That's correct. A wholly owned subsidiary would have its own intrinsic value. While it remained a wholly owned subsidiary, its value would be reflected in the stock price of GLEC, because there would be no other public vehicle by which an interest in CleanTower could be obtained.
When CleanTower's business plan is fully developed, it would then present numerous options for GLEC management. Here are the most likely:
1. Retain the business, and allow the earnings of CleanTower flow to the financials of GLEC.
2. Spin-off CleanTower and then IPO the new entity. The IPO spin-off would create an equity ownership in the new IPO for each GLEC shareholders.
3. Merge CleanTower with an industry giant. The industry giant would have contacts and resources to instantly grow CleanTower. The shareholders would be given ownership equity in the merged entity.
4. Sell CleanTower to an industry giant. This would produce cash to enable the company to pursue other application industries, such as, fruit and vegetable, agriculture, ballast and oil/gas.
And remember that whatever business the company creates (whether carts, cooling towers, or any application) there will always be a revenue stream because the industry penetrated will need to purchase IMS1000 from GLEC
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