from latest 10q
During the current fiscal period, the Company continues to
research and develop its technologies for the recycle of municipal
solid waste ("City Garbage") into (1) valuable recycled metals, glass,
plastics, etc., products that are saleable in the existing commercial
salvage markets and (2) the recovery of City Garbage derived
cellulosic material ("Celmat"), biologically convertible into
fuel-grade ethanol and lignin ("Lignin"), a coal-dust like hydrocarbon
substance believed to be a usable boiler fuel and/or as a specialty
chemical useable in the petro-chemical plastic resins industry
(collectively the "Biofuels Technology").
As a result of the Company's research and development efforts,
management believes that the Company has developed what appears to be
a commercial application of the Biofuels Technology for a future
commercial project and hired the engineering firm of W.J. Scales &
Company of Denver, Colorado to develop and complete a Business Plan
for the Company's "South Bend Project". W.J. Scales then partnered
with Limbach Company of Richmond, Virginia (collectively the "Scales
Group") to construct the South Bend Project for the Company. The
Business Plan is based on the Scales Group present technical
engineering designs and experience in the development of large new
commercial projects. The Business Plan includes a plan to finance and
develop the South Bend Project utilizing the Biofuels Technology.
(See "Research and Development - South Bend Project" below)
There can be no assurance that the required capital will be
available to develop the South Bend Project, and even if adequate
capital is available, there can be no assurance that the Biofuels
Technology will perform on a commercial basis. The Company's future
operating results will depend on its ability to obtain adequate
financing to construct the South Bend Project. |
