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Tuesday, August 30, 2011 11:05:19 AM
ITEM 6; 6/12/11; Board Approves $500k Increase of BECI Convertible Debenture Investment/Loan;
On 6/12/11 the Board accepted an offer from Better Environment Concepts Inc. (BECI), to increase its Convertible Debenture investment/loan limit by $500,000 to $1,500,000 under the proper circumstances. The Oversight Committee requested that, should the Company choose to move forward with the Bio-Diesel Manufacturing Project than the initial phase should be scaled down to 1 Denami 600 processing machine from 2. The committee also indicated that all additional monies invested will be restricted to hard asset acquisitions only. It was the contention of the committee that the amended scaled down strategy should allow the combination of the company’s half million dollar escrow and the $1.5 million draw down credit line to launch the program successfully.
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