Don't count this stock out yet.
I am still holding all of my shares.
Brief summary......(see also my annual meeting summary).
Annual meeting in Dec/2000...... Mr. Neill (C.E.O.) had stated that the Flyash Industry is where E.M.R. is concentrating its efforts at the present time.
He had stated that E.M.R. was going to put its "Flyash Technology" into a Joint Venture (J.V.) with other partners. E.M.R. would then own a percentage of the joint venture and its profits. He had also stated that the final signing of this joint venture and corresponding press release should be out in Jan./2001.
Jan./2001 came and went.....and NO press release.
I had e-mailed the company at that time,and was told that because of a conflict of interest, the J.V. agreement had to be re-written and agreed upon by all parties involved.
The conflict of interest was; that Mr. Neill was one of the persons/partners putting up cash for the J.V...... and apparently some shareholders didn't like that arrangement.
So instead, Mr. Neill put his money into that private placement (which was announced in Sept/2000 and finalized in March/2001).
So, now April/2001 comes along and still NO press release. I e-mailed the company again.
I got the following response:
*****"I have the following statement issued by James Tranquilla, President:
We have recently signed an MOU to sell our fly ash technology into a Joint Venture, with the final agreement scheduled for early May. This transaction will provide cash and a significant interest in the JV, whose business will be to market plants to utilities worldwide. Details of this transaction will be announced upon completion of negotiations.
Although the JV is only now being formalized, EMR has been partnering in presenting several plant proposals to electric utilities in the Maritimes and New England since November 2000. This activity is continuing under the
banner of the JV and we expect to succeed in a plant sale very shortly.
With regards to your question on the private placement, over 2,000,000 shares were purchased by insiders.
Lisa M. Gervais
Executive Assistant
EMR Microwave Technology Corporation
64 Alison Blvd.
Fredericton, N.B. E3C 1N2
ph# 506-459-4334 fax# 506-459-4345" *****
A few notes:
1)They mention that E.M.R. is "Selling" its Flyash technology into the J.V....... therefore the company should get some $ cash.
2)They state 'significant interest' in the joint venture. I hope this means that we will own (and profit) a reasonable percentage of the new J.V.
3)I looked on the canadian venture exchange web site. I saw that Mr. Neill had purchased ~ somewhere between 2.5-3.0 million shares of that 5.0 million share private placement.
I think this is a good sign if the C.E.O. is buying millions of shares at 0.15 cents per share.
Overall this company still has huge potential.
There is nothing Negative happening (that I am aware of), but the share price won't start moving until something positive happens........ and we can all cross our fingers that it will happen soon.
Good luck to us all.
I'm still here for the long run, and i've got a good feeling.
Gary. |
