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Regarding your PM.
I believe I am not at liberty to say; at least for now. I wasn't aware you were interested in that company or following along.
Hope all is well with you.
I sent the same inquiry directly to Ex Kano Sams today. Maybe he will respond.
Sent an inquiry to the Lead Counsel, Glancy Binkow & Goldberg LLP last week. No response so far.
Interesting.
The breakdown was unrelated to the processors, ancillary equipment failed. Samples are being processed for potential customers in the fully equipped lab. Sales are being negotiated.
During that period the technology evolved from a desktop unit to a third generation commercial version that is both scalable and economically viable.
It doesn't appear "huckster" language to me, but then beauty is in the eye of the beholder.
Discussions occur when information may be exchanged between parties. Given tactics undertaken regarding previous PTOI topics, it appears discussion is precluded.
Apparently RES is getting at least $1.5 million in local government funding.
http://www.wlki.com/news.php?sb_news_id=16385
Memo Of Understanding Reached,
RESPoly Flow Coming To Ashley
Monday Dec 21, 2015 11:38am
Steuben County Community Center • Angola, IN
By: Jim Measel
(ANGOLA) - It's being called a Christmas economic gift for the Town of Ashley and Steuben County.
Steuben County Commissioners approved a Memo of Understanding with RES Poly Flow on Monday which clears the way for the Akron-based company to build a facility in Ashley.
Company President and Chief Executive Officer Jay Schabel told Commissioners they are ready to move forward on the Ashley project.
The Steuben County Council approved a $1 million Major Moves short term loan request from RES Poly Flow on December 8th, one day after the request was approved by County Commissioners.
The loan was part of a modification to an incentive package.
Equipment will serve as collateral for the loan which would be paid back into County's Major Moves fund. If funds are not received by July 1st, four percent interest would then be charged.
Schabel earlier told County Commissioners that the short term loan would save the company $2 million.
Another $500,000 loan from Steuben County would be paid to the company now that they have decided to come to Ashley.
The Ashley Town Council approved an ordinance in September that would annex 80 acres next to Klink Trucking that would be the RESPoly Flow site.
The Town Council also approved having the 80 acres become part of a Tax Increment Financing district.
RESPoly Flow makes energy products from difficult to recycle polymer and rubber waste that is destined for landfills or incineration.
For what it is worth.
The company's stand-alone thermal-deconstruction vessels are designed to convert “co-mingled, low-value plastics into high-value, marketable blend stocks” without excessive handling, sorting or cleaning, according to Michael Dungan, the company's director of sales and marketing.
Dungan said the company currently can produce ultra-low sulfur diesel and gasoline blends, not only diverting plastics from landfills but doing so with a lighter carbon footprint than other plastic conversion processes, such as incineration.
To date, (September 26, 2015)RES Polyflow has raised $9 million in funding, including a $1 million grant through the Ohio Third Frontier program that bankrolled the construction and operation of a successful pilot unit in North Perry.
http://www.crainscleveland.com/article/20150926/WHOMFG15/309279992/jay-schabel-ceo-and-michael-dungan-director-of-sales-and-marketing
Yes you are, and you have more than earned my respect. I hope crow tastes like chicken. :)
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lol .. yep and i'm one of them .. but i always respect your opinion
and enjoy a civil discourse
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In my opinion, a distinction without a difference. Nothing happens until financing is arranged. Given the state of the world it is an issue for everyone, P2O, Agilyx, RES and others.
According to the last P2O filing the financing commitment was the issue causing the 30 processor sale to be put on hold. If the RES "angels" are real, I see it is a slightly positive indication for the entire sector. However, it is incumbent on anyone making a multi-million dollar commitment to investigate all alternatives.
I remain convinced P2O has the best and most financially competitive solution in the sector, so "go angels".
By the way, there are other P2O investors I respect that disagree with me regarding the necessity of repairing the NF facility. They believe the lab testing capability and previous operating track record are sufficient to close sales.
That may be the case and I would be happy, very happy, to eat crow if I am proven wrong.
I believe the operative term is "performance based" in the first case. Also, my guess is the $4.4 million will be after the facility is operational. So yep, the government entities may be on board if the unnamed existing and other needed "angels" come through with the other money.
It would seem the "angels" would look at all available competing technologies prior to making the $90 million commitment. That would include P2O, I guess Agilyx, and others so I hope the angels, whoever they are, are real. The plastic waste issue needs to be solved.
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Looks like state and Local Government is on board.
Raising the money is a different question than the decision making.
"State and local support for the project became a critical factor in the decision to build in Ashley. The Indiana Economic Development Corporation (IEDC) offered RES Polyflow LLC up to $900,000 in conditional tax credits and up to $100,000 in training grants based on the company’s job creation plans. These incentives are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. Likewise, a local economic development package valued at $4.4MM offered by Steuben County and the Town of Ashley complemented the state’s investment offer. Company officials estimate that a second phase of the project planned for completion by 2021 will double the capacity of the plant."
http://www.respolyflow.com/media/news-releases/
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I agree the non-operational NF facility is a problem than hinders closing sales of the processors. The mechanical breakdown was unrelated to the technology, rather it was a failure of the ancillary equipment required to operate the facility.
Management apparently feels the fully equiped functional lab that that is used to process feed stock samples is sufficient for potential buyers to make the purchasing decision. There were two relatively long runs that occurred prior to the mechanical breakdown, but those may not be sufficient for the purchasing decision that will require committing millions of dollars.
Given the fact sales have not been closed so far, I have to disagree with the management position at this point. In my opinion, a way needs to be found to repair the facility. As I understand it, in the scheme of things the repair costs are not substantial. I think there are several alternatives that should be considered to accomplish the repairs and that in turn will lead to the closing of sales.
Has that decision been made?
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Very compelling argument. I guess those silly Hoosiers decided to go with a machine that has been proven to work as advertised.
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"To date, about 65 percent of financing for the Indiana operation has come from angel equity and the remainder from debt and grants, Schabel said. He added the full $90 million has not yet been raised."
For those interested.
The proposed $90 million facility to be located in rural Indiana serves to illustrate an added potential benefit of the P2O technology.
All feed stock to be processed in the RES facility would need to be shipped to the facility, processed into a form of crude oil and then that product would need to be shipped to a refinery for further processing. The resulting spec fuel produced at the refinery also would incur shipping costs.
For the same $90 million investment six three unit P2O clusters could be located in urban areas close to the source of the plastic feed stocks. The spec fuel could be sold to local fuel distributors, resulting in a considerable transportation cost reduction on both sides of the process.
Also, 18 processors would roughly double the amount of fuel that could be produced by the RES proposal. Again, that spec fuel could be sold at a higher market price than the form of crude oil derived from the RES process.
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A $90 million plastics-to-fuel plant planned in Indiana
By Editorial Staff, Plastics Recycling Update
January 6, 2016
A small Midwest town is slated to welcome a plastics-to-fuel facility converting up to 100,000 tons of mixed plastics per year into gasoline and diesel fuels. RES Polyflow
Renewable Energy Solutions (RES) Polyflow in late December announced Ashley, Ind., population 1,000, as the location of its first commercial-scale facility, which will cost roughly $90 million to construct. Once complete, the facility will aim to leverage a patented plastics-to-fuel technology to convert mixed plastics that would otherwise be destined for the landfill into gasoline and diesel blendstock.
"We can have a varying incoming plastic stream and still make a reliable hydrocarbon product," Jay Schabel, CEO of RES Polyflow, told Plastics Recycling Update.
RES Polyflow is a founding member of the Plastics-to-Fuel & Petrochemistry Alliance, which was started by the American Chemistry Council.
http://resource-recycling.com/node/6880
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Interesting. Just a quick back of the envelope calculation for anyone interested.
The same capacity would require around 10 to 12 PTOI processors and would produce spec fuel rather than a form of crude oil that will require further processing.
The PTOI processors are priced to ECO at $2.5 million each. Assuming a 20% ECO mark up results in $3 million each. So the equivalent processing capability would result in a ballpark cost of $50 to $60 million including other equipment, buildings and infrastructure for PTOI versus $90 million for RES.
Crude oil at $35/barrel is around $.83/gallon and incur additional refining costs. Spec fuel revenue produced by the PTOI technology will be priced higher than RES crude and require little if any additional refining costs.
hmmmmm.
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The crickets are making plenty of noise, there just aren't many crickets around here anymore.
Were you able to find the other available court documents you requested regarding the PTOI issue finding in favor of the former PTOI employee, director and CEO?
An inquiry was sent to Gilardi on December 4, 2015 and copied to the court, among others. No response so far. I will attempt to post any response on this board if permitted,(I am uncertain if that is permitted, given recent experience) should anyone respond.
Silence can be golden. ;)
Gosh, it looks like a new low was printed today. A mysterious 2500 share trade at .0305 or $76 bucks worth.
Very interesting.
;)
Great post Xena!
Oooookaaay....
Can't "prove it" to your satisfaction but I know it happens because I was an insider in an OTC and watched the "impossible". So you can't tell me it doesn't happen. Reg SHO only shows what's reported, not what's manufactured.
Your're asking for a document to prove something that is by definition illegal covert fraud.
I suppose John could plow the $87,000 back into the stock. At $.04 he might be able to add another couple million more shares or so.
That would likely lead to a share price increase, but I guess if he knew processor sales were pending he would be restricted from buying, but then the sale of processors would result in a much larger share price increase too.
Just food for thought.;)
"Accordingly, the costs payable by Eisley personally to the defendants on a substantial indemnity basis are fixed in the amount of $87,000.00 inclusive of disbursements and HST, payable within 30 days."
Released: October 27, 2015
Yep.;)
"had a feeling the publication of that in total elsewhere .. would *provoke* a reaction .. ;)"
At least it survived for you to read. Easley was just a thorn in the side. There are much bigger nefarious forces at work.
Exactly.
Airports, Disney World, the possibilities are endless.
It is really a shame another 65 million tons of plastic waste ended up in landfills or littered around the country in the past two years while the solution to the issue exists.
I suppose eventually it will make sense to mine the existing landfills to recover the plastic waste but implementing the technology and diverting plastic from landfills is a lot more efficient.... and even produces fuel as a side benefit.
It will require a whole lot of processors(thousands) to address the scope of the problem. The sooner the implementation begins the better.
As everyone is aware there is an ongoing effort to smear John Bordynuik.
It should be noted at one point John Bordnynuik owned 63% of the outstanding shares. That amounted to more than 40 million shares of the company. He returned more than 34 million shares to the company treasury without compensation.
Those shares were in turn used to raise funds to develop the technology, avoiding considerable dilution to other shareholders. John bore the bulk of the dilution that has occurred.
Since he is no longer an officer, director or employee and is now only a shareholder it is no longer necessary for his holdings to be disclosed. His sacrifice for the sake of other shareholders is commendable. The success of the company will still make him very wealthy, but as a shareholder I am grateful and admire his efforts. I look forward to sharing in the wealth that will be created and helping to solve a serious worldwide environmental issue.
I am hoping to get to the bottom of it one way or another.
If you like I could PM a copy of my email to you at "happy hour". (if I am still in my office, it's Friday)
No, it was not good enough it was a first step.
I can tell you Gilardi has not been helpful so far when I have contacted them via email.
Your suggestion is a good suggestion. I have already sent an email to Gilardi. Also, a hard copy is already in the mail to the court.
Thank you.
As far as I know only Gilardi and PTOI lead council would know.
I was involved with a few "odd" fills involving the 12,500 trades that made me suspicious. I had a conversation with someone in a better position to know than me. That conversation, while not specifically confirming my suspicions, made me think it more likely than not that the liquidations had not yet begun.
It looks that way, when the liquidation of shares commences.
Yep. Looks like you are right. Faulty memory on my part.
Regarding your question, you may be right.
If you are interested please take the time to read for yourself the court documents and do the calculations.
Perhaps I am wrong. For confirmation purposes, I would be interested to see if your result is in the same ballpark as mine.
According to my calculations, if it was actually Gilardi liquidating 12,500 shares every day for the class action settlement, they should be liquidating no more than around 11,400 shares per day, which I think tends to support the view that the daily 12,500 share trade is actually a charade executed back and forth between market makers entirely for another purpose.
As a former stock technician it does give the appearance of accumulation; if I still believed that crap. There was a time I thought the market reflected independent investor decisions but I finally came to the recognition of the total manipulation of the markets.
"got a call in last week from one who does charts (something those who read my posts know my dyslexic
brain can't *see*) .. and was asked about PTOI .. and i had to laugh at what is *visible* .. per this known
chartist .. and i quote .. "someone is accumulating PTOI" .. i laughed because i don't see *accumulation*
what i see are repeats of trades .. up the whazoo .. done over 2 to 5 days .. on avg .. it truly is in the eye
of the beholder :)"
A large group of investors continue to believe there are "serious prospects", sales will close and a board of directors will be seated soon thereafter.