In the IPMN Rodman and Renshaw Presentation the CEO indicated that they want to sell their traditional oil and gas business to focus more on biodiesel.
I called the company yesterday and asked a direct question...why did you sell shares so cheap? They said exactly what I thought they would say...the negotiations were conducted when the pps was at .90-1.00. They needed the capital because they "settled or resolved all of the past vendor and litigation issues that had faced e-Biofuels at the time of its acquisition by the Company".
I was also told nothing has changed as far as the company's recent PR. They are on track for 2012..."At the Middletown, Indiana facility’s current production rates, the Company is on pace to produce in excess of 34 million gallons of fuel in fiscal 2012 or an annual increase of about 30%." ...and now with recent deal: We expect the rapid expansion of the plant to 40-45 million gallons per year
The CEO/company has already "pulled off" a superior upgrade/turn around of e-Biofuels from acquistion to present. From your post: "If he can pull it off, it's a worthy deal"
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