Eli,
The AOS deal has been in the works for over a year now. Milt Adams is in his '80's (still fit and energetic, I understand), and is one of those operations looking for a viable "exit strategy". He could have sold his operation to one of the other regional oil collectors and independent opinion confirmed that this was what had been expected. However, AOS and GRNO have surprised these collectors and I suspect as soon as the word starts hitting the grapevine, there will quite a bit of attention focused on GRNO.
I understand that the only thing delaying a conclusion of the deal is the requirement to inventory AOS's assets and let the lawyers deal with it. I have full faith and confidence that it will be fully consumated. Face it, Bill and Mr. Adams have been in regular contact over the past 12 months. In fact, during my second trip to Charleston, Bill pulled out his cellular phone and called Mr. Adams while we were sitting in Bill's vehicle. That conversation led me to the conclusion that there were serious negotiations underway.
This is just the first intial step for GRNO. I fully expect (pardon the IEI factor.. :0) that by this time in 1998, we will have several more locations under GRNO control and producing diesel fuel. Maybe I'm becoming an optimist (God forbid), but I think we will be seeing GRNO touted as the next WMX or RWIN by this time next year. Either that, or it will be out of business. That is my expectation and I think that this management team shares that vision and will make it happen.
Speaking of management, I understand that GRNO has hired a highly qualified Operations Manager (started today), apparently with a resume longer than my arm. I only received sketchy details when I spoke with Microcap this morning, but you can contact Spencer Maus at 847-266-2055. I thought I would mention this for those who think that Bill Carraway is carrying the world on his shoulders and doesn't know how to delegate. The few details that I remember (I asked that Spencer write up a summary on him and forward it for posting on the net and to my newsletter) is that he holds a journeyman's status, has extensive experience in manufacturing engineering, owned his own successful company, and is already reviewing GRNO ramp-up schedule
and strategy. (You'll have to forgive me, the conversation was so quick this morning that I forgot to ask his name, so call Spencer and get the details)
All of these events continue to show that GRNO is serious about its vision and it taking measured steps to achieve it.
Regards,
Ron |
