BEHL SHAREHOLDER MEETING SUMMARY
Made possible by Don Santiago, Thanks!!!
BEHL SHAREHOLER’S MEETING NOTES
Notes in red are my opinion
* indicates important info
In attendance: Dennis Fisher, Monique Berry, Frank Rawson and Katherine(?). About 26 people showed out of thousands of invitations. Some may be from other co.’s/analysts.
Dennis Fisher opens meeting with a short speech. He starts with a quote then announces his resignation as CEO effective April 1. He will be Executive V.P of Business Development; his specialty.
Goals are set:
90 Days:
1. Completion of website
2. New lab in Santa Ana
3. 3 Photo Bio Reactors operating in Santa Ana
4. The same as #3 in South Carolina
5. Start of ops in Lone Star College
6. New Acres
7. New CEO- will start in March but formal announcement on 4/2
8. $5 mil raise of capital from Black Rock
9. Completion of 10-4, 1521 and Govt. Funding filings
10. Sell more reactors
11. Sell desktop reactors
12. Work on reactors
13. Patents
6 Months:
Goals but attainable
1. Complete 2 acres
2. Sign 2 clients
3. Sign 1 client
4. Additional Omega 3 reactors
5. Sales
1 Year:
1. 25 acres
2. Prepare for NASDAQ
2 Years:
1. Photo Reactor
2. Will be on NASDAQ
3. Attractive to be an acquisition target
Dennis’ speech was short. He did recognize he was egotistical.
He then opened the floor for questions and immediately questions began. One questioned the overall business plan. The other was very knowledgeable about the co.(Overheard later he has been researching Algae for years but I believe he had more interest. Other source in room had a long conversation with him.) Both got under Dennis’ skin.
Notable Answers from Q & A Period:
1. There is an issue with permits all the time. San Juan took 1 day. Huntington Beach are being assholes.
2. There will be no sale of reactors without BEHL managing
3. Very, very close relationship with RWE
4. Vague about relationship with Envirotek: One asked about board member’s relationship but Dennis was vague in his answer.
5. *Revised bus. Plan in about a week and a half. It will be sent out. If not, one can request.
6. *Dennis was very upset about skyrocketing of price .016.There was no reason for it. Someone asked if pennystockhaser.com was to blame for the hype and Dennis seemed to think so. Current value of stock is about right- not more than 0.10
7. Deal with Czech is over. Better to stay with U.S. But someone asked about Africa and there is still interest.
8. Easier to develop Omega 3 for consumer use than animals due to FDA.
9. Extracting oil from algae is not cheap. Right now, $80 per gallon. However, someone from Santa Fe was in attendance is developing a new system. Dennis will take a look. There also a million strands of algae and only a few thousand have been discovered.
10. Process being developed for cold weather.
11. * Because of 5 mil in capital, they expect 2010 to be profitable.
12. * There will be no reverse split
13. Real estate values are a prob. Land in Huntington Beach may be rezoned from agricultural to housing- what was once $5 mil. Is now $1.5 mil.
14. *BEHL will grow through contracts and Omega 3 contracts.
15. $1 bil. Shares is all that will be issued. No more.
16. *Expect a 10% increase in market cap. Growth.
All in all, a very useful meeting. Dennis resignation was a bit of a shocker, but it will remain to be seen who this new CEO will be. Dennis emphasized the very close relationship with RWE but, what is the relationship with Envirotek?
Being on the OTC and govt. funding will in no doubt put BEHL on the radar map of many financial institutes. $5 mil. Influx of capital is very interesting but resulting in profitability makes me question the long term growth profit.
However, attaining NASDAQ status piqued interest. Requirements must be $3.00/share for a number of days. To do this in 2 years is quite lofty especially if BEHL is depending on sales/contracts.
In my opinion, BEHL is currently a long term hold. One may see large profits in 2 years. But the revised plan expected in a week and a half should be examined thoroughly reviewed. A new CEO may also pursue aggressive action and/or take BEHL in a new direction.
