Oki, I extend greetings on behalf of the Board of Directors and staff BTAP. As we look forward to another growing season we also need to look back at the previous year that was. The 2017 crop year blessed us with great weather and produced above average crops, as this report progresses the various Division Supervisors will summarize their operations.
We have stabilized the company through a cash management plan and have done a thorough review of all operations and related costs to effect additional cost efficiencies and sound business plans. The Board approved a Strategic Plan that would address; Critical Issues.
Pivot Placement Reserve
Pivot Maintenance Reserve
New Capital Investment
Dividend to Tribe
Modernizing the corporate structure to become more streamlined was accomplished, in short, the 12 companies (6 Newco and 6 Leasco) that were required in building the project have been wound up and Aohkii (2018) Ltd has been established. The 12 companies were required for the 6 phases of BTAP and held assets (pivots, pumps etc.). These assets were transferred to Aohkii (2018) Ltd.
All Enduser Sublease Contracts have been finalized for the 2018 crop year, BTAP has put emphasis on attracting new Lessees. We are happy to welcome these new producers, one in particular, Mr. Stu Healy of the Blood Tribe. We wish all the best in the upcoming year.
In closing, I am proud of the group effort of those involved in the road to recovery of the Blood Tribe Agricultural Project, to Co-Management for their dedication, to the Board for their vision, PM Associates for their advice, the Elders for their prayers and the staff for their continued hard work.