To: Joe Copia who wrote (2033 ) 5/8/1998 10:50:00 AM From: Wayne Rumball Respond to of 25711
FASC To: Lee Bush (144 ) From: GJC Thursday, May 7 1998 12:16PM ET Reply # of 153 This was posted on Yahoo last Apr 14th... I believe most of it still applies. From what I understand, the financials are complete and should be out soon. Also, the good news rumor is that the long term financing went through and FASC is now debt free. We'll see... Here is a message I received from the CFO: The company is still in existence. The company continues to advance in all three areas of its technology but continues to be hampered by insufficient working capital. Management is quite focused on obtaining sufficient working capital so that they can proceed move forward and restructure its affairs. The 10K for June 30, 1997 and the 10Q for Dec have been filed. The mine operation has just commenced production in Blythe and should produce at least 15,000 tons per month. The product will be sold to farms, wholesalers, cement companies, and as needed, to our Bakersfield plant. The Bakersfield plant is operating and has a contract to process potash for a client in Utah. There are numerous orders available in Bakersfield at the present time but we are hampered somewhat by the working capital shortage. Testing of the sludge has advanced to the point that a extensive test program is contemplated on the west coast of the USA in the next 2-3 months, for a period of at least 3 months. Should this program be successful, FASC will obtain EPA approval for the process, and the test facility would contract for a number of machines. Testing generally has shown that the moisture content reduces from 80% to less than 3% while the pathegons are essentially all removed. EPA approval more or less gives us an entry to any municipal facility in the USA with credibility. Progress is being made with a third party to finalize development of the rubber processing aspect of the technology. This 3rd party would spend the necessary R&D dollars to advance our process to a commercial entity. The company is attempting to finalize a placement of between $500,000 and $1,000,000U.S. in order to: retire existing debt to trade creditors from the startup; retire the debt on the technology; Working capital to operate the Bakersfield plant. Our business outlook is exceptional if we are successful in obtaining the necessary funding. We fully intend to develop as a three dimensional (divisons) company. These are industrial minerals, sludge, and rubber. The technology is also applicable to other applications such as glass, but we are not pursuing those at the present time. We agree with you that the technology is promising and we recognize that there have been no press releases lately, but management is working hard to solve the issues outstanding and is not intentionally ignoring the shareholders. Message 4349500 Message 4351277 Message 4363081 messages.yahoo.com .