The following response is to some questions i put to Barry Goverman
USBC VP. He has always been accessible and responsive to my inquiries.
Date: Fri, 25 Sep 1998 09:05:45 -0400
From: Barry Goverman <bgoverman@usabiomass.com> Save Address Block Sender
To: Tim Bennett <tbennett4@hotmail.com>
Subject: Re: Website
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Hi Tim:
Sorry if you are having trouble with the website. We are still working
on changes. Maybe you got caught as it was being teswted. I do notice
that the link to our press releases is not working and I have reported
it to my webmaster.
Regarding news: The new trucks are in, close to 30 so far--the largest
fleet purchase for Volvo on the west coast. All built in the U.S.
Commencement of the contract with Waste Management (formerly USA Waste)
should begin sometime next week, phasing in over a few weeks.
Regarding Dave Stewart: He has never been tied to, or paid by, our
Company. His research was his own and probably more extensive and
continuous than most that I've seen. Changing over from one type of
enterprise to another takes time. In our case it's been 18 months.
However, during that time we've had two acquisitions (with others
currently being reviewed, new site acquisitions in Fontana, Bell Gardens
and others, new contracts with cities and the University of California,
and finally the continuously growing contracts with Waste Management
(the largest waste hauler in the world). We've also sold off two pieces
of real estate, using the downpayment funds to reduce current debt
service.
This changeover has obviously cost the Company, at the bottom line,
during this fiscal year. However, fiscal 1999 has begun and biomass
revenues are expected to be well over half the Company's total
revenues. Revenues should be much easier to project since biomass is
not a seasonal or cyclical business as are agribusiness and real
estate. It's contract based, thus as long as the Company produces on
its contracts the revenues should be there.
I'll check in on the new SI site, thanks. We are in the middle of our
audit, currently and have a policy of not commenting on possible
results, during that time.
Regards
Barry Goverman |
