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Technology Stocks : HDWR: Headwaters (alternative energy)
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To: MKTBUZZ who wrote (15)3/15/2003 7:12:55 PM
From: MKTBUZZ  Read Replies (1) of 26
 
3 From fossil@yahoogroups.com::

I don’t automatically believe that the shelf will
be activated this year. I talked with several
officers before and after the meeting.

My impression is that management feels that the value
of the stock is, in their minds, $25. Therefore they
are not going to activate the shelf unless they can
get a lot closer to that value.

Benson outlined his 3 goals for 2003
1 was to continue the 30% growth in earnings plus the
reduction of debt to 1.8 times EBITDA by 9/30/2003.
2 Pursue sales and marketing opportunities which could
include an acquisition.
3 Establish a JV with a major company utilizing the
nano-catalyst technology. This is in line with his
many prior statements regarding making one or more of
the existing patents of HTI commercial.

One party told me that one thing he has learned abut
Benson is that when he establishes a goal “he WILL
achieve that goal. Refinancing will only happen when
it makes sense for the stockholders, which includes
Benson big time. It could occur in conjunction with
the finding of a viable acquisition, but remember one
of his goals is to get the debt ration to 1.8 X
EBITDA. Therefore any placement of the shelf offering
must assist or be within the 1.8 debt ratio target.

I hadn’t thought of it at the time but your comment
about the possibility of working with SASOL makes a
lot of sense, at least from my view from the
bleachers.

ISG
The significant increase in sales from 2000 to 2001
were a result of the mandate of California to 25% fly
ash in concrete.
Recently Utah and Colorado, and a 3rd state I don’t
recall have mandated 25%. In addition they are
working with 30 other state institutions plus the
feds to get a 25% mandate.

HTI:
One more point is that HTI has patents that could go
commercial to manufacture hydrogen peroxide and
polypropylene oxide. Didn’t go into the economics,
but I’m guessing the this could be an area of
profitability in the reasonably near future.

Debt:
He discussed that at the time they went to market only
50% of those attempting to obtain financing were able
to do so. They also analyzed those other deals that
had been made and determined that their deal was a
market deal. Considering the level of ratio they got
the bottom line is that those placing the debt were
very comfortable with the company. The fact they got
financing is a testament to the strength of the
company.

Benson also discussed that they have had meetings with
board member former senator Garn and have established
a program to work on the extension of Sec 29. I am
very confident that this company with it’s connections
will be successful, but it will take time, probably
into 2006 or even nail biting 2007. But, it will
happen. IMO
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