If the terms of the HSBC London Bank loan were too difficult for SYNJ to deal with than it's better they get their funding from a different source! That loan wasn't the only one they applied for, they were also in talks with the Madrid finance group!
Some people focus on what is lost, when we should be focused on better opportunities!
These projects are going to be HUGE!!!
Look at PR issued on January 25, 2010;(down where Brian comments)
Syndication Inc.: BOD Accepts $6.5 Mill International; Company's S. Carolina 'Energy City' Projects Attract International Investment
Jan. 25, 2010 (PR Newswire) --
DAMASCUS, Md. -- Syndication Inc., (Other OTC: SYNJ.PK), The Company announces that on January 18th, 2010 McCutcheon Marshall Jr., President and Chairman of the Board for Sentinel Renewable Energy S.C. Inc. and Pinnacle Energy Inc., the wholly owned energy subsidiary of Syndication Inc., agreed to the terms and executed a loan commitment for a $5 million dollar, 10 year loan, bearing interest at a rate of 4% annually. The Company's cash match requirement is $1.5 million bringing the total asset commitment for the Kingstree South Carolina Bio-diesel Manufacturing facility project to $6.5 million dollars.
When the President, Mac Marshall Jr., was asked to comment on the financing he stated, "I don't have the luxury of relaxing. I want to move forward with the execution of SRE S.C.'s business plan. My first action is to settle on the 75,000 sq. ft' Kingstree warehouse and the Methes Canada purchase of the 2 Denami 600's. I know every one is excited about our financing but, you should understand, in my opinion, I have assembled a world class team and charged them the simple task of not creating an 'Energy Revolution' but, grabbing as much of it as they can over the next 10 years. This is a great venture and one that I feel privileged to be a part of. The State of South Carolina is the frontier of the 'Renewable Energy Revolution' and I can't wait to look at us in the year 2020," said Mac Marshall Jr. President and Chairman of the Board of Sentinel Renewable Energies S.C.
When the CFO, Peter Katzburg, was asked to comment on the financing he stated, "I've built and financed many companies over the last 35 years, both small and Fortune 500. In this Company, I see the same fundamentals that were prevalent in my past successes. However, the difference in this project lay in the opportunity to build a Company which stands at the precipice of a global shift in our industrial energy environment. We are at the beginning of an Energy Revolution and all indices point to a global economic shift in energy consumption. In fact, it resembles the second industrial revolution of 1850. It gained momentum with the development of steam-powered ships and railways, and ultimately lead into the 19th century with the internal combustion engine and electrical power generation. This is where we are. No doubt, there are a number of frontiers in this 'Renewable Energy Revolution' but, the State of South Carolina is one of the big fronts," said Peter Katzburg, the CFO of Sentinel Renewable Energy, S.C.
When the CEO, Brian Sorrentino was asked to comment on the financing he stated, "As mentioned in earlier news releases, the Company will continue to pursue multiple sources of financing however, we are extremely excited about this particular arrangement. The Madrid finance group is already considering finance packages for additional projects in our Energy City agenda, specifically the Palmetto Gas Pipe Line. They are reasonable in cost, faster and more predictable then the government, extremely well capitalized and motivated to grab - with us - a piece of South Carolina and the renewable energy revolution. I can't ask for a better partner. In the Kingstree S.C. Bio-diesel manufacturing facility, we have staked our claim in the State of South Carolina and the frontier of global renewable energy. It's my strategy to dig in, plant our flag and hang on. In my opinion, with this crew and a couple of smart moves, over the next 10 years, the natural growth of the industry will carry us into a rich and profitable future," said Brian Sorrentino, the CEO of Syndication Inc. News Pending.
