I think all GPGI investors will be interested in a couple of conver-
sations I had this morning. First I got a call from a NY personage
(who reputes himself to be a shareholder) who told me GPGI would not
be getting a check from the "new, un-named" refiner anytime soon. In
fact he suggested it would be several more months. He said he would
be selling his position soon of 8,000 shares. I do not completely trust
this person and I feel he may have a hidden agenda.
Next I spoke with Ed Fishbaine who told me that there would be a delay
in GPGI receiving a check, because of what has been described on this
thread earlier as a "bottleneck" at the refiner. He said the delay
would be a few months. To put this in perspective, he told me that a
new refining expert, a Mr. Waddell, is entering into a partnership with
the exisiting refinery owner, and that they were looking to build or
buy a new refinery and this would account for the delay. Reportedly,
there will be a meeting this Saturday at the new refiner with Barry
Downs, and 50 or so investment people as well as Mr. Waddell and the
owner. They will give a report on the progress of refining GPGI's
product. It was also mentioned they are looking for financing in the
$5 million area to facillitate their being able to obtain a new
facility. In light of these reports, a substantial delay could be
expected if they were true.
I then called Russell Twiford. He categorically denied there would be
any substantial delay and asked me to relay this to all the readers of
this thread. He said they are "ramping up" the exisiting facility and,
"a check was expected any day." He said they may want to obtain a
larger facility in the future, but for the moment they are expected
to process GPGI's product using the present refinery. He felt they were
making good progress and had gone so far as to have refined metal in
solution (which, if I understand it, means they were very near the end
of the initial process).
I have not attempted to call Dick Jensen, as I understand he is not
back in SLC yet, but I will do so tommorrow and report to readers of
SI what he tells me to clarify the above issues. Clearly, they can't
all be right. This muddled confusion may be part of an effort to get
exisiting shareholder's to sell on the cheap, in my humble, non-
professional opinion. More tommorrow hopefully, if I can get Dick
Jensen's clarification.
Regards,
Jeff Williams |
