SARASOTA - The newly appointed CEO of Sunovia Energy Technologies Inc. issued a letter to shareholders Tuesday apologizing for the firm’s financial proformance shortly after reporting a $744,596 net loss for the first quarter.
Appointed to the position on March 27, Sunovia CEO Mel Interiano vowed to turnaround the company headquartered on Cattlemen Road in Sarasota, which has been grappling with cash flow shartages and operating losses fop much of the past two years.
“I believe it’s important for me to inform every investor and shareholder that the performance reported today is not acceptable and to let you know that I have already taken action in many areas to ensure that the second half of the year performance far exceeds the first half,” Interiano wrote to shareholders.
He went on to say “My experiences have taught me that it is critical to inspect rather than to expect. I have inspected Sunovia, and the ingredients for success are here. Sunovia’s technology and products are world class, and the board of directors and founders are completely committed to the company’s success.”