Shareholder's Position

Pro-fit Institute ("the Company") will no longer operate a gym and therefore cannot meet its obligations to PT clients and gym members ("the Customers").

The Company intends to refund as much as possible to the Customers from their remaining assets. After paying salaries and fees to trainers/staff, the balance will be distributed pro-rata to the Customers based on the liquidated values of unfulfilled obligations ("the Debts") owing to them by the Company. If there are any other unsecured creditors, they may also take a pro-rated share of the available funds.

The Company is still in the process of liquidating assets and will notify the Customers of the outcome in due course. It may take several months to determine, possibly 6 months or more.

Options

1. The Customers have the option to convert the Debts to personal training calculated at a rate of $80 per hour. The personal training will be conducted by a former pro-fit institute trainer of their choice but, at other venues.


2. Gold’s Gym has agreed that Pro-fit gym members may see out the reminder of their membership term free of charge at either of their facilities located at:
1. 86 Tanjong Pagar Road, Singapore 088507
2. 3500 Bukit Merah Central, Bukit Merah Swimming Complex

We hope that these options presented will in a small way alleviate your inconvenience, and give you continued access to a similar facilities.

We continue to liquidate our assets in order to reimburse you to the fullest extent possible. This process is ongoing but will take time, and we cannot guarantee that the company will be able to meet all its debts and repay you in full.

We would also advise that following the closing of our facility, our business address has changed to:
3 Pemimpin Drive, #04-01
Li Hing Industrial Building
Singapore 578147