Do you work for OTEC?
Have read the complete research report distributed by Stockwatchindex (which I'm sure OTEC paid for) which raised multiple concerns for the sustainability of this company. Losses are piling up, debt is high and
the firm is sustaining itself with multiple Promissory Notes from the CEO (see last SEC filing). According to the report, now OTEC wants to increase the debt further in order to "obtain contracts".
Per the report:
Building the planned OTEC facilities and commencing with operations will require significant investment. While the individual OTE facilities
are being financed via a combination of investment, debt and Green Bonds, the inherent risk is the potential inability of the Company to
execute the appropriate financial instruments to begin and finalize projects in a timely manner. To achieve its capitalization goals, the
Company intends to raise $8.0 million in debt or equity, or a combination of the two in 2018. Funds raised in this offering will support an expansion of the technical and management teams of the company with the objective of bringing the Company’s last two projects to contract stage (Power Purchase and/or Energy Service Agreements).
What happens if this debt financing fails to be completed - is there a Plan B ?
As far as the BAHAMAR, its open, taking reservations and doing just fine without the abandoned OTEC project which cost the firm millions in losses.
Lastly, the attached USVI youtube presentation was dated April 6, 2016.
That's 20 month's old as are most of your Memo's of Understanding and
not one has come to fruition.
So again, please stop telling this board that everything is wonderful.
