Charles et al: Ron and I took a really quick site visit - 24 hours round trip. It could only be done by sharing the driving. I have been busy since my return and couldn't take much time to report. I concur with Ron's earlier comments.
I hadn't been down to GOE since the shareholders meeting. The machine has had several modifications made since then, and additional large tanks added. We could observe product being produced, equipment is working, but no production figures are available. This is what I came to see. We weren't shown the money, but could see the diesel, at least in the pipes. We also were not able to confirm 24hr x 7 day production, but it appears to be in a significantly steady production mode. I must say that the lawyers are very diligent in reviewing all statements. We were also told that Bill gets a letter every time he says anything, reminding him of the limits of what he can say - which is nearly nothing.
Speaking of Bill, he is looking older and tired, but appears to be "doggedly determined" to see the process through. He is clearly upset at the delays and slowness of resolving the regulatory and SEC issues, and the communication constraints,but resigned to the process.
My conclusion: I believe the next 6 - 8 weeks are critical to the health of the company. The delay appears to provide time for tweaking of the equipment and considering the implications of the first sales.
The current prices on oil are not helping, and neither are the production limits and NASD and SEC status issues. None-the-less,
I came away feeling somewhat better about holding on to my shares, and if possible accumulating more. Only selling fuel and/or selling units
will make the difference. I believe getting back on the BB will help but not significantly unless the regulatory approvals come through for
higher production, thus leading to sales. I highly recommend that more shareholders and L.Partners take the time and make the effort to do as we did, and visit. BTW - I don't believe there is a fixed date or location yet for the next shareholders meeting. If we have sales, I have suggested "the islands". Still long, regards, Carl
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