Ned,
From what I understand Pete is still on board. The 5 workers who were laid off were employees of a temporary firm that GRNO has used for several years in order to tailor its manpower requirements to needs and reduce overall expenses. They will very likely be hired right back as soon as a deal is penned.
Regarding Houston, I couldn't have said it better myself. The discovery that GRNO's technology is exempt from Texas Air Permit procedures is a MAJOR PLUS. Obtaining Air Permits (and oftentimes hazardous waste permits as in California) are expensive processes to undertake, as well as lengthy. And it is necessary to have these permits in hand before construction can commence, hence the obvious lack of deals despite extensive interest in the technology.
Texas is a HUGE potential market for waste oil recycling technology, given the amount of overall petroleum exploration activity that exists, both onshore and offshore. These rigs require lubricating oil and that oil has to be disposed of. This was one of EVSI's target markets according to the conversation I had with them last May, just before the trading halt.
So the way I read the portion related to AMBIX tells me that all lights are green to pen a deal and commence manufacture once the necessary financing is in place.
Regarding the Partnership processor, this announcement of a shutdown comes as little surprise, given the artificially low restrictions that have been placed on its operations. However, since this processor was operating at 1/3 capacity(minimum), the partners realize that they will only begin receiving revenues once the SC permits are in place, hopefully early this summer.
This should not be construed as the process not being credible since it has not been allowed to operate at profitable levels.
Turkey... There have been 2 person to person meetings between MANOVA and GRNO, one in Charleston and the other in Turkey last fall from what I understand. MANOVA's representatives traveling to Charleston strikes me as being the "charm" since this deal has been in the works for over 12 months. I'm keeping my fingers crossed.
Personally, I would rather see GRNO move its operations to a more petroleum friendly state like Texas. According to conversations I had last fall, it would not require much more than $100,000 to relocate the entire processor, and hence the corporate headquarters to Houston or thereabouts. Given the problems and lack of overall support the company has received from the state of South Carolina, it would not bring much of a tear to my eyes to see this happen sometime this year.
We also have a snapshot view of the status of the company's outstanding shares, which I believe BC wishes to husband as closely as possible in order to limit dilution. We will know more when the eventual 10K is issued.
We have GRNO issuing out what could be percieved as a negative release (something new for this company and indicative of growing credibility and veracity of company press releases), but it is also a release that hints at other issues that stand to return us to profitability this year. GRNO has made a vast improvement in how it discloses corporate information, good or bad. And that is positive for me when it comes to knowing where the shareholders stand.
So that's my take on this news release. Some bad news that was not totally unexpected given recent fuel oil prices, and some good news that maybe we might finally be seeing some light at the end of the tunnel.
Knock on wood.... :0)
Regards,
Ron
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