Bill,
I don't know the details of whether or not the deposit has been paid as of this time. I don't believe it has as I have stated before.
However, I did attest to the fact that in my conversations with the proprietors of Research Fuels during my recent trip to Charleston a couple of weeks back, that they are definitely going to "do the deal".
The problem, as stated previously, has been in finalizing financing on their end due to unforseen circumstances. I fully expect that they will fully consumate the deal given the nature of the project for which they require a "green machine". This information was provided to me freely by Research Fuels in exchange for not discussing specific information regarding their "project". (Thus, this does not qualify as "inside information" as it relates to GRNO.. caveat emptor.. :0) The deal has been announced by both GRNO and Research Fuels publically. I don't know if the date of deposit receipt is of an inside nature or not. I don't believe that it is since the deal has been publically annouced already and shareholders expect that the deposit will be applied at some point in this quarter.
It is sufficient for me to know that GRNO has commenced ordering the necessary parts for constructing Unit #2, either with Research Fuels money or GRNO cash reserves. What is important is further information on time expectations for delivery of a unit to Research Fuels. I would expect this would happen in GRNO's 2nd quarter given the urgent need by RF for their green machine. However, obviously there has been a delay and we await further information from GRNO regarding adjusted delivery dates.
Again, what is important is that Unit #2 is under construction with major components on order, some of which like the condensor were manufactured at the same time as Unit #1. I have also posted previously that GRNO's pump supplier has 4 complete sets of the customized pump sets available. These were manufactured at the same time as the original set in anticipation of future orders from GRNO.
As far as I'm concerned GRNO could have the entire unit built using company reserves, Research Fuels could deliver the entire amount without the original deposit at time of delivery, and nothing changes the fundamentals of what it would mean to 2nd quarter earnings. The delivery date is what is important, not the fact that RF has had difficulties in arranging the initial deposit.
I suggest that shareholders digest this perspective for a momment.
Just my humble opinion.
Regards,
Ron |
