Regarding the issue of RecOil's deposit....
As per the news announcement in January, RecOil did make a deposit on a contract to purchase 3 #600 processors beginning in '97.
The deposit that they made was not $500,000, but along the lines of $50,000. The whole purpose of making up a contract and paying earnest money to GRNO was for the purpose of insuring that they had a contract in 1996. Although I don't fully understand the nuances, RecOil wanted to contract consumated in 1996 for apparent tax purposes in regard to Section 29.
Apparently, they still desire to purchase a processor. However, I am unaware of their time-frame for delivery or payment of the appropriate 33% deposit that GRNO normally requires for commencement of construction.
What the current situation amounts to, as I've stated before, is that GRNO is BUILDING processor #2. The first customer to make the requisit deposit will be the one that takes first delivery this quarter. It does not matter to Bill C. which customer is first and he is VERY confident that one client or another will finally step up to the plate with completed financing for their order.
Again, we need to stop focusing on who the customer's are. That is not shareholders business, nor do we have a right to know this. What we need to know is the current financial status of the company, operations currently in progress (construction, production, etc...) These questions should be answered shortly when the company releases 1st quarter earnings. I believe they are still scheduled to be announce Monday or Tuesday. We'll know more then.
The company has provided those who call with the current status of construction of #2. Fuel Production results are still outstanding, however should be announced relatively soon. If you have a requirement for each of the companies that you invest in to keep you fully briefed on the status of each and every deal that they do, then you should either sell your stock, or you should apply for a position with GRNO. (In which case you wouldn't be able to anyone anyway... :0)
That is my take on the situation. GRNO has gone beyond what is legally required in order to update shareholders on a regular basis. This is relatively unheard of in the Microcap investing community. You should be proud that Bill C. is concerned enough about shareholders that he takes the time that he does to speak with them directly. You won't be able to enjoy this priviledge much longer as this company continues to grow.
For those who disagree with me, I ask that you provide examples of any other company that has gone as far as GRNO in responding to investor concerns.
I challenge you.
Regards,
Ron |
