Owner Meeting

Had a meeting with Dia Yan this morning. He said he visited the portal. He wanted to leave a message but was concerned that we wouldn't be able to read it. I told him we will translate it. I asked if he understood English and he said he has a translation software.

We discussed the options for closing Otto. Either a capital contribution would need to be made or we would need to close the location. His decision was to close the location. He asked how that would affect his status. I explained we will sell the assets and then use the capital to grow Sweetwater. We will have Sweetwater create the jobs. He confirmed that this is the decision he would prefer.

He said we are in the same boat. You are the management company and we are the investor. We both are affected when the business doesn't perform. He expects us to be committed to increasing profits. I told him I understood and reviewed what we are doing right now to grow the businesses.

I discussed briefly the marketing, the trainers, the additional management, and customer retention efforts.

The lease payment will be moved to Sweetwater's responsibility.

He said he will check the portal for additional updates.


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