Howdy All!!
I am sorry that I've haven't had the chance to visit this GRNO thread before now, but those that subscribe to my shareholder newsletter know how busy I've been. I have to say that y'all have quite a conversation going on here and I'm seeing my name ballied about quite a bit. Thanks for the compliments. I will try to always provide the most credible info and updates available. However, I will be the first to admit that I often misinterpret information or find out that what I've thought was occurring has often been overcome by events (OBE).
I know that there has been quite a bit of speculation about financing arrangements for resolving the current cash crunch the company has been facing. From what I understand, according to Spencer, the only current plans being discussed revolve around the limited partnership, which is considered a form of private placement. Spencer has said that they have 5-6 subscriptions to partnership units in various stages of completion. This should provide sufficient cash flow to complete the reassembly of
the EnviroEconomics waste oil processor, the demonstrator. The fact that they have cut back on the actual number of units being offered could be construed to say that the they have sufficient capital on hand and see no need to sell their remaining interest in their "cash cow". (each operating processor owned by the company should contribute approx $.20/sh to annual earnings)
I saw that Bill talked to someone about the Section 29 Energy Tax Credits. I discussed this briefly with Bill, but the issue is thus far unresolved. It may some time before they have confirmation of whether or not they qualify and it should not be considered in assessing valuation. Besides, if true, I would like to let the company be able to announce it to the market instead of us creating false hopes here on the net. This is the company's business and should be left to the company to announce it. It keeps us from setting ourselves up for any future disappointment. (Not to say there will be one or not.)
I would like to say that over the past four months that I've been doing my Due Dilly on the company, (bought my first position in June), I have found Bill, Bo O'Brien, and Spencer all to be forthright and honest individuals. I know that Bo has been involved in analyzing the company for 5 years now. He has watched it from its inception, and has maintained close interaction with management since that time. Although it was privately held until April, there was always an expectation that it would eventually go public. We're seeing the company undergoing a resurrection that will culminate with the resuming of operations of its waste oil unit. Those of you who are watching this company and have become as familiar with it as I have inherently know that when the unit resumes operations, we will likely NEVER see these prices again....
Bill provided me copy of the preliminary marketing report prepared by an independent marketing firm, and I can tell you that there is a HUGE interest in this technology. However, all deals hinged on resumption of operations. Forget everything else. Concentrate on the progress of the units reassembly. This is the REAL story. Everything else is a side issue. I expect that news releases will be forthcoming over the next week or two that will provide a progress report. Remember the Hurricane Fran did cause a slight delay and it is unknown at this how much it has altered the reassembly schedule.
Regards,
Ron
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