Message to Vigilys, Inc. Shareholders whom we were unable to contact directly
This is to inform you that Mission Manager, Inc., of which Vigilys, Inc. is a shareholder, does not have the revenue stream necessary to support continuation of the service on even a minimally adequate basis and expects to cease operations within the next few days.
Ultimately, the transition from a free service (which Mission Manager was when it was acquired from the developer) to a paid service was a barrier that could never be completely crossed.
There have been multiple attempts to identify a merger partner or acquirer of Mission Manager. While there have been expressions of interest – some even proactively approached us – the lack of significant revenue meant that interest did not continue following the first interaction.
The largest investor in Mission Manager also holds quite a large, secured note. Since that noteholder wants the secured assets, which consist primarily of the Mission Manager source code, customer list and trademarks, which will have little or no salvage value once the company has ceased to operate, those assets will all be assigned to the noteholder. One way or another, all of us who own shares or hold unsecured notes (some Board members hold both equity and debt in Mission Manager as well as shares of Vigilys) will realize nothing from our support.
Hopefully you will have an opportunity to benefit from a capital loss on your investment in Vigilys, Inc. (fka Ambient Control Systems, Inc.) to offset some current or future capital gains.
We cannot emphasize too strongly our admiration for the job that Mission Manager’s CEO and his small team of supportive contractors have done in continuing to operate Mission Manager some years beyond the period during which it had any meaningful operating capital. Mission Manager is valued by the groups that use it, and the Board has certainly perceived it, as has the CEO, as a public service. That makes it doubly hard to be in the position of having to close down the operation.
Given that the only asset of Vigilys, Inc. was a stake in Mission Manager, Inc., the Board of Vigilys is communicating to you, through this message, as its last act prior to resignation, since Vigilys, Inc. will also cease to exist.
Thank you for your belief in both Vigilys and Mission Manager.
