MMEX Resources Corp (MMEX)

[jmjjw]

MMEX will never obtain project financing for the Phase I rudimentary topping unit. A shell company, loaded with toxic debt, like MMEX is never considered for the kind of infrastructure capital necessary for a large-scale industrial project.

- MMEX owns no intellectual property or propriety technology
- MMEX has no luminary management team or super-star technology or engineering staff
- MMEX has no supplier agreements
- MMEX has no customer off-take agreements
- MMEX has no sound business or financial plan
- MMEX is insolvent, a failed business, not a going concern
- MMEX has no assets - its liabilities exceed any and all assets several-fold
- MMEX carries nearly $40-million in cumulative shareholder losses and liabilities
- MMEX has a management team with a 30-year track record of failure and loss generation
- MMEX has no independent board of directors, and its super-diliutive OTC shell is insider controlled
- MMEX has accumulated $1-million in toxic, convertible wrap-around debt, with a $3-million debt overhang

There is no possibility that a project finance joint venture will form around MMEX for all those reasons, and more. The $50-million necessary to get Phase I started is well beyond MMEX’s reach.

That $50-million would only get the unit in place - it is insufficient to fund start-up and operating losses, particularly because MMEX has proposed a rudimentary topping unit that cannot produce marketable products, or ever operate at break-even.

By logical extension, MMEX will never proceed to Phase II, a complete, complex refinery - the hundreds of millions in project financing is so far beyond MMEX’s reach it is inconceivable.

No need exists for MMEX, a hollow-empty shell soaked in poisonous, toxic debt, loss, and failure. If there were a legitimate need for another inland, regional refiner, it would be easier, cheaper, and far less messy to start from scratch, rather than to try and detoxify MMEX, which is devoid of any, and all value.