All/Eco, I am with Ecomike on this one. I believe that a drawback is in the near future. Also, there is too many indicators of (to me) excessive risk as I will explain below. My big 3 issues involve Direction/schedule, cost vs execution, and performance. So I sold all of my shares recently in expectation to jump back in on an expected lower price. I am not short, I believe in this idea and want to see it succeed. 1. Direction/Schedule – I posted about this 2 or so months ago in a query to Ecomike: “I see that we are pursuing a niche based on CO2 recycling mixed with natural gas to produce gas/diesel/jet fuel. Now my concern for the lack of execution in the face of multiple lane changes for the last year tell me we are a dog chasing it's tail as far as clear direction and schedule are concerned. The multiple partners seem to say the appropriate team members are now onboard to execute a trial commercial model, but the extended testing seems to say we are not yet ready for a operational trial but are still in developmental stages. Sound about right as far as program execution goes?” This lack of schedule execution due to shifting end goals is troublesome. Does anyone get in their car and just drive randomly around the city in hopes of finding the location they need? No, we use Google maps and find the fastest, easiest route to our goal, it’s the cheapest and most efficient way. Not having a clear destination or schedule is costing us more. 2. Cost vs Execution - The latest financial data is posted on yahoo, http://finance.yahoo.com/q/is?s=CABND.OB&annual. In summary (if I am reading this correctly) says that we burned 2.3 mil in FY10. For FY11 prospects, I’ll take you back to the latest PR. Byron Elton, Carbon Sciences’ CEO, commented, “After achieving very positive commercial test results for our catalyst, we are moving ahead aggressively to accelerate the production of larger quantities of the catalyst, as well as completing the technical and economic analyses in preparation for discussions with strategic partners. Working with the GTL experts at our engineering firm, Emerging Fuels Technology, we also plan to demonstrate an end-to-end process that will produce samples of diesel fuel that can be used by existing diesel vehicles.” This tells me we are going to need even more funding to keep this puppy on track. That means dilution. Price per share goes down. 3. Performance – I have held a sizable position in this company for almost 2 years now and even with recent short term successes, it seems that we are right back to where we were a year ago. We still have not yet followed through on any expectations set in the previous years. Either our patent encroached on another’s technical research or our end goals or process has changed and forced us to swap direction/timeline. Either way you cut it, we have not met our intended milestones to date on time or on target or on cost. To verify this, just go to the website and go back 1-2 years in the news and follow along as the milestones/goals have changed. 4. Lastly, (I know this is cheap) but the last Investor CC was cancelled. In my experience with programs that duck scrutiny events/DD events, this means that we are in trouble and working to “get the house in order” before we come out to our investors again. In conclusion, due to the excessive risk, I ended up selling my shares. I will still watch this stock for I believe in this idea and wish wholeheartedly for its success. I’m not sure where I will come back in at. If I am wrong, then I will be paying more for them, but I don’t think so. I took my profits, but it doesn’t mean I am out of this company. Vr Wild Bill
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