Asatte Press held its fourth annual shareholders and directors meetings Friday 1 August 2014 at BB Rovers in Austin, Texas. That is, given that our first meetings were the formation meetings, we have been in business for three years now.
Fourth Annual Shareholders Meeting
The fourth annual meeting of shareholders of the corporation was held at B. B. Rovers, 12101 Jollyville Road, Austin in the state of Texas, on 1 August 2014, at 8:30PM for the purpose of electing directors of the corporation.
David Hetherington acted as chairperson, and Tomoko Hetherington acted as secretary of the meeting.
The secretary announced that the meeting was called by the chairperson
The secretary announced that the meeting was held pursuant to notice, if and as required under the bylaws of this corporation, or that notice had been waived by all shareholders entitled to receive notice under the bylaws. Copies of any certificates of mailing of notice prepared by the secretary of the corporation and any written waivers signed by shareholders entitled to receive notice of this meeting were attached to these minutes by the secretary.
The chairperson then presented the (written) annual report to the shareholders of Asatte Press, Inc.
Accomplishments for FY 2014
We were able to secure our first model-based systems engineering (MBSE) contract with Athens Group to perform services on their behalf at a shipyard in Singapore. This engagement is planned to continue through March of 2016.
- The structure of the engagement is a 28-sday on/off cycle.
- Asatte Press president David Hetherington departs early on a Friday morning for Singapore.
- He arrives in Singapore the following Sunday in the early hours of the morning.
- Consulting begins the following morning and continues for four weeks or 20 days.
- The Saturday after the last day of consulting, he returns home arriving on the same day in the late afternoon.
- Athens Group pays all travel expenses and bills the shipyard.
- Departure for the next 28-day cycle is on Friday of the 4th week after return or 27 days later.
The Asatte Press website was redesigned completely to deliver a message focused on systems engineering.
The Asatte Press Store was closed as previously planned.
In April 2014, David Hetherington attended “Code Generation 2014” at Cambridge University in England and gave a presentation on using SysML Requirements Traceability to design a training game.
Several more paper submissions were not accepted. However, a paper submission has been accepted for the key IADC Advanced Rig Technology Conference in September 2014. Even better, the IADC has invited an article to accompany the presentation for publication in their Drilling Contractor Magazine.
Fiscal Year 2014 (hereafter FY 2014) was a year of transition for Asatte Press. As planned, we pivoted from Social Media to Systems Engineering. The contract with Athens has been very important to build both our credibility and depth of practical experience. We are now profitable and positioned well to grow organically. We are not pursuing investors at this point.
Description of Business
Asatte Press is transitioning to be a mixed product and services company. Our planned product and services mix is as follows:
We will continue to offer our existing lifestyle books as eBooks and on a print-on-demand basis. We will not put significant further effort into promoting them. Our new products will be in the following areas:
- Technical Books – During FY 2015 we plan to produce one or more narrowly focused technical books, most likely on using SysML tools to handle requirements traceability and other elementary systems engineering tasks. The primary target for these books will be eBook format. However, we also should be able to offer paper editions priced to be profitable on a unit-by-unit, print-on-demand basis.
- 3D Visualization Software – With the addition of Tye Hetherington to the team, we are now positioning to pursue software development for the Oculus Rift virtual reality headset. During FY 2015, we expect to explore the potential of this market.
Our current services offering revolves around using SysML and other Model-Based Systems Engineering techniques to assist customers in designing ocean drilling equipment.
Asatte Press is now paying salaries to the founders and is operating at a profit. We do not expect to need further funding from the founders or from other investors during FY 2015.
Fourth Annual Directors Meeting
The fourth annual meeting of the board of directors of the corporation was held at B. B. Rovers, 12101 Jollyville Road, Austin in the state of Texas, on 1 August 2014, at 7:00PM for the purpose of reviewing the prior year’s business, discussing corporate operations for the upcoming year, and for the transaction of any other business that may properly come before the meeting.
David Hetherington acted as chairperson, and Tomoko Hetherington acted as secretary of the meeting
The Meeting of the Board of Directors is Called to Order
The chairperson called the meeting to order.
The secretary announced that the meeting was called by the chairperson
The secretary announced that the meeting was held pursuant to notice, if and as required under the bylaws of this corporation, or that notice had been waived by all directors entitled to receive notice under the bylaws. Copies of any certificates of mailing of notice prepared by the secretary of the corporation and any written waivers signed by directors entitled to receive notice of this meeting were attached to these minutes by the secretary.
The secretary announced that the following directors were present at the meeting:
Name of Director
The above directors, having been elected to serve on the board for a one-year term by the shareholders at the fourth annual meeting of shareholders held on 1 August 2014, accepted their positions on the board. The secretary then announced that the presence of these directors at the meeting represented a quorum of the board of directors as defined in the bylaws of this corporation.
The chairperson presented the near-term cash-flow plan for the corporation. The directors approved the cash-flow and spending plan.
The chairperson announced that the next item of business was the appointment of the officers and of standing committee members of the corporation to an initial one-year term of office. After discussion, the following persons were appointed to serve in the following capacities as officers, committee members or in other roles in the service of the corporation for the upcoming year:
David Hetherington President
David Hetherington Treasurer
Tomoko Hetherington Secretary
The next item of business was the determination of compensation or fringe benefits to be paid or awarded for services rendered the corporation by employees and staff. After discussion, it was determined that no compensation could be planned at this time.
There were no further resolutions at the meeting.
There being no further business to come before the meeting, it was adjourned on motion duly made and carried.