Not doubting you KD as you have some of the most insightful info here but I DO HAVE A TIMELINE and based on history it's really tough to believe next week or even this month are likely.
It's tough to think with a new lender coming into the picture he would be ready to close in a matter of weeks as where the last [failed] effort has taken literally years.
Volume is the best indicator and will tell all.
I'll be glad to eat my words if I am wrong but with 22 delays, many of which were "unexpected" by management, I know where I'm placing my money. Hard to believe we won't be adding more excuses to the list. No way this partner is satisfied enough to write eight figure checks already.
January 20, 2023 - "... we did make the decision to switch to a different lender ... Our new lender is moving rapidly towards our closing on Port Tampa next month as planned and expected"
December 21, 2022 - "So, like Christmas, our terminal will soon be here. We had hoped to have it all wrapped up with a bow on it for you, but it will be just a bit more time. Certainly, it will be a great New Year! ...but now with a new partner... "
November 23, 2022 - "Our first goal is, and has been, to correctly close on the properties and businesses in Port Tampa. ... That score will be a holiday gift to all of us and we are spending significant amounts of effort to get that accomplished as soon as possible.
October 21, 2022 - "We are working with our lender and the Seller’s attorney to move towards a closing on the properties and businesses in Port Tampa in November."
October 19, 2022 - "At the time of issuing the financial statements this closing has not occurred and is currently scheduled for mid November 2022."
October 10, 2022 - "Our lender is still engaged, and we expect the owner’s estate to have clear title to the property this month at which time we will proceed to close our transaction either this month or next."
August 1, 2022 - "I will keep you updated as we continue to move forward with the closing which now needs time for the seller’s side to do their proceedings with the estate."
July 26, 2022 - "The purchase of the new CyberFuels Gateway Terminal in Tampa Florida is expected to close in August and permitting will begin immediately thereafter with construction to follow."
July 12, 2022 - "... while all the other questions regarding title, risk, and collateral seem to have been finalized, lender’s counsel asked for, and received, a further extension. This is certainly not what we wanted, but we are pushing for the closing to take place as soon as we can.
June 23, 2022 - "Our lender’s attorney has not completed his document review but has narrowed the list to nine items … 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.”
June 10, 2022 - "Today we have gotten approval from all parties' counsels for another extension for 10 days to get the final few done."
June 3, 2022 - "Due to the complexity of the transaction, the seller’s and buyer’s counsels have asked our lender and their attorney for just a one-week extension"
May 13, 2022 - "I am pleased to announce that we have received an extension which is needed from the Seller that will enable our attorneys and the lender’s attorneys to complete the closing documentation process and allow CyberFuels to move forward to closing."
April 19, 2022 - "We received a Commitment Letter late this past Friday from our lender, yet it had some language issues, which we worked out yesterday and got verbal agreements from the Lender to change the wording. Once the Commitment Letter is signed, we will send it to the Seller who has also already verbally agreed to grant us the attorneys’ time to close these transactions with him."
March 4, 2022 - "I am happy to say that CyberFuels Inc. has negotiated and signed as of today a 45-day extension of the PSA for acquisition of the land and 2 businesses in Tampa, Florida. During the extension, closing documents are to be finalized with a closing date during the 2nd week of April or sooner."
January 3, 2022 - "Last week, we verbally accepted an extension with the seller, but due to the Holiday and travel schedules, today, we have signed a new extension with the seller to February 28, 2022."
November 18, 2021 - "In the extension agreement with the Seller dated October 4th, we were able to secure two extensions: one to November 19th and the last to December 31st. We have elected to take the second extension to close the parcel purchases before the end of the year" -- Guess he meant the year of 2022? Or will it be 2023??? Certainly wasn't 2021.
October 14, 2021 - "On October 4, 2021, CyberFuels purchased an extension of our closing date to November 19, 2021. We have made tremendous progress in getting through this process and with that said, we expect to be through this final stage within the time allotted on the extension."
August 23, 2021 - "we expect to have the purchases completed in the upcoming weeks"
July 30, 2021 - "Closing is now within site. We are a couple of weeks behind our original schedule of August 3rd due to the extension we granted to finish the title insurance that enabled us to complete our Due Diligence."
July 12, 2021 - "CyberFuels has completed its due diligence and is moving to close the transaction as soon as possible, on or about August 3, 2021"
February 2021 - "EncounterCare’s goal is to close in April or May of 2021."
July 2020 - "CyberFuels Inc. has completed a non-binding Letter of Intent with a binding non-refundable down payment to acquire the businesses and property for a fuel distribution plant in Florida."
AI
