It's a 2005 8k from "Startech Environmental Corporation" announcing that Inter Capital hasn't come up with the promised funds yet.
Here's a "Startech" PR:
Startech Environmental: More Hot Air than Profit Feb 15 2007, 13:46 | about: STHK.OB Startech Environmental (STHK.OB) is a “waste to energy” company commercializing its proprietary plasma processing technology, the Plasma Converter system.
The Plasma Converter System achieves closed-loop elemental recycling that irreversibly destroys hazardous and non-hazardous waste and industrial by-products while converting them into useful commercial products. This “green” waste management alternative uses the extreme high temperature created by a plasma arc—the arc in the plasma plume within the vessel can be as high as 30,000 degrees Fahrenheit, or three times hotter than the surface of the Sun—to break down (molecular dissociation) any proportion or combination of solid or liquid waste (including sludge).
The two principal byproducts of the Plasma Converter are a synthesis fuel gas called PCG and an obsidian-like stone, which is non-toxic and non-leachable. Both are commodity products that offer the customer revenue potential. The PCG can be directly used for plant heating or cooling, to make electricity, or to desalinate water, as well as other uses. Additionally, the PCG can be used to make hydrogen or methanol. The obsidian-like stone can be sold to the construction and abrasives industries.
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Latest Developments
* “Startech lands $280M for pair of Polish waste disposal contracts.” – May 2004 * "Plasma Leasing Financings Near Completion in Poland.” – March 2005
“The initial contracts signed in Poland are still pending project funding and remain in the financial development stage. Discussions continue on project scope and configuration.” – November 2006
* “On March 15, 2006, the Company announced that it and Future Fuels, Inc. [FFI], a subsidiary of Nuclear Solutions, Inc. (OTCBB: NSOL.OB) of Washington, D.C., had received a Letter Of Intent from FFI for FFI's purchase of a 100 ton-per-day Startech Plasma Converter System [PCS] for installation in a StarTech waste-to-ethanol facility in Toms River, New Jersey scheduled to go on-line in late 2007.” – June 20, 2006.
As of January 4, 2007, FFI was still waiting on funding—a planned tax-exempt bond offering, totaling $84 million for the construction of the plant.
“You made me promises, promises You knew you'd never keep Promises, promises Why do I believe All of your promises You knew you'd never keep Promises, promises Why do I believe?” -- recorded by Eighties British synthpop duo Naked Eyes [Album – Everything And More, 1983]
In recent months, too, Startech has announced contract signings for the sale of three 200-tonne-per-day plasma converters to be installed in Panama and for one (to process industrial hazardous waste, including PCBs). The Panama plant is expected to be operational in 2008.
“He who is born a fool is never cured.” – Proverb
Startech’s business model needs to be modified to include the following defined variables:
1. Demonstrated technologies have never been utilized on a large-scale commercial basis. Critics claim the largest model has not been demonstrated to safely handle 200 tons of trash per day (as claimed). [Startech has yet to provide evidence supporting its position that emissions will likely be less than from a standard natural-gas power plant]; 2. Care will be required during storage and handling of the Plasma Converted Gas (which may represent an explosion hazard) and during handling of the molten metal and slag produced by the process; and, 3. The failure to achieve market acceptance of the Plasma Converter within the United States (given alternative “green” fuels and demonstrated, lower—initial cost waste-management options, such as landfill dumping and incineration).''
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Just as unsettling to us is that of the five senior executives, again—only—Joseph Longo brings industry experience to the table:
1. The Company is dependent on the global marketplace for most of its contracts. Peter J. Scanlon, age 57, who serves as Vice President, Chief Financial Officer, Treasurer and Secretary, brings a prodigious three-years of international experience to Startech (having once served on assignment for IBM in London, England); 2. Talk about breaking a cardinal rule in business management—the Company’s Vice President of Sales and Marketing, Stephen J. Landa, age 42, was previously a financial news talk show host; and, 3. A dearth of management with any science background (esp. in thermodynamics!). Karl N. Hale, age 41, serves as Vice President of Engineering. Mr. Hale is a chemist by training and is a recognized expert in the field of explosives industry Safety, Health and Environment. “He has invented several novel processes for treatment of explosives industry waste materials.” A good man to have at the helm—if a waste plant is in danger of blowing up!
Startech brags that founder Joseph E. Longo, 73, with more than 25 years of waste-management industry experience, has been awarded many waste industry equipment patents, all of which have been successfully commercialized. An extensive Google search turned up patents in his name for, among other uses, a refuse compactor slide bearings, a household garbage compaction unit, and the hydraulics for a self-powered bucket bowls—but no patents with any relevance to refuse-to-fuel technology.
AI
