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WOW... USEI's CEO fights back at Daniel Fishers (Forbes)
This is on the first page of the USEI's page.
A retraction may be required... Mr. Fishers either intentionally or was sloppy... IMO
February 14, 2007
William Baldwin, Editor
Forbes Magazine
60 Fifth Avenue
New York, New York 10011
Re: Letter to the Editor of Forbes Magazine in Response to Article Entitled KissyKat and the Magic Diesel in the February 26, 2007 edition by Daniel Fisher
Dear Editor:
Daniel Fisher's article contains inaccuracies relating to U.S. Energy Initiatives Corporation and I request that these statements are corrected. I am requesting this correction be made with an equal amount of presence and exposure given the inaccuracies of the above cited article.
I am the Chief Executive Officer of U.S. Energy Initiatives Corporation. We manufacture a patent system that converts diesel engines to operate on natural gas. We have been in business since 1996 and our inventor's patents date back to the early 80s. The Forbes article incorrectly states that U.S. Energy participates in the ethanol/ biodiesel market space.
In addition, the article mistakenly groups U.S. Energy with others that have or plan to make or market either biodiesel or ethanol. In fact, certain of my shareholders have misconstrued your article to infer that our company offers a technology that "involves heating organic chemicals." A quick check of our internet web site and our Securities and Exchange Commission filings which are all current and up to date doesn't mention such a technology in any way, manner, shape or form.
What is more troubling however is the inference that we are somehow opportunistic or only interested in a sale of our stock deference to our shareholders. I was hired by Mr. Stanton as U.S. Energy's Chief Executive Officer and while it is up to others to speak to my success or lack thereof, you might like to learn that we have been on board here at U.S. ENERGY since January 2004. When we came on the scene, U.S. Energy had exactly $6.00 in the bank, two employees, no facilities, no contracts and were facing a rather extensive list of legacy issues. In short, we had a start-up enterprise with almost eight years of failed execution. Instead of just needing to get 100 yards for a touch down, our side of the field had several hundred yards to start before we got to our own 1 yard line.
Since you missed certain key facts in your careful due diligence, please let me remind you that as we enter our fourth year I can point you to our SEC filings wherein we report:
Our first act in assuming the mantle at US Energy was to get all our required securities filings current. We have maintained this current status since that time period. Prior to our involvement and principally due to lack of funds, U.S. Energy had been a delinquent filer from 2001 through 2004.
U.S. Energy's year-end revenues for 2006 will exceed the past seven years combined. While we will post a loss to earning, the revenue trends are clearly turning in our favor. We have forecast 2007 as the first profitable year in the eleven year history of US Energy;
U.S. Energy now owns and operates a 10,000 square-foot systems development facility in PeachTree City, Georgia which boasts a fully-equipped state-of-the-art engine development cell as well as a host of emission testing equipment;
U.S. Energy now operates a 10,000 square foot electronics manufacturing company that we acquired during 2006 to gain improvements in efficiency and cost related to our core product;
U.S. Energy now employs 43 individuals between Georgia and Florida. All of our employees receive full medical insurance and given our very low rate of attrition, I believe we can safely say our employees are genuinely satisfied.
Speaking more to the point of your article. Mr. Stanton has personally invested well over $2,000,000 into our enterprise starting January 2004. For those funds, Mr. Stanton has been issued exclusively restricted stock with no registration or other unusual rights. As we are preparing now to file our Form 10KSB for the year ended 2006, I can report to you that Mr. Stanton continues to hold all stock which has been issued to him for the past three going on four years.
U.S. Energy now is under contract with General Motors Corporation (GM) to facilitate their C190 Colorado pickup program for the 2007 through 2009 model years. While your article appears to infer our technology is not accepted, it's nice to see the biggest kid on the block disagrees. IN case you didn't catch it, we've been doing business with GM since June of 05 and we signed our contract in June of 06. I've been told this is rather rapid for a small company like ours.
U.S. Energy is now under contract with an off-shoot of the Thailand government to convert their bus fleet over a five year period. The value of the contact, a copy of which is of course available, is $54,000,000.
U.S. Energy recently announced a partnership with BAF Technologies to achieve a California Air Resource Board (CARB) Tier III off-road certification for our system married together with the SmartMuffler technology.
U.S. Energy is now able to accelerate our entry in China through our long-term partnership with US-based WITCO Systems.
In summary, after three years, all old legacy issues are resolved; U.S. Energy enjoys a solid, proven, patent-protected product, revenue trends pointing strongly in our favor, well equipped and staffed facilities both in Georgia and Florida, an international network of clients including the world's largest automotive OEM and a host of other opportunities to deploy our technology.
And none of our activities are in any manner associated with or involved in the ethanol or biodiesel market space.
Speaking personally, I have been operating U.S. ENERGY for three years. I continue to hold every share of stock issued to me since that date. In fact, during December we reviewed our company top to bottom. As a turn-around project, we believe that 2007 represents our best opportunity to return positive earnings to our shareholders. As a result of our review, we determined there were several roles that could be eliminated without hindering our core mission.
However, before we eliminated a single position, I cancel my compensation. Beginning with the month of January, I will continue serving full-time as the Chief Executive Officer with Sarbanes-Oxley responsibilities, but I will not be receiving compensation until we can report a positive quarter to our shareholders. My compensation is not being deferred, paid in stock or given in any respect. We are committed and dedicated to the course of our turn-around and such changes, in our view, should start at the top. Mr. Stanton concurs with this view.
We have worked very hard these past four years and at many times to our own detriment. We did not just begin our business as part of the latest hype as you infer. In fact, we briefly considered entering the biodiesel market space but opted to stick to our core frankly, for many of the reasons cited in your article. Ethanol we believe is a poor band-aid and biodiesel is simply too crowded at this stage for our small company to effectively compete.
I couldn't help but notice in your article how you made an effort to interview Mr. Stanton and it appears several other companies captured under the weight of your pen. I find it strange that you didn't offer me the same courtesy. While I am not in a position to speak for any of the other companies in the above referenced article, I can speak for U.S. Energy Initiatives.
If Mr. Stanton is only interested in that quick gain as you clearly attempt to portray, in the case of U.S. Energy, he apparently forgot to take advantage of the situation. In the experiences of U.S. Energy, experiences by the way that are all matters of public record, Mr. Stanton has made our survival possible and has not yet, after three years, taken a dime back nor has he sold any of the shares of stock. Further, our Company has no involvement in either ethanol or biodiesel.
As a long-term reader of Forbes various products, I believe its magazine and web site are thought provoking and insightful because they appear to be well researched articles and informative. In addition, when a glaring mistake or misstatement of fact is brought to Forbes attention, it has always been quick to set the record straight. I am confident they will continue this practice. I believe Forbes readers and more importantly, my shareholders, deserve a correction with at least equal prominence to the article.
Sincerely
Mark Clancy
Chief Executive Officer
U.S. Energy Initiatives Corporation
cc: D. Ocasio, Sichenzia Ross Friedman Ference LLP
Got it fiqured out I see..
Nice Ibox!
I'll put a couple quick ones up...
See those [ charts]place the link with no http: [ /chart]
it's easy...
Thanks tony, what's your take right now on this one? tia
pro.. I'd email Matt and asked him to put you on as mod... I don't think this mod is around.
Just so wechoose knows... We didn't erase post 613....
That was management... LOL
I guess it was not "on-topic"... LOL Sorry z.. take that trashy postin Microsoft error stuff to the right board!! ... LOL
ps.. just kidding.. we don't care, just happy to have a poster around here....
Something in this post get's me thinking...
Maybe the reason CAVD never was success was due to the "CLosed System" part of the machine. What do you think?
By: the-traveler
15 Feb 2007, 03:57 PM EST
Msg. 4525 of 4537
Jump to msg. #
Been there done that
It seems that everyone has a lot of conflicting info about where this company is right. So here is my 2 cents worth.
There are three tubes in the USSEC warehouse
One is from about four years ago that has been rebuilt. It is about 5" long and is still the main demo tube. They only put soybeans in this tube.
They built another one in 2006 almost just like it that they test all other Biomass with. They are testing anything they can think of. All you have to do is go there and they will run both of them for you and you can see for yourself. They can also load these two demo tubes into a small truck and take them anywhere to do demo's. All they need it power.
The new FREEUS is about 60 to 70 feet long including related attachments and about 40 feet wide. They have run it successfully a few times this month and are making modifications on it as they analyze each result, mostly having to do with separation of product after it leaves the reactor tube. The main difference between the demo tubes and the new FREEUS tube is that the demo tube is a totally closed system during the operation, while the FREEUS tube has gates on each end to allow them to add and remove biomass without losing the vacuum or heat in the main pipe. Just like a guy going in and out of the shuttle for a space walk. This is major because if they loss the vacuum or the temperature goes below 400 degrees the whole process has to be shout down and completely restarted. So far this does not seem to be the problem. Again, just make an appointment to visit the plant and see it for your self. It only cost the price of an airplane ticket. They are not charging admission, yet!
About the Distilling question and the cut 1 and cut 2. They are distilling in a since. Remember that the process runs at about 600 degrees so everything is almost turned into gas. (Or maybe it is turned into gas, this I am not sure about. We just know that it is very hot biomass) Anyway as it comes out of the main tube on the other end, it enters the separation process. As it moves along it cools and they capture the heavy oil first, then the light oil and then the gas. You can see the system in the photos. Simplified they are really just letting gravity and pressure do their work. When we were there the carbon continued out of the building and is dumped into a hopper. They gave samples to those people who asked for them. The stuff smells and I don’t know how they took it back on the plane. They also did the whole video demo dog and pony show for everyone and answer every question put to them. They seem to have nothing to hide, other than their trade secrets. If someone couldn’t answer your question they would just take to someone who could. Visitors talked freely with one another and were never interrupted. They seem to have enough materials on site to build at least 2 or 3 more of these FREEUS size reactors, but I really could say exactly. I didn’t take an inventory.
I don’t know what will happen in the future with this venture. It could all go to hell over some small unforeseen problem they can’t solve, get slapped down by big oil and taken over. It could be sold to someone else as soon as it’s completely proven out in mass production. Who can predict the future? Until they get the first reactor into DAILY production for a week or so it is all still speculation. But as soon as that happens, everyone will want to get involved. The fuel is what it is and has been proven to run a diesel engine. If it does nothing else we still have a winner in my opinion. It was an interesting tour and I hope it will succeed. We sure need it. So I am holding usse.pk for now and I’ll buy it on the pull back when I think it is a bargain. That price I will keep to myself. I’m sure you understand.
(Voluntary Disclosure: Position- Long; ST Rating- Hold; LT Rating- Hold)
See wechoose...
BTW.. somebody's called you a little bird at USSE.
Nothing perfect in life......
Mod Volunteers may be good or may not...
But I'm not so sure, if you did post something Z would delete.
The BTU stuff is interesting and not talked alot about over there...
Fogg.. If one posted the BTU argument here.. would you delete? I would not.
I think that it does need to be considered... Are fossil fuels cheaper to make a BTU vs soy? How about wind power? wave power? So if it cost $.01 to make 1 BTU or $.02 to make 1 BTU's... where's that calculation... haven't seen that.
During my travels across this fine Midwest.. I see the ethanal plants popping up all over... In the next year, or so, will know economics won't we?
IMO it would be great to visit the plant... watch that stuff make 5 gallons, then take the sample and take it to have it tested.
I think I compounded the problem by RB thinking I have multible accounts. Started with giffe0 then giffe00 and now tried giffe000. So now I may be dubbed a multible poster. Now out of emails.. LOL... We'll see if I can somehow contact them and explain.
You could say they compete against the likes of Dannon and Yoplait.
RB posters can say all you want bad about IHUB...
but posting valid info about our survey got me TOS'd at RB... LOL..
at least you can talk to someone here!
It musta been that bluebird poster.. Fricken idot scammer poster
Hey pro...
giff's gonna take a position here too... been thinking about this one since you found.. a great long imo... worthy of a good box.. yogurt business growing huge right now.
www.danone.com
notice the top right coming soon
http://www.ultimateentree.com/mm5/merchant.mvc
News.. HQ Sustainable Maritime & "Ultimate Entrée" Commence Direct Internet Sales of "TiLoveYa"(TM) Products
"Experience the Ultimate"... Ultimate Entrée Your Event Food Headquarters
SEATTLE, WA -- (MARKET WIRE) -- February 12, 2007 -- HQ Sustainable Maritime Industries, Inc. (OTCBB: HQSB) (formerly HQSM), "HQ," a leader in toxin-free integrated aquaculture and aquatic product processing, today announced that it will begin direct sales of its "TiLoveYa"™ toxin-free brand through the internet. "Ultimate Entrée" is a leader in direct marketing through the internet of superior seafood and meat products. The success as "an event food Headquarters," as seen through their recent "Super Bowl Special," works well with the sale of 'tailgate party' marketed products such as HQ's "TailGate TiLoveYa,"™ a skin-on boneless TiLoveYa toxin-free product sold by HQ, ideally suited for barbecue. Regular 1 pound and 1.5 pound bags of HQ's boneless skinless fillet will also be marketed on the site and available directly online to Ultimate Entrée's and HQ's clients.
HQ's products will be a featured item on Ultimate Entrée's web page for the month of March.
Said Mr. Mike Jaffe, CEO of Ultimate Entrée, "We are very excited by the prospect of marketing superior 'TiLoveYa' products from HQ. This unique American Company has taken quality production to new heights through its vertically integrated toxin-free rainwater farmed Tilapia products. You can taste the quality... experience the ultimate."
Said Mr. Sporns, "Consumers are rightfully concerned about increases in toxicity levels in seafood and need to be informed about what choices exist. 'TiLoveYa'™ is a fun brand that addresses the serious need for the lowest toxicity levels possible in food, the ultimate experience for consumers."
HQ recently completed a 1-for-20 reverse stock split, and has applied and is expected to be listed on the American Stock Exchange by the end of the First Quarter, 2007.
HQ also announced in December 2006 that it has broken ground for the first organic-extruded feed mill in Hainan which will produce 100,000 tons of organic floating feed and is expected to be completed in the Fourth Quarter of 2007.
About "Ultimate Entrée"
Something to happen in March 2007
On March 21, 2005, a Delaware limited liability company (LLC) was organized under the name of GreenTree Spray Technologies, LLC (“GreenTree”) and is owned 100% by Marc Mathys. It holds the secured promissory note the Company owes of $1,333,000. The notes are due and payable March 31, 2007. The Company is in default on the notes and related accrued interest payable, as no payments have been made to date.
NOTE 9 - Common Stock Issued for Services
Redwood perhaps?
During November 2006 the Company entered into a consulting agreement with a non-employee, non-officer of the Company for services to perform through November 2007. As an incentive to work with the Company, the Company issued a one time, non-refundable, up front payment of 2,500,000 shares of restricted common stock. All future services by the consulting company through November 2007 have been prepaid with the issuance of this stock. The Company has chosen to record the value of this stock as a prepaid expense and to write it off over twelve months. The non-employee consultant has determined the value of his services at $75,000; accordingly, the value assigned for this restricted stock has been set at $75,000.
Stanton or Wallstreet resources.com perhaps?
In addition, the Company entered into another consulting agreement with another non-employee, non-officer. The agreement was signed in December 2006 and took affect when the Company issued 70,000 restricted shares of common stock in January 2007 as an up front non-returnable incentive bonus. Additional amounts will be due upon the raising for funds and other capital as a commission. This agreement lasts for six months. Nothing is recognized in these financial statements as of December 31, 2006.
The consultant has valued this initial service for the stock at $5,000, which will be the value placed on the issuance of the stock in January 2007
From Nano Chem 10Q....
NOTE 12 - Notes payable
Between November 29 and December 31, 2006 the Company borrowed $300,000 from Pangea Ultima Corporation (“Pangea”), a non-related company. The terms involve notes that are non-assignable and unsecured; bearing daily interest accrued at a rate of 10% annually. All notes have principal and accrued interest due dates of November 28, 2008. As of December 31, 2006 the $300,000 borrowed has accrued $1,683 in interest, totaling $301,683 payable.
We're courting.... Humm a clean shell perhaps? LOL
$432,483 revs in Jan '07...
at the $5 mill annual rev range with some said oragnic growth coming.
Mkt cap around $5 mil
Compare that to SYTE at $6 mil cap...near same revs... Humm?
and this one a dilution machine in the making...
Well, I spammed the survey about everywhere I know...
Who will want to analyze the results?
aquafuture.. tailwind stuff
http://www.sec.gov/cgi-bin/browse-edgar?CIK=0001074435&action=getcompany
I think it take an attorney to figure this out.
might compare the other companies the deal with. pps
Too me, the key is how much can this stock be diluted and hold value.
NEWS.. HQSM Forms Strategic Alliance With Newly Weds(R) Foods to Customize Exclusive New Line of Products for Chinese Market
"TiLoveYa"(TM) Flavored Fillets to Hit the Market
SEATTLE, WA -- (MARKET WIRE) -- February 13, 2007 -- HQ Sustainable Maritime Industries, Inc. (OTCBB: HQSB), a leader in toxin-free integrated aquaculture and aquatic product processing, announced today that it has agreed to work with the Beijing division of Newly Weds® Foods, Inc. to introduce an exclusive, innovative line of battered and breaded flavored TiLoveYa™ fillet products to Chinese consumers.
The new product line will use the vast international taste technology of Newly Weds® Foods, Inc., as developed in its China operations, to manufacture value-added breaded TiLoveYa™ toxin-free fillet products to consumers in China. Most breaded value-added fish products currently marketed in China and the West suffer in quality from multiple rounds of freezing, deteriorating the taste, juiciness, texture and quality of the product.
HQ will focus on fresh fillets that are frozen only once, coupled with Newly Weds'® food technology know-how, to bring a higher quality, breaded value-added TiLoveYa™ fillet to market. Fast food chains and big city service and retail industry outlets have been targeted, and the initial response has been very positive.
Bob Emel, HQ's Head of Retail sales, said, "HQ has brought a high quality toxin-free sustainable product with innovative marketing and branding to the American market. It is now expanding on this expertise to create an exciting new line of products in China using Newly Weds'® superior taste technologies. We have begun rolling out these same products in the United States. We are happy to innovate with Newly Weds in developing superior products for the China and American markets and beyond."
Trond Ringstad, Executive VP Marketing and Sales of HQ Sustainable Maritime, said, "Expanding our product line to include high quality value-added products is greatly facilitated by working with a world leader in flavor technologies such as Newly Weds® Foods. This innovation will directly impact on profitability and bring more character to the range of our products."
About Newly Weds® Foods (Beijing), Inc. (China)
In the food processing and foodservice industries, Newly Weds® Foods is recognized as a premier global purveyor of Customized Taste Technology. The company has a global reach, with 16 state-of-the-art plants and 12 regional laboratories. It is number one in the world in food coatings and a leader in formulated seasonings. Its national account focus and commercial processing expertise make it a prime partner to develop flavor preparations in connection with HQ. For more information consult its global web site at http://www.newlywedsfoods.com/.
About HQ Sustainable Maritime Industries, Inc.
Survey about John Stanton
IHUB poster builder was interested in what STanton stock would be the best to buy right now. Thus the survey. For all that have owned a John Stanton stock or knows about him, it would be great to get your opinion.
http://investorshub.com/boards/do_board_survey.asp?board_id=6974&Survey_Num=3
Thanks to all that participate with honest opinions!
Survey for John Stanton
As most all know, Mr Stanton is a major holder
IHUB poster builder was interested in what STanton stock would be the best to buy right now. Thus the survey. For all that have owned a John Stanton stock or knows about him, it would be great to get your opinion.
http://investorshub.com/boards/do_board_survey.asp?board_id=6974&Survey_Num=3
Thanks to all that participate with honest opinions!
Survey about John Stanton
IHUB poster builder was interested in what STanton stock would be the best to buy right now. Thus the survey. For all that have owned a John Stanton stock or knows about him, it would be great to get your opinion.
http://investorshub.com/boards/do_board_survey.asp?board_id=6974&Survey_Num=3
Thanks to all that participate with honest opinions!
Survey about John Stanton
As most all know, Mr Stanton is a major holder here and will be adding 225,500,000 restricted shares of USSE to the Pangea Ultima portfolio (soon to be OSSG.PK)
IHUB poster builder was interested in what STanton stock would be the best to buy right now. Thus the survey. For all that have owned a John Stanton stock or knows about him, it would be great to get your opinion.
http://investorshub.com/boards/do_board_survey.asp?board_id=6974&Survey_Num=3
Thanks to all that participate with honest opinions!
adding...
- Pretty good daily volume for a penny of this size,
- Share dilution has been extremely low during the past couple years
- Last year a pps of .11 tells me we can get there again
- No Term Note w/ Equity Participation
- No Preferred stock issued
humm what else positive?
A few years ago, 400K would have pop this one about 100%.. LOL
Fogg and I made a John Stanton company survey
Thank you all for an honest opinion.
http://investorshub.com/boards/do_board_survey.asp?board_id=6974&Survey_Num=3
builder, We put up a Stanton survey.
http://investorshub.com/boards/do_board_survey.asp?board_id=6974&Survey_Num=3
Well then... I'm sure that's the reason... And welcome aboard... You could have timed it pretty good. I think the company has some cash..
Why did you buy?
It just take so much time and work to make any plan work....Things pop up you never expect... even the best plans change.
That's business!
No doubt... The AMEX is gonna help...
Placed a whole series of buys in just under $5's and since... No buys for some reason? Humm
Maybe if I can get Fogg to agree... OSSG might be a good page to do it... We can do a survey for fun...
I'm sure you know...
http://www.investorshub.com/boards/board.asp?board_id=6974
asked everyone which ones they think is the best to invest at this time...
I think there all good traders...
I wouldn't doubt the import numbers...
and thanks for that calculations. 150m x 35% = 52.5 million lbs sold at $2-$3/lb... (A good question to ask at the show)
$100 to $150 million Revs at capacity? Hummm Plus the other stuff...
That might get the ole market cap up.
As now I notice tilapia in almost all the grocery stores around here.. all say product of China. Given all the health concerns and this being organic and all, I think we have a nice niche.
I think USSE should set-up a web cam for all to see the comings and goings at the plant.
Since it's obvious stuff is getting out.
knowing skeleton closet is one thing but damn! I guess you really gotta be on the ball and call down there everyday.
PS.. Morning Z.. BTW I think you're doing a great job...
Well aliangel..
I guess that makes Fair a pretty powerful poster!
He's my checker.. verifier.....
PS.. Give me another yr or so and giffboe will know plenty about JS...LOL I gotta work ya know...
WOW.. The power of a RB poster...
Fairway should post his foward warning.. LOL
Hey builder....Rate them? how?
By revs? Profits?
http://img382.imageshack.us/img382/1715/johnstantongo5.jpg
http://investorshub.com/boards/read_msg.asp?message_id=16446481
Yeh 20 is it....
Maybe 40 this same time next year?
This could be undervalued right now
If we traded like ICCA's Trailing P/E (ttm, intraday): 26.70
26.7 x $.133 (avee eps) = $3.55 but maybe mkt cap too high there...
So look at mkt cap...
ICCA AVEE
Mkt cap $63 Mil $13.3 mil
Revs $20 Mil $5.4 Kil
Ratio 3.15 2.46
Nice reverse at USSE today..