exchange2000.com
To: cjac (10213 )
From: Charles A. King Tuesday, Nov 24 1998 8:43AM ET
Reply # of 10216
Cjac, here are a few important highlights, starting last June. You can study the parts that interest you and skip over the rest, but they are all important, I hope.
As you know, the South Carolina DHEC was supposed to grant a construction permit to operate the plant at 1000 gph in the summer of 1997. It flatly refused, claiming the plant was a major source of air pollution, even though the test data indicated otherwise. It turned out that the consultant for environmental matters made a mistake in 1994 and included the molecular data of the distillate product in their calculations of pollution. This was pointed out to DHEC by the new consultant, but that made no difference to DHEC. The consultant called in the EPA for help and the EPA requested DHEC to make its case to them in writing. For a long time, DHEC refused. Finally it relented and the EPA reviewed the GRNO case and issued its ruling. Basically it upheld GRNO's long held contention and said that what GRNO produced was a synthetic fuel. Whether the IRS will call it a synthetic fuel for tax credit purposes is another story. Even though it should, that doesn't mean it will.
Message 4864981
Meanwhile, the long wait for the SEC and DHEC to do what they should have done 1 1/2 years ago has drained GRNO of all its capital.
The following are highlights of GRNO's recent history.
DHEC finally grants construction permit for plant.
Message 4904327
The Securities and Exchange commission filed suit against GRNO and Bill Carraway on or about Thursday, Jul 2, 1998. GRNO settled the suit.
Message 5619414
The suit against GRNO was settled. but after the suit was settled, the SEC continued its PR campaign against GRNO, as if the suit had not been settled.
Message 5657553
BC is fighting the SEC's suit against him, claiming the SEC's suit against him is factually flawed.
Message 5622325
Message 5624711
BC and GRNO filed suit against Gambrell & Stolz, the previous law firm.
Message 5609775
Although out of cash, GRNO demonstrates plant operation.
Message 5970644
GRNO is awarded a patent on the technology.
Message 5990640
GRNO announces agreement with Chinese.
Message 6323232
Message 6352523
Charles
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