Hi Everyone,
Sorry I haven't posted in a long time, and of course I have not been blogging at all on the FM website. As some of you already guessed, I am not as engaged as I was previously with FM or MI. You should know I am still working on behalf of FM, but I have also taken on additional work with a company in the semicon industry. In addition I had some personal health issues from May through July, but I have fully recovered.
I was as sad as everyone that MLER got de-listed, but I guess it was inevitable. We did work to comply with SEC requests to keep MLER from being de-listed, but in the end MI didn't have the financial resources or the personnel needed to meet all the SEC deadlines and requirements. So effectively, MI is now a private corporation. If you own MLER stock, Dr. Moller is working on a program to exchange MI for FM stock if so desired. I am personally keeping my 1.2 million shares.
Freedom Motors is currently working on three collaborative projects using the Rotapower engine. Hopefully FM can share more about these projects in the future, but as of now they are under NDAs.
FM is also still working with the Canadian company to build a biogas generator, but unfortunately they have been focused on other alternative energy projects since the beginning of the year. Two weeks ago FM started to help them with getting their first prototype running on natural gas as a precursor to running on biogas. So they are making progress, but they are the ones setting the pace. We offered to buy back the engine from them, but they are committed to completing the prototype.
Our CEO, Dr. Paluru, has been working hard on fundraising for FM - he has managed to raise several small investments to keep the company funded through this year, but he is actively working on closing a much larger investment deal that will allow FM to jump-start manufacturing prototypes here in the US as well as start the development of volume manufacturing in India. More information on all this should be included in the December newsletter.
So for now, please don't expect any more communication beyond just the newsletter, but please know that I am still very much involved. Dr. Moller writes the newsletter, but I am the one who proofs and sends it out.
If you have questions, you can leave me a message here, or even better, send me email: david@freedom-motors.com
Best Regards,
Dave
