Did he state when they produced the 45,000 gallons of fuel? Was it during their record Q3?
He did mention it and he said it was in both Q3 and Q4, see below from the AGM (on Dec. 10 or when Q4 had only 3 weeks left):
"On more than one occasion in Q3 and Q4, we had to idle Processor 3 because our fuel tanks were filled quickly. When processor 2 and 3 run at our plant simultaneously, our tanks fill very quickly. On some occasions we could not book trucks on short notice and sometimes we’ve had to send fuel to our blending site for temporary storage. The reason for this is that our customers have a very specific amount of fuel they consume every week. They schedule their fuel purchases weeks, and in some cases months, in advance. Our large customers will off-set fuel from other sources if given enough notice in advance. At the same time, we would have to be absolutely certain we would have the fuel in stock to service them as (if they are displacing fuel from other sources). With Processors 2 & 3 running, we produced 45,000 gallons of fuel very quickly."
Read Bordynuik's remarks in the AGM. At no point does he mention any issues with production due to batch testing or anything of the sort. If during Q4 they redirected resources why doesn't Heddle or Bordynuik just mention it? Now he does mention the following risks, but never mentions anything about testing, redirecting resources, or anything close:
Challenges Remaining & How We are Mitigating Those Risks:
1. Inexpensive HTF à We are being very careful what vendors/suppliers we take HTF from. We believe we have covered most possible inert fillers, however, we are in the infancy of this and therefore, despite the fact that we tried to correct high cost of goods caused from extremely expensive feedstock from Q1 and Q2 of 2013, we will not be risking the uptime any further to acquire ultra-cheap HTF. Instead, we will focus on reasonable HTF at a much lower price around $1.00-$1.30 per gallon and not risk new sources until we have infrastructure in place to flag possible unknowns.
2. Staffing à We are seeking and hiring experienced engineers and chemical operators. We currently have half the staff we had before, doing double the amount of work. We are putting together training materials and hiring the appropriate people to run our processors. We need trained JBI employees to be able to train staff and startup processors in remote locations in the future. They need to be fully trained here in Niagara Falls, NY to be able to do so in the future. We need more staff for this purpose.
3. Winter à The plant environment is different from the very hot summer to the cold winter. While we have things in place to stop pipe freezing and cold areas, in cases, cold related issues can rear its ugly head when least expected. It is a challenge when dealing with low temperatures and high wind lake effects. We are being vigilant to correct any issues that arise.
4. Recycling à Recycling is a dirty business! Suppliers, brokers, MRF’s, are all looking at a way to maximize their recyclables and get rid of their waste.. free. Because we are interested in the non-recyclables, our challenge is always being on the defensive trying to stop a large bolt, a skid piece of wood, a large spoon, a baseball bat, or some other large object of that kind from getting into the processor. We are continuing to work with new large feedstock sources and be continue to be vigilant even with the most trusted sources.
Finally let's look at their "record" Q3. They did 115,000 gallons of production in Q4 2012. In Q3 2013 with all three processors, they did about 170,000 gallons. So basically 65,000 gallons above processor #2 and #1 alone.
Bottom line if processor #3 is the flagship, they have done nothing to prove it. When they do it will show up in the filings.
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