I would like to take this opportunity to address the BBCP/JLS team and respond to the inquiries that I have received over the past month regarding the progress of the Chapter 11 bankruptcy case that we are currently involved in. While we have posted updates and information on the company website in order to keep our employees, customers, and vendors informed about the status of the process, some of the documents and explanations found online are very legal and technical in nature. The goal of this message is to provide the BBCP/JLS team with a brief overview of the company’s status in the bankruptcy process .. I would also like to convey my assurances that, at the conclusion of this process, our team members will continue to be afforded the same opportunities for growth and advancement that was once so prevalent at BBCP/JLS.

 On January 18, 2010 Brundage-Bone Concrete Pumping and its wholly owned subsidiary, JLS,  filed for protection under the chapter 11 bankruptcy code in the bankruptcy court in Colorado. The reason that we filed for chapter 11 was quite simple: we have too much equipment for the amount of revenue we are generating. Our fleet of concrete pumping equipment and other ancillary machinery carries a certain debt burden; the company simply cannot meet the collective debt burden at current and projected revenue levels. Through this process we have an opportunity to balance the equipment fleet and the equipment debt.

 After initially filing with the bankruptcy court, the next step was to ensure that we had the funding in place to stabilize the business. Fortunately, we were able to secure funding with favorable terms based on a budget that the company presented to the court. This funding will be instrumental in getting the company through this process. To date, we have successfully managed to operate within the budget; we are funding the business through our receivables and have not had the need to use any of the funding that is available.

Now that the company is stable, our efforts have shifted towards the creation of a Plan of Reorganization. The company’s Board of Directors through a cooperative effort with the lenders has engaged a Chief Turnaround Officer (CTO) to work with our CFO John Hudek and me to create this plan. Our Board of Directors selected William Snyder of CRG partners after interviewing several potential candidates to fill the role of CTO based on his vast experience, creative ideas and history of success. Once complete, the Plan of Reorganization will be submitted to the court for approval. It is the intent of the plan to treat each creditor fairly and equitably based on the company’s projected cash flows. The plan will also determine the equipment, facilities and other assets that are necessary for operation at the level of business that is forecasted for the immediate future. The officers and directors of the company are carefully considering the various options as to direction of the plan and will propose the plan that is in the best interest of all parties.

Once the Plan of Reorganization is approved by the court, the company will emerge healthier, stronger, and will continue to be the leader in the concrete pumping industry across the country.

As you are  aware, we are currently operating in the most challenging economic climate ever experienced in our company’s history.  Out of this period of economic hardship, I have gained a greater appreciation for  the company’s greatest asset,  our team members. I have been extremely impressed with the positive manner in which the BBCP/JLS team has responded throughout this difficult process. I genuinely appreciate the support that has been demonstrated by each of you towards the company, and, towards one another during this time of challenge. I trust that with the continued outstanding performance of each team member, the company will be able to achieve the best possible outcome for all involved.

Thank you all for your support,

Bruce F. Young