The BMSPF Annual (2-12-2021) unaudited statements have been posted on SEDAR. I am afraid nothing is really new since the November 2020 statement. Same old "we are raising funds and will submit audited reports once funding is found".
Here is what I consider important statements about customers:
. Nature of Operations and Overall Performance
Description of the Business and Summary of Activities
No significant changes since we filed yearend October 28, 2020.
BSP has submitted off-take agreements to two Asian power companies and currently
discussing offtake terms. There are no guarantees that we will be successful.
Corporate History
On February 9, 2009, we changed our name to Biomass Secure Power Inc. (the “Predecessor
Biomass”)
On June 30, 2009; we legally amalgamated with 0625920 BC Ltd. (“0625920”), with Predecessor
Biomass as the continuing company.
The consolidated financial statements of the Company as of June 30, 2019 comprise the Company
and its wholly owned subsidiary, Biomass Power Louisiana L.L.C., a company incorporated in
Louisiana, United States of America on February 1, 2013.
Corporate Developments
The Company is in process of raising funds and will complete audit once funds secured.
New Energy Risk (NER) will issue insurance policy to guarantee plant performs as engineered.
NER is currently assisting BSP obtain $30 million loan that they will guarantee with an insurance policy.
The Company has been actively pursuing financing arrangements to allow it to fully implement its
Business Plan.
A large European power company is in discussion with the Company to secure supply of Torrefied
product to use in their power plants. They have indicated that they have interest in an off-take
agreement after they conclude testing. They advised the Covid 19 has caused problems and they will
not be able to move ahead prior to spring 2021.
BSP has received proposal from an Asian power producer to provide 400,000 tonnes off-take for
twenty years for two plants. We have submitted our proposal; they have asked us to assist in securing
a trading company to act as a middleman on contracts. A trading company has interest in taking on
role. We expect these discussions to take some time due to lockdown caused by covid 19.
