I agree with much you have said here. They have constantly failed to deliver and I do believe they have an old and tired CEO running this company. However, unlike many other pinkies, they have patented technology that is in dire need around the world and more specifically in the domestic oil & gas industry.
Also unlike before they have a proven guy actually doing the marketing of their products (John Adams). He does have a track record of producing. There has been verified meetings with companies operating in the Barnett Shale. As for the share count and how much they have been selling I am crossing my fingers. My personal belief is that he (Royis Ward) is not selling himself but rather the company may be selling some to keep afloat until some type of contract gets signed.
Don't forget they had these same units about ready to process water from offshore rigs in Cameron, LA when Katrina hit. That really set this company back. As for the England fiasco... who knows what happened. A guy in their former IR department told me that the mines over there couldn't get their sh$@ together. Again thats coming from ECCI so take it at face value.
This technology has been proven effective by both a governmental agency and an educational institution (Texas A&M).
From the chatter they sound like their close to getting something signed. If this technology can be shown in a pilot project to be cost effective this will be a gold mine for shareholders. Do you know how many companies will be fracing wells in Barnett Shale... not to mention companies that will use if for other types of drilling?
Where there is smoke there's fire and there is an awful lot of smoke at this point in time.
Im obviously a believer. We shall see.
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