When was this sent out?
Dear Shareholder,
I am proud to announce that, despite some delays caused by prolonged negotiations for our facility, we had steady progress on all fronts. We are presently about three weeks behind schedule but expect to make up for these delays as facility plans and equipment designs are several weeks ahead of schedule; this fact will come into play and help advancing significantly faster by mid to late November.
Funding – the second trench of funding has been completed at the same conditions as the first. The funds were entirely allocated towards engineering which allowed to finalize the equipment plans and designs way ahead of schedule.
Facilities & Operations - negotiations for our manufacturing facilities are now concluded. The delays caused by the prolonged negotiations were well worth it as we are now acquiring a 50,000 sqft facility with 400,000 sqft of room for expansion, at a seriously discounted price. Once the acquisition completed I will be more than happy to post the details. A new occupation period is now foreseen for the third week of October while the plant plans are being finalized.
Other activities – According to our accountants the audited financial statements are foreseen to be ready before the end of November.
As far as IR/PR is concerned, I have opted against this approach as I personally do not believe that it would increase our visibility in a positive manner. I believe I am serving the company and you a lot better by allocating the funds that would be required for such publicity stunts towards operations instead.
I will, however, make true on my promise to better respond to our investors by implementing our own IR and a specialist will be hired and brought up to date during the month of October.
Since our existing contracts already require the full capacity of three reactors, our marketing efforts have now been oriented towards licensing of our biomass conversion technology. I have several stops in my travel schedule for the next week to negotiate, among other things, potential licensing contracts, three of which are already engaged in advanced talks.
Our negotiations with A-M Polymers towards grouping the two contracts into one single agreement including a delivery schedule have been successful. I will be meeting M. Terki next week to finalize the new contract which will be mutually beneficial and I will post a new update and possibly a PR on the progress as soon as we have tangible developments to announce; in any event, I will commit to the next update report being posted by mid October.
Again thank you to all our shareholders who support this project.
Sincerely,
__________________________
Alexander P. Cavasin
