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Thursday, June 23, 2022 11:34:21 AM
Dear Shareholders,
We are ready to close with the seller this week on funding on our CyberFuels Gateway Terminal in Tampa Bay, Florida, but our lender’s attorney has not completed his document review but has narrowed the list to nine items – most of which we have already answered — and he is just needing more time to review and approve. The lender asked the seller and us to approve a closing date “on July 8 or sooner,” which both parties just agreed to do at no additional cost to CyberFuels for the extension. Given the shortness of this extension request and the upcoming 4th of July Holiday, you can see why we remain highly confident that the closing will take place within this allotted time.
While the lender’s attorneys complete their due diligence, we are also moving forward with organizing a sales team to introduce EcoFlex renewable fuel options which significantly reduces Green House Gas emissions. And we are progressing with opportunities and negotiations for take or pay contracts with major fuel companies for storage in our terminal as well as adding sales agents for our Dynamo Additives. Those negotiations are going well, and we expect that those contracts should be signed shortly too.
More to come on all fronts as soon as we can. Our Press Release will go out nationally as soon as the closing is completed.
A fool does not care whether he understands a thing or not; all he wants to do is show how smart he is.
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