NewStream Energy Technologies Group Inc (NSGP)

[White Coal]

Expect delays

Although I personally feel this is meaningless (long term) it is still a concern I feel obligated to share with my fellow investors.

https://www.google.com/amp/s/county17.com/2017/11/15/man-with-firm-seeking-bonds-in-county-has-past-sec-violations1/amp/

If you're having trouble with the link:

(Gillette, Wyo.) The Campbell County Commission is mulling over whether or not to pass a resolution, which is part of the process for Wyoming New Power to apply for $100 million in industrial revenue bonds through the state of Wyoming.

Wyoming New Power plans to build a new facility on the site of the Two Elks site in Campbell County, and the bond will support that construction. The bond will not create any financial liabilities for the county or utilize local tax dollars.

Patrick Imeson, executive officer of Wyoming New Power, came before the County Commission last week to discuss the commission passing the resolution.

The county is still firming up all the procedures necessary to fulfill the requirements before the resolution comes to a vote, and it’s still uncertain if the county will pass it.

Imeson is the managing director of Black Diamond Holdings, which is part of the Wyoming New Power Group. Black Diamond Holdings owes about $19 million in reclamation bonds and another $5 million in local taxes to a town in Montana as a result of a gold and zinc mine the company bought, the Star Tribune reported last week.

According to Security and Exchange Commission news archives from 1986, Imeson was accused of violating anti-fraud laws. The Seattle Regional Office filed a complaint in U.S. District Court in Portland against Imeson. The archive account describes Imeson as sole proprietor of a Canadian corporation and says Imeson was charged with manipulating the price of the stock of Invermay Resources, a Canadian corporation. As a result of the alleged manipulations, brokerage firms in the U.S. lost at least $550,000.

Then in July 1995, Imeson was sentenced to three months in prison after pleading guilty to one count of criminal contempt when he failed to comply with previous court-ordered injunctions to refrain from further SEC infractions. In this case, the SEC alleged Imeson caused brokerage firms in the U.S. and Canada to purchase stock on his behalf, using false representations to assure he would pay for the stock, which he never intended to pay. “In some instances, Imeson issued checks on closed accounts and over which he had no signature authority,” the SEC claimed.

Imeson told the Helena Independent Record in 2010 that he never admitted any wrongdoing in that case and never had any intention of violating securities law. The Independent Record report also noted lawsuits filed by former business partners.

Messages left for Imeson at the Black Diamond Holdings offices in Denver were not returned as of press time.

County Commissioner Micky Shober said he was aware of some questions concerning Imeson’s past but was waiting for more information.

“You always hope everyone is on the up and up,” he said.

Shober said, even though the bond doesn’t create any financial liabilities for the county, “you don’t want to be a part of a train wreck, either.”

The new facility Wyoming New Energy intends to build utilizes technology to dry out coal. This process allows the coal to burn cleaner and more efficiently, but it also makes it unstable. It has a tendency to spontaneously combust.

The technology was developed at a test site in Oklahoma operated by Clean Coal Technologies Corporation, and the company found a way to make it stable and therefore commercially viable.

According to Wyoming New Power’s application to the state, if built, the project will create 120 jobs at its peak during construction and another 40 jobs during the operation of the facility.

The Two Elk site is the location of a clean coal project that never came to fruition. The developer of that project, who is unconnected to Wyoming New Power, was sentenced in June to three years in prison for using federal dollars to illegally enrich himself.