Platinum pays contractors in stock instead of cash

“As you may have already heard, we are building a franchise plan around another of our books, “Atlantis Rising,” and we’re thrilled about other upcoming projects, including “Unique” at Disney (with “Harry Potter” producer David Heyman); “Vice” (with producer Andrew Lazar and Top Cow Productions, Inc.); a “hybrid” feature film project that will mix monsters and humans, “Nightfall” (with Bill Stuart, developer and executive producer of “The Rock”).

“Platinum is also developing “MetaDocs” for television (with FremantleMedia and Landscape Entertainment). It’s kind of a cross between “Grey’s Anatomy” or “ER” and “Superheros.” And, we are also working on “Gray Legion” with Robert W. Cort, who is the producer of “Three Men and a Baby,” “Runaway Bride,” “Mr. Holland’s Opus”) and dozens of other movies.

“Internally, Platinum has been aggressively restructuring our business to improve efficiency and lower overhead. In that regard, we have retained Rutledge Law Center LTD. to replace a lot of want we were initially doing in-house and to represent Platinum in its business and contract law matters. Rutledge Law Center LTD. is compensated for those services in restricted stock — not cash. This has improved our short-term cash flow, is substantially improving our workflow, and aligns the corporation’s operation with the long-term interest of us shareholders. Additionally, the corporation’s number of authorized shares has been increased to allow us to strategically negotiate settlements with certain of the corporation’s debtors (in addition, of course, to complying with requirements that enough shares be authorized to cover existing convertible notes).

“We are being strategic in our spending, and have substantially reduced our monthly overhead by a combination of reduced payroll and eliminating some independent contracting agreements — and much of our balance sheet expenses represent stock warrants — not money spent for office supplies, employee salaries or other similar costs. In that regard, please know we take seriously our position as fiduciaries to the corporation — and we will continue make certain money is spent wisely.”