ECSL Dear Shareholders,
Following up on Shareholders Update last month, we continue to make great progress with the environmental group that was hired by our lender to analyze the complex condition on one of the parcels that we are purchasing. It took nearly 1 year for our own environmental team of experts to analyze the properties, so this time with a third-party doing their due diligence, although frustratingly longer than any of us want, it can be judged as “understood.” As mentioned also last month, CyberFuels has provided the necessary information requested, and sometimes that adds to further questions, but we have recently added an environmental insurance package and “environmental cash escrow” for the lender’s benefit which we feel will eliminate any risk and get us promptly to closing. The other work (Title, Loan Agreements, etc.) has been completed, so like our seller’s attorney said to Ron and me last week when we met him in Tampa, “Come hell or high water, we’re going to get this done.” With the progress made as stated, we expect that the closing is eminent and expect to make an announcement on the closing of the properties in a national Press Release as soon as the transaction is completed.
More terrific news continues to come in from our 2 additives sales teams across the US and Canada. While new tests are underway with 3 new firms, the completed tests with the large mid-west firm last month provided outstanding results and they have begun telling other trucking firms of their results. In particular, the additive blending unit which is affixed to the trucks’ cabs has led to discussions with one of the largest truck-leasing companies in the world to attach the blenders to their truck fleet (over several hundred thousand trucks worldwide). Word of mouth and these types of positive sales relationships caused us to hire Jeff Porter full-time with CyberFuels, and we are delighted that he has joined the CyberFuels staff as the “Director – Additives Division” to help support all the sales initiatives that CyberFuels continues to build very profitably.
Another independent test that we’ve authorized, and which will begin in August, is with a division of an international company whereby Dynamo™ will be tested at a closed course with 3 trucks at Auburn University. This international firm’s division has a device that measures and records a truck’s engine performance in seconds, and with Dynamo’s outstanding performance benefits with individual trucking firms, we’re excited to see the engine data with very detailed readings and the analysis that that enables. This test will also include a traditional SAE Type II fuel economy test alongside the engine data collection. We expect the test data results, the drone video, and the photos to be an instrumental marketing tool of Dynamo™ for the months and years ahead.
I would also encourage you to view this podcast from Andy Hedrick, owner of Trucking Tower, which is an excellent analysis of the performance of his team and the outstanding benefits of Dynamo™:
