Howdy all!! 18 Oct 1996
From: Spencer Maus
Their are a lot of misunderstandings and incorrect information being passed around on AOL, Silicon Investor, and various newsletters. Specifically:
1) The 6/30/96 10Q:
a) The Balance Sheet 6 month changes: Current Assets +$116,000.
Total Assets +$116,000. Current Liabilities -$565,000. Shareholders equity +$696,000.
b) Revenues. GRNO revenues were $2.075 in 1995. Revenues 1996 YTD $0. Remember GRNO had to relocate its entire processing and assembly operation from Mt Pleasant SC to Charleston.
c) Bill Carraway stock purchase. This was the completion of an option exercise at $.50/share started in 1993 - over 2 years before GRNO started trading on NASDAQ.
2) Groups who have done complete financial and process due diligence on GRNO include:
a) Allied Terminal, Inc. subleasing the Exxon location. Both reviewed and appproved GRNO for not only a 20 yr. lease, but site modifications. (Would you lease an apartment to a tenant who was going to knock out a wall and was financially weak with no job?)
b) M&K Engineering, and Environmental Resources Mgmt. Both reviewed GRNO and the company's waste oil system before agreeing to a "project by project" relationship.
c) The construction contractors. All necessary work could be completed by December 1, 1996. This includes both the on site plants and assembly operation. Contractors do not work for free.
d) Joint venture with Texaco, PetroPeru, ShellPeru, Mobil, and NAINCO. See a), b), and c).
e) Note holders and Vendors converted debt to stock instead of cash. Total of $1.5 million.
f) NYSE member firm agrees to provide expertise. Companies the size of GRNO usually don't get in the door of an NYSE firm. Ask your broker if he will work for free?
3) Lawsuits. There are 3. Confidence is high that they will be dismissed very soon on terms favorable to GRNO and shareholders. It takes too long to type the history and status and then respond to E-Mailed questions. Call me if you want details. 847.266.2055.. I will call you back on our quarter. (or E-Mail BFiore@aol.com)
4) Making $$$$. If it weren't for hurricanes, tropical storms, etc., constuction would be done. They would be assembling, selling, and making money. Remember, GRNO had an operational assembly plant in Mt Pleasant. It has now moved waiting for final site construction to be complete. The assembly plant could be in full operation in 4 to 6 weeks.
5) Does the process work? Citgo was buying all GRNO could produce while operational in Mt Pleasant. Fluor Daniels evaluated and gave a positive review/recommendation on the process (call for documented proof).
6) Stock weakness and selling. There is no shorting in GRNO stock other than market makers filling your orders when there is no stock available. The current weakness is caused by an individual who is financially forced to sell an entire portfolio which includes 70000 shares of GRNO (50000 has already been sold). People die, estates get liquidated, life goes on.
Finally. Ron Reece is a VOLUNTEER moderator who has done his homework and believes in GRNO. We deeply appreciate his efforts in providing a forum for conversation. We hope he keeps up his good work. BUT! Ron is not a stockbroker. Ron is not an analyst. Ron is not part of the Investor Relations team. And, Ron is not a Corporate Officer of GRNO. When you have hard questions call Spencer Maus, Keil Wilson, Barb Fiore, or Bo O'Brien at 847.266.2055 of E-Mail BFiore@aol.com. If you have TECHNICAL questions about the process ONLY! call Bill Carraway at 803.722.5771 (E-Mail grno@awod.com). Remember, if you call Bill about non technical or trivial questions that is less time to get the operation running and make YOU money!
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Thanks Spencer!!! I hope his response motivates some of you to contact him and begin your research if you haven't already. This company deserves it!!
BTW, I was thinking about doing an IRC chat session on Sunday. I could do it in the morning EST or around Noon. My IRC server is irc.erols.com
Regards,
Ron
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