Show me where the company ever said they would finance the balance of the project
with internal cash flow. What they said was once they show the system works and can
generate cash flow, they would be able to get further financing for "commercial"
production--meaning the 80,000 - 100,000 per day.
Mr. Butler: (President & CFO) "We have a very aggressive program in mind, and it
will take a great deal of capital to implement. We expect to be able to do this primarily
through cash flow. We have projected very abundant cash flow from our projects, and
we expect to be able to move forward from the initial 15,000 barrels of oil a day to
50,000 barrels a day in the next century. That's our objective. I said we would do it --
or could do it -- on cash flow.
Clearly, he states cash flow.
Response:
Sure i can see that. That is always the problem when one focuses on
any one statement, that may have been taken out (or in) of context. I stand by the statement you quoted above (from me) as to what their overall goal has been, and that was stated time and time again. When they show that this system works they will get the financing for the balance. I can live with that risk, you can't walk away or short--that's fair. But let's not malign these people unfairly.
No I am not "supposed" to be doing anything more. It isn't worth the time or effort, as I must assume everyone else feels since they were
"supposed" to answer my questions.
I asked a question regarding Gibson and the answer was a question.
If I knew absolutely, I would not have asked, and obviously no one knows definetively what the Gibson agreement is.
Comments by the union regarding plant progress who have been on site, and are willing to stand 100% behind the comments made is the best source of information that I have seen provided to date. If someone has a more complete statement as to the condition that has been at the site, please post it.
I do not believe the company has said exactly how complete the project is to date, but if they have I would like to see it. For the time being, I am accepting the word of a union official who is not being investigated by the SEC nor the Serious Fraud Office until this is proven false. |
