I believe it meant 60 days, not buiness days, but I do not think any announcement will be made until March 1st or later. The original press release stated, "To complete the agreement Clean Power Concepts will be hosting a formal delegation from Chongqing within the next 60 days which will be comprised of private company officials and Chinese state representatives."
If you read the actual Memorandum of Understanding dated 1/15/11 filed with the SEC between CPOW and Chongqing Grain Group Co., Ltd., it tells us that both parties agree to:
1. For a Joint Venture Relationship, the objective of which is to explore the feasibility of jointly building and managing a 600,000 MT food canola crush plant located in Wester Canada.
2. The JV will be a separate LLP established for the purpose of building and managing the plant. The ownership will be CGG 90% and CPOW 10%.
3. CGG agrees to commit to purchase all oil output and CPOW agrees to puchase all meal output. (This is why CPOW signed the agreement with KND to sell its cannola meal off-take, becuase it expects to have a lot of it.)
4. The anticipated combined minimum investment would be between 70 to 90 million Canadian dollars.
5. That the agreed concepts and principles of the MOU be more fully documented in the form of a more detailed and executed binding agreement between the two parties. The process of finalization of this agreement is agreed by both parties to be completed within 45 days of the signed acceptance of both parties of the MOU.
My take on it is that the delegation did come within 60 days, but the completed agreement everyone is looking for is partly the MOU that was filed on 1/15/11, and we should expect a final signed acceptance 45 days from 1/15/11, which is March 1st.
