I received a direct response from CEO Nick Campanella. SNPW had a lot of volatility in the past week as a result of an article on the MedRecycler project that was published in ecoRI News by staff writer Tim Faulkner. A number of shareholders, including myself, wrote to our CEO Nick Campanella about this article as it was obvious that it contained confusion and misinformation on key points about the MedRecycler project in terms of both its operational characteristics and also its financing.
Mr. Campanella was good enough to share with me his full response letter to Tim Faulkner which clears up the incorrect points of the article. For the benefit of other shareholders, Mr. Campanella has also granted me permission to post his response letter below. Everyone should be sure to review this.
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Tim:
I had seen that it was released and appreciate the clarity but still statements from officials representing the local residents should have taken the time to do some fact checking as you did by contacting me, As a public servant she is representing the town and the state of Rhode Island and making comments just because someone on Facebook posted a comment is a bit puzzling as well as others posting slanderous accusations on how things were processed or handled are incorrect. We have been working on this project for over a year meeting with all state officials and town officials do do everything by the book and fully disclosed. Our process with the state and federal approvals have been going back in forth as well for over a year and everything has been done by the book, from posting meetings online and in the paper.
Please note that this statement is totally untrue and uninformed
"She is asking how and why a state funding program financed MedRecycler-RI during non-public meetings and without any permits and evidence that the pyrolysis system works with medical waste. On Aug. 23, 2018, the Rhode Island Industrial Facilities Corporation (RIIFC), an entity within the Rhode Island Commerce Corporation (CommerceRI), approved, in executive session, a $7 million bond deal for the project. After another executive-session meeting a month later, the amount was increased to $13.5 million. About a year later, on Oct. 24, 2019, the RIIFC increased the taxable and tax-exempt bond deal to $17 million. "
The state is not providing any funding and all monies for the project are through private investors and we are not using taxpayers money at all, and as a councilwoman she should have been able to research to understand and know how programs work in the state. All invested so far and future investment are through private investors. The program only is a gateway process for us to use private investor funding for our project.
Campanella insisted that the bonding doesn’t use state funds but instead allows a project investor to raise the capital by using state-backed bonds.
The bond are not backed by the state, the state has no exposure and no risk on private investor money
Englehart said she is wary because Campanella has no experience in waste management, he doesn’t have a science degree, and his company doesn’t have a science officer.
If the Councilwoman would have wanted to know my true experience she could have reached out to me or my representatives to know my expertise or if I had a science degree, I have been in renewable energy for over 11 years working on solar and LED projects and designs and installations. I have 4 recently issued patent designs and one more in process for our non glass solar panel design and assembly which was just issued through the US Patent Office after numerous years of testing and design, my solar panel designs are light weight and can be produced at a substantial savings. I had designed these to be able to use to clad the outside of buildings, used for roof tops, also have a non stick coating to eliminate debri from adhering to the panels. Now that we have our patents issued we will be starting the UL process and hopefully be able to start production to create a USA manufactured solar panel that we had been speaking with Commerce for over two years to build an assembly facility in Rhode Island as well.
“I’m not saying I’m an engineer or a scientist but I have the right people on the team that are (experts),” Campanella said.
I am not an engineer or scientist but have been an inventor and designer for many years, I have plenty of experience in what we are building and the operational side and managerial side we have an extensive team with us from waste processing, waste handling and the best engineers and scientists that have been specializing in this technology for over 30 years. Our lead person started in the Marines and had been working on waste processing for the military for many years. We have many people on our team from Rhode Island that have been working with us and are specialists in the state of Rhode Island and waiting for us to be ready so they can start employment with us. We have Industrial Hygienists and environmental scientist and waste management personnel and all our work we have been using trained professionals and Rhode Island union employees from pipe fitters, welders and electricians. We have been working to get everything done for over a year using 3 different engineering firms in Rhode Island who are the top in the state.
Tim I have also reached out to three of the moderators on Facebook regarding their postings and comments so I can discuss and provide them with true statements and only one acknowledged me, I also tried to join the Facebook groups and was not approved by the moderators.
Best Regards
Nick Campanella
