ASM Meeting 11-Jun-09 04:58 pm Okay, these are bullet points only, Im tired!But will give more details later. Im sure Calc and JP will also.
The meeting room was packed. Probably 50 shareholders. Bottom line I left feeling better than I ever have about BCON. Will not speak for Calc but he concured.
The most encouraging point we all came away with was that there are multiple parties that have expressed interested about partnering.Capp came out with this early in the meeting.Do not think we will see any shareholder dilutuion anytime soon.
NEISO is going well. Both parties are optimistic. In fact the BOD's for the NEISO was at BCON hq two weeks ago, enough said!
Back to the partners. It looks like other parties would like to co-invest in the plants themselves, or invest in the matrix, these are different utilities from what I heard."Substantial interest from potential patners". These parties have a substantial interest in Stephentown, thus reducing dilutuion and cash outlay.
Lot of interest overseas. Keep Denmark in mind going forward.
Going on-line with the 2nd MW in NE this month. But the two systems ready outside will be shipped to NY. Third is about ready. The flywheels are in the ground, but again they are going to OH and NY.
Not much said about DOE loan other than they are confident. DOE has concluded plant will generate sufficient revenue to repay the loan!Projected performance and operational lifetime are consistent with what was stated to DOE.BCON knows the insiders at NYISO well. They seem to be implementing changes as fast as possible for BCON, HENCE the 2M granted recently!
The Facility is really impressive, wish I had a picture. By the way BCON makes their own inverters!
Lastly for now, but I thought was interesting. Capp responded to a question about Gelbaum. He stated DG gave up the warrents due to his reputation and what it was becoming. Believe it or not!
The matrix inside the plant hummed like an AC unit at your home. On the wall was a flat screen monitor about 48 inches that shows are the data being injected and absorbed by the grid. Impressive!
I look forward to hearing from the others that were there! But it was a first class event!
