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Interested in opinions on this stock. I am long term holder of shares in APOG, a similar glass company out of Minnesota.
A deal to buy raw material is not truly bankable unless there is a shortage of supply. What is bankable are solid long term contracts for product off take.
This press release was little more than name dropping; no discussion about volume agreed to in the press release. Expect there are caveats about GCEI putting in a plant and having the demand, etc. Could they be calling an executed letter of intent an agreement?
Take a look at JBII's history to see what lies ahead for this company and its investors if they do try to make a go of it. This is no where near a slam dunk.
Will be hard to mature after loosing the technical brains previously promoted as the company's value.
The problem with tire pyrolysis is not whether one can produce an oil. That has been done for decades. The key is can you sell the char that is also made. It accounts for about 35-40% of the weight of the tire. The Chinese equipment they plan to use has been purchased by dozens of unsuspecting investors. None are able to sell the char. If you have to dispose of 40% of your yield, what do you have to sell the oil for so you break even. From my calculations it is about $5/gallon. Oil prices ain't there yet.
As an additional comment to Stocktruths' article, the Owners Equity (see 3rd qtr financial statement) is positive only because they attribute a value of over $500k in assets to a license they reportedly have rights to. They do not own the license, they are the licensee. For the unschooled, the term used for such a soft asset ledger entry is called Goodwill. The company can attribute any amount they wish for Goodwill as long as they identify it.
I have been schooled by the loss of money invested in companies propping balance sheets with unsubstantiated Goodwill. Consider subtracting out the Goodwill (at least the amount over the license liability line) to determine real owner equity. Then decide if the company is strong enough for your investment dollars.
Interesting. Did not think ASUV was in the retreading business. They were suppose to be in the pyrolysis business, no?
What was the reason APOG jumped 10% earlier this week? It should have risen with the reconstruction demand resulting from Sandy, but to do it in one day should have had a coinciding event.
Maver,
What is needed is substance, not PR.
Does anyone know who the folks are behind the newly formed companies that DEAC has licenses and tentative licenses with for technology, including today's announcement? Is there substance here?
Bones, this was a non-announcement, IMO, based on two things. First DEAC already announced intent to obtain the global license from RFB. Secondly, can you find anything on RFB in order to assess the value of the license?
gulfwatch - What do you know about two other private tire pyrolysis companies, Carbolytic Materials and Delta Energy, with claims of operations and product offerings? Are they for real?
Care to name the company?
gulfwatch - You wrote There is only one company in the U S that has any technology that is working. What company would that be and are they publicly traded?
But will the Agilyx system work on tires. They have sold a license to Green EnviroTech Holdings, GETH. GETH reports its intention to convert tires in Southern California. Does tire pyrolysis have the same gel issue as plastic pyrolysis?
Found same site and similar one with tie-in to the first.
The tie-in company, called Ebbros Investment Group - James Neeld as agent and Michael Book as organizer. Company two to three years old. Neeld is real estate lawyer at The Katz Law Firm. Found nothing on Book other than the Overland Park, KS address given for him houses office of The Katz Law Firm.
Ebbros Energy Partners - Richard Katz as agent and as organizer. Company is three months old, also listed at the Overland, KS address.
Conclusion - Looks like private equity money.
Concerned1, if you go to Hunt Global Resources website you will see that the company plans to sell the carbon green technology because they have changed their business plans and need the money.
Very positive news indeed. Unfortunately not able to find anything about RFB other than it is a sole proprietorship consulting practice. No apparent history in pyrolysis. No patent application found at US patent office for RFB and pyrolysis.
Hmmmm
DEAC made lots of noise a month ago. No word yet on follow through. Anyone have any news other than a late quarterly report filing notice?
DrMBA,
You assume JBI's shipping manager knows the correct designation for UN coding. It could be that he/she does not. Ignorance could get JBI into a lot of trouble if they are misapplying the UN code.
It is not just an identification issue. The UN code dictates the proper transport equipment to use. For instance you cannot legally transport gasoline in the same kind of tanker you can ship #6 fuel oil.
Equipment differences may make a difference in transport costs??? So is it coding ignorance or product deception?
FundGuy
Thanks Smitdog, My eyes glazed over as I read it. Hope you understand what they were trying to say.
So Rawnoc,
"On May 18, 2010, the License Agreement was amended to give Green EnviroTech an exclusive provisional right to the Auto Shredder Residue (“ASR”) market within North America. The right expires on January 1, 2021."
So what are the provisions? I suspect GETH has exclusive rights provided it begins purchasing by a given date or the rights go away?
Smit Dog - Thanks for the insights, but I do not see in the filing the references you made to the sale of assets and the puts for $40M. Can you point them out.
I suspect the renegotiation of their debt is to try to complete, before the loans are called, a recovery plan that will either bring in a financial investment partner or will allow them to refinance the current long term debt. If they are successful in convincing someone to refinance the debt then they may be turning the business around.
If they take on an investment partner that will further dilute the shares. That alternative may not be too bad, since even diluted shares should grow well past where they are today with company success.
As for adding your 2-cents, its more value than my stock shares lately.
Lot's of positive energy here on this board.
Smit Dog, you report doing DD, but all I see in your write up is the positive side. What is your interpretation of the 8-k issued just before your DD post?
As I read the 8-k there appears to be $9.5M coming due on January 1, 2012, but I am not good about interpreting legalees. The market cap is currently about $5.5M. The assets of the company are about $27M, but nearly all of that is goodwill so figure about $1M in assets. If you are Coca-Cola, goodwill truly has the stated value.
So what are the prospects of the company avoiding bankruptcy in January? Remember the people with loans get paid before the stockholders do. I have been through more of these that have gone south than have had positive outcomes. Of course a penny a share is tempting to buy. And I am not selling.
New Form 4 published this evening. Zdarsky Constantin bought 6.8M shares of ANTS earlier this month. Form 4 link.
Is anyone familiar with the pending patent for P2O? I have searched patent applications using JBI and also using John Bordynuik. Neither brings up any patent related to plastics to oil conversion.