Cassandra Oil (CSSOF)

[Ubertino]

I read this and I get a funny feeling. And it isn't just the garbled translation!

The Swedish company Estonians were lucky alt

10/29/2013, 17:17

The Swedish stock exchange alternative fuel company Oil Cassandra was built in süngaasitehase this year, the production of which would have gone limestone producing Nordkalk, but the lack of funds was due performance of the contract pending.

"We had Cassandra cooperation agreement. Were in our party, who had to buy Cassandra Oililt süngaasi," said Nordkalk CEO Andres Rammul. He added that they would süngaasi Cassandra produces cells used in the production of lime factory. Currently, natural gas is used there.

"Unfortunately, the agreement is not valid anymore, because Cassandra remained unfilled, some conditions that precluded the parties' further commitments. Although not yet legally terminated the contract," said Rammul.

The condition is not fulfilled by Cassandra, was that they could not get funding for your project, so their future liabilities Nordkalk front and contractual obligations ended. "If the agreement does not bind, then the contract is a so-called symbolic of the paper, which exists, but either party can not count," said Rammul.

"It requires a new contract, the new terms of the negotiation and refinement. However, we did not follow the contract," he added.

Since Cassandra is a Swedish publicly traded company, you probably tried to get money for investors. 2011th Founded two years, the company's stock price has risen very quickly. Swedish business newspaper Dagens Industri wrote last week that Cassandra Oil's share price has risen several hundred percent. This is done by company founder Anders Olsson, who owns 30% of the company, a wealthy man.

Currently, the company that makes a loss, worth 1.8 billion Swedish kronor, and the founder of it belongs to a little more than half a billion. Last month, the company's stock rose 80% to ensure that the Framework Agreement for the Iraqi Oil Ministry, where the first phase of a naftatöötlemisjaam. Who are the partners in this project Cassandra, is not known.

"They claimed that they received the money later. Now falls into this agreement, but we can not count, we are working on the new set of options," said Rammul.

When asked whether Nordkalk is willing to negotiate new terms, Rammul replied that if the regime has gone bust thing, then in order to restore confidence again, the other half quite a lot of work to do.

"We had a patent, but did not realize it was an industrial solution. Were lower in laboratory models we developed, but we need to supply insurance to ensure that the necessary amount of gas," he explained. "We need a device that runs 24/7 and 365 days a year."

According Rammul did not bring a breach of contract them economic harm. "Do not ever forgone earnings losses., We are a family business and serve the family support payments., We only purpose is to do it," he said.

Currently running Nordkalk several different designs. 'Two shot, one of them is süngaas and the second is biogas. Currently, the contract has not yet been fixed, but we need to make a decision who to choose in favor of offering credible to us an interesting solution, "said Rammul.

"If it Cassandra, could not get anything out. Unfortunately, the opportunities for cooperation Cassandra quite small," he said. "Cassandra has to show us that they have a device that works."

Cassandra Oil CEO Per Olsson says they can not share the comments that were, or what plans they have in the future. "As a public company, we are obliged to make this information available to the market as a whole," he said in his written reply.

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