Gailyjane,
thanks for the reply, and thank you to the other kind replies to my earlier post (107063). FITX carries with it considerable risk for the investor, it's true. The lack of an audit, for example, hurts the company's credibility. Yet Mr. Chaaban has stated that an audit is underway, and if I recall correctly, he has said that it should be complete by the end of April. IF this comes to pass, it likely will occur shortly after the installation of the vault, shortly after the HC inspectors visit the site, and shortly before the confirmation of a license (should that come to pass), which means that FITX could stand to make strong gains quickly near the end of April. Thus, as Mudcat18 suggested yesterday evening, while there is certainly risk in FITX, the current pps presents a good opportunity with the upside potential surpassing the risks involved, from a certain perspective. I agree with Mudcat.
The point is that FITX with succeed or fail on its own merits, and poorly-informed reporters and schizophrenic officials do not help the situation, or the Lakeshore community (or, of course, FITX investors) by making false, misinformed, or turncoat, inflammatory statements. By doing so, they only foster ill wishes from the Lakeshore community and feed the already-rampant negativism on the posting boards, which, in return, confuses and scares beginning or inexperienced investors who are trying to do well for themselves and their own families. How unfortunate that this has to be the case.
However, I feel the need to apologize. As I was writing the other post, I actually failed to point out a larger and more egregious error on the part of Ms. Wolfson. Please allow me to explain.
In her article, Ms. Wolfson states that:
[begin quote]
"It’s the town’s contention that the barn cannot be outfitted with electricity, water, sewer, a vault or even bathrooms under the property’s current agriculture value added zoning. A barn is supposed to be for storage of farming equipment or farming product.
The “value added” designation allows some flexibility for processing of agriculture product, except it’s limited to a 6,000-square foot facility and no more than five employees, Salmons told council Tuesday."[end quote]
I would again refer Ms. Wolfson to the recorded Lakeshore Council Minutes of November 12, 2013, in which Mr. Salmon's statement to the "Mayor and Council Members" clearly states the following:
[begin quote]
"The proposed location is at Manning and North Rear Road (south of the OPP detachment at [M]anning and 401). It has the correct zoning.
The site is zoned "Agricultural Use- Value Added" that provides an accessory use for processing and refining agricultural product to a final retail product. The final retail product shall primarily consist of inputs produced on the farm.
The proponent has applied to construct a 58,000 s.q. steel barn to grow and process the plants. There is also a fencing application to secure the facility. In a meeting with the proponents, they explained that there would be a number of sophisticated security measures in addition to air filtration to remove vapors and odors.
The application is currently in progress." [end quote]
The important information here is the statement from the second paragraph of the quote from the Council Minutes. "...that provides an accessory use for processing and refining agricultural product to a final retail product." I would like for Ms. Wolfson, or Mr. Salmons (or ANYONE from the Town Council, for that matter) to explain exactly how the town's convention is "...that the barn cannot be outfitted with electricity, water, sewer, a vault or even bathrooms under the property’s current agriculture value added zoning," if, in fact, "...[t]he site is zoned 'Agricultural Use- Value Added' that provides an accessory use for processing and refining agricultural product to a final retail product."
This does not make sense. Period. How can a zoning structure provide "an accessory use for processing and refining agricultural product to a final retail product," if said zoning structure does not provide a facility in said zone "... with electricity, water, sewer, a vault or even bathrooms"???
(For any readers who wish to view links to the Windsor Star article that I'm quoting, or who wish to follow the links to the Council Minutes of November 12, 2013, please see my post, #107063, where I have them listed.)
If anyone should have a "contention" here, it should be the management of CEN Biotech. Either they were misled from the beginning on the part of the Lakeshore Council and their Economic Development Initiative (or Department of Commerce, or Department of Zoning and Infrastructure, or whatever), or else said entity or entities have made serious changes to their own zoning policies without considering the impact on a company that they heartily welcomed to their community. Either way, one might argue that if Lakeshore doesn't shore up it's story, it could in fact be targeted for litigation. I would hate to see this happen, as such a move could only foster more bad blood, which does nothing good for either side, but I fail to see how CEN Biotech and Mr. Chaaban (and by extension, the shareholders), are at fault here, and not in fact the victims.
However, it could simply be this: perhaps Ms. Wolfson and Mr. Salmons are having a bad day.
AI
