannot just be used without some level of sign off

To this end we have set up a trust account with stated criteria of how the funds can be utilized. It acts as a gate and only allows the use of the funds for specific means. In this case we have set it up that the funds can only be used for specific corporate uses, by specific individuals and on top of all that, the funds are administered by T Rynard Law offices (Barrie) to add another level accountability and scrutiny.

Both the criteria of the trust account and the offering memorandum prospectus will be posted on the web site in the Founders’ Club page once the final draft has been sanctioned by T Rynard Law; as well it will be emailed directly to every person that has signed up for the pre-registration to hold their spot in the line up.

I cant see any other shooting range going this far but we are all about setting new standards of expectation and service !

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