"What does this mean? B.C. is selling the co.?" Ned, you've answered your own question--what GRNO is selling is "the undivided rights, license, patent and privileges to the Green Oasis technology." No, that is not selling the co., but, as the press release stated, it substantially alters the assets and business focus of the company. As many on this thread have noted, the company's principal asset has been its patent, which is being sold to Kwikpower. The principal assets will now be cash, stock, warrants, notes, manufacturing rights, royalty rights, and joint venture profit rights. Oh, and the general partner's share and 14 limited partnership units's share of the limited partnership, which, since GRNO is getting out of the operating business, may well be sold.
Until now, the company's focus has primarily been research, design, and development. That concern will all shift to Kwikpower. GRNO's new focus is to build and install machines and collect money. That's a very different kind of business from inventing technology, consolidating the waste oil collection and processing business in the US, and drumming up sales of machines to foreign operators. In addition to the previously cited reasons for a slow change in GRNO stock price, you can add the problem of re-evaluating the worth of the company with this major shift in focus. No one knows, for example, how quickly or even where Kwikpower intends to ramp up plant installations and operations.
"Who's in this Kwikpower Int'l., Bo? Where is Bo?" Definitely not Bo, who, the last I heard, was still in Chicago. I regret to report that I was told that he has had a major illness and a divorce in the last year (I have not confirmed either of these directly with Bo). I have no reason to believe that Kwikpower is anything other than who they say they are, a collection of investors, primarily in England, who formed a private company in 1996 for the sake of investing in new technology that advances fuel and oil performance, particularly in environmentally attractive ways. They are completing a $72 million private placement of stock in Europe and plan to file for an IPO and public trading on NASDAQ early next year. Believe me, Bo doesn't have the wherewithal to play in that kind of league. If he did, he'd have got GRNO (and himself) out of the SEC woods a long time ago. $5 million in private placements would have been sufficient, and I don't think he ever got within smelling distance of that amount.
"It sounds as though B.C. will have a steady flow of income, none of which will increase the corporate value of GRE. It will all be absorbed by salaries and benefits." I have no idea what you read to give you this impression. Green Oasis made the deal with Kwikpower, not Bill personally. If Bill gets a "steady flow of income" as a result of this deal, so will every other stockholder.
However, there is a major issue about the priority for repayment of loans to the Co. by Bill and Mary Ann, and Bill's deferred salary. I would estimate that these items combined may come close to $2 million. I would argue that repayment should be delayed until the other primary objectives of the Co. have been accomplished. The same issue will arise with the Gambrell & Stoltz law suit, assuming that it is settled favorably. The suit is a joint suit by the company and by Bill and his family. I would presume a strict accounting and division of costs and settlements between these two entities, but since Bill and Mary Ann are in control of both of them, who knows? Bill has been operating since May 1997 without _any_ oversight or reporting accountability. As a consequence, he is leaving himself and the company wide open for law suits if there is even the appearance that he is favoring himself and his family over the company and the stockholders.
"What existing customers?" Well, that's what makes this statement interesting, isn't it? We know that Manova signed a letter of intent and deposited $50,000 with GRNO. I would argue that the money makes them a "customer." It's the reference to the "customers" in the other six countries that is new news. Absent any press releases from GRNO, we don't know the state of their relationship to GRNO, except that they have been granted special privileges by the Kwikpower agreement to deal directly with GRNO in some way regarding joint ventures. I assume no "firm orders" yet because a hard contract with a deposit would require a press release as a "significant event" for a company in GRNO's position.
Ned, try not to get hysterical or paranoid about isolated phrases that you have taken out of context. There are plenty of real issues to be concerned about without inventing others. If you have trouble interpreting texts, you're welcome to attend one of my courses. I can probably slip you in without charge, provided you don't want college credits. Or you can try re-reading my posts, where I attempt to practice what I teach. If that doesn't help, you can even send me a private post. I can usually answer within a day or two.
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