Conversation Summary
What's the deal with the OS increase?
Can't comment really. The restructuring and debt settlement process has made this matter absolutely impossible to detail and the CFO can't even describe it. The auditors, D and T will correctly word the happenings for us. The audit WAS COMPLETE and numbers are being certified I guess, but other matters had to be taken care of first for announcements to begin.......thus
Why was there an absence in news?
2 things have held back the public announcements: the legal issue and the name change
What is the deal with the legal problems?
The issue has ALREADY BEEN RESOLVED and they should potentially have matters announced later next week. The money will clear out a tax liability and basically make WLSA debt free and help pay for audits and other matters to move much more quickly.
Net Book Value is said to be $.05-$.10 cents.
Talk about the institutional meetings....
Several meetings have been underway with potential investors who all wanted to see legal issues, audit, and name change before restricted share deals may be discussed more in depth.
Investors were said to be large and even cleantech canadian mutual funds have been in talks with the company as well.
What's up with Connecticut?
The problem with closing deals right now lies completely within the inability of the city of Hartford and the state of Connecticut to agree on terms. Hartford controls the operations, while Conn. controls the land and facility. Issues will be resolved no matter what due to there being a VETO ON WASTE and 15 month period before the incinerators are shut down. Considering Europlasma estimates that a plant can be built within 6 months I would think that they would need to compromise rather quickly. Simmonds has said that neighboring cities are very cloe to "breaking off" so that their land will be available instantly for ground-breaking.
Where else in the USA is Sunbay talking/looking?
Sunbay has currently researched and talked with the correct people in regards to plasma projects in the areas of Virginia, Rhode Island, New Jersey, Hawaii, and San Diego. I'm posiive there are more talks internationally (specifically Canada) as their political landscapes are "less bureaucratic and move quicker".
Also, Sunbay will be announcing their USA Team of plasma specialists/JV in October (that's the plan).
My speculation on PRs:
Late next week or the week after we see the Legal PR.
Within the next 2-3 weeks after that we see PRs on both Port Hope and Connecticut. We will then see a PR on the USA Team (JV?) and at some point in October we will see the name and symbol change as well. We will Definitely see the legal PR first and then possibly 2-3 other ones before the name change OR maybe not (depends how quickly the name change happens...it's not in their control).
All in all JS sounded very professional and I did not catch one stinky-pinky whiff from him. He estimated incinerators will be obsolete/banned within 10-20 years. Plasma gasification leaves 1/10 of the waste that incinerators release into our atmosphere, and the waste from plasma projects CAN BE USED to build roads and possibly be used in high-end wall boards.
I would consider October to be a very bullish month for shareholders here as news can now be realeased. They have been holding back on us, and now they deem it acceptable to be more open. When asking about the bottom line earnings of the Port Hope project ES has been using 2.5million I believe. JS said that is very conservative and that anywhere up to $5million could be obtainable and within reason (the range is 2.5-5).
All of this is in my opinion and is what I have inferred and assumed from a recent conversation from John Simmonds. None of this should be considered factual, a statement to buy, or truthful. I am responsible for all the thoughts and opinions above.
