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Forum Report: North State Telecommunications Corporation


Management Respect of Shareholder Interests

There has been no direct reply from North State to the Forum's submissions of shareholder questions,* or to the recently reported June 17, 2011 letter inviting the company's chairman to clarify management's view of their responsibilities to understand and respond to investor interests.

The company has, however, responded to our reported concerns about investor information requirements with significant commitments to reporting and communication. Answering shareholder concerns about the company's past practice of providing only annual reports that were delivered in November or December, management has initiated a policy of prompt annual and quarterly reporting. In the first quarterly report that was mailed to shareholders last month, the introductory page presented this promise:



We are pleased to present this first Quarterly Operations & Financial Summary as a means of providing timely information on North State Communications.

The quarterly summaries provide a “Year-to-Date” look at operations and financials with a comparison of the same period of the previous year.

You will receive quarterly summaries throughout the year beginning with the first quarter review in mid-May, a summary of the first half of the year in mid-August, and a summary reviewing the first three quarters of the year in mid-October. Year-end summaries will be provided in March of the following year.

We hope you find these updates informative.

Management has also initiated an active communication effort, including an apparent campaign to present their views in the public media as well as in a new executive "blog" that was launched this week.

These expressions of management respect for shareholder interests should of course be appreciated.

Your suggestions of further Forum attention to shareholder interests will be welcomed.

GL – July 8, 2011


Gary Lutin

Chairman, The Shareholder Forum

c/o Lutin & Company, 575 Madison Avenue, New York, New York 10022

Tel: 212-605-0335





This Forum program is open to all shareholders of North State Telecommunications Corporation, and to any fiduciaries or professionals concerned with their investment decisions. Participation is free of charge, according to the Forum's standard Conditions of Participation.

The purpose of the program is to provide shareholders with access to information and a free exchange of views relating to their consideration of issues described in the Forum Summary. As stated in the Conditions, all Forum participants are expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants. Forum polices are intended to support anonymous communication, and provide that participants will not be identified or quoted without their explicit permission.

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The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.