For lack of anything better to discuss about GRNO right now, I'll comment on the article to retell and remind us of certain things.
Also, Green Oasis said it expects to report a loss of 11 cents a share for 1997, or
$709,844, on revenues of $1.3
million. That would bring the company's back-to-back losses since 1991 to more than
$6.3 million.
As we know, this means that GRNO doesn't have to pay income tax on earning $6.3 million.
Carraway said the company stopped operating the unit because low diesel fuel prices
and state- regulated production
limits have prevented Green Oasis from recouping the plant's fixed costs.
Prices have started to creep upward. They won't always be this low.
The machine
had been running regularly for
about four months.
Plenty of time to weed out infant mortalities of parts and to demonstrate operation at the DHEC imposed level.
He said Green Oasis has applied to the S.C. Department of Health & Environmental
Control to increase its hourly
oil-recycling capacity to 1,000 gallons from 250 gallons.
''We're hoping to have that revised permit around June,'' Carraway said. ''At current
prices, 500 to 600 gallons an
hour is the break-even point.''
This was early April, before we found out that RS and DHEC were still screwing around with the application. Later, Norm was told by Robbie Brown that we "could get the permit in July", even with the NNN requirement. What really counts if for DHEC to do its job to completion, regardless of what standard is applied.
Green Oasis said it will restart the plant only to demonstrate its technology to potential
buyers.
One investor expressed frustration via the Internet after learning of the shutdown
Monday. ''Jeez, can anything else
go wrong with this company?'' the investor asked readers of an online forum made up of
Green Oasis shareholders.
Lots of people watching what online forums have to say.
Meanwhile, Green Oasis said it will hold its annual shareholders meeting in Houston
sometime in October.
''We expect to have a large plant operational in the Houston area prior to (October) and
we want everyone to have an
opportunity to see that,'' Carraway said.
We are still waiting for the AMBIX investors to make up their minds. Meanwhile they frittered away any chance of getting the tax credits.
Green Oasis said it has more than 6.4 million shares
outstanding.
Note the absence of common stock dilution. The fundamental nature of the company so far has prevented that from happening. BC has been very stingy with treasury stock, and all the company needs is to start selling plants to get real cash flowing in. That is the key. But the problems with the government regulators is making that extremely difficult. There seems to be certain individuals in the SEC and DHEC that seem to need to have GRNO fail.
I asked BC once why he didn't move GRNO to Texas or Florida back in 1994 and he said he had been assured that GRNO had "every legal right" to operate in the state of South Carolina. You can cross a busy highway when the "walk" sign turns on and get your lights permanently put out by a semi and still have "every legal right" to be in that crosswalk. The problem was, it was much more difficult to have GRNO dance out of the way of the DHEC semi.
Charles |
