from current 10q
At February 12, 1998, the South Bend Project, fundamentally, is
only an engineering concept where the Company is contemplating
the purchase of two separate but presently operating industrial
plants, for the purpose of retrofitting each plant with the
Company's Biofuels Technology, while present operations continue
uninterrupted at each plant site.
Assuming financing can be obtained for its South Bend Project,
for which there is no assurance, the Company expects to purchase
and retrofit (1) an operating ethanol production facility (the
"Midwest Plant") located in Indiana and (2) an operating MSW
waste-to-energy incinerator plant (the "River Plant") located in
Pennsylvania. The Company lacks the financial resources to
purchase, lease, or otherwise acquire any economic interest in
either plant or plant site, but is seeking project financing
through Scales and others. Although the Company believes the two
plants are available for purchase, the Company currently has no
economic interest in either plant or plant site. |
