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viking86

03/08/13 10:24 AM

#32421 RE: snow #32408

yes, I think that's an exaggeration. Most of the growth of this company comes from the ability to build new farms and other projects at a rapid pace at the expense of JV partners who shoulder 100% of the startup costs and are willing to accept shares to settle debts when these are due. Although the latter part accounts officially only for 15% approx of total annual capex, it is a very critical part of the growth plan. Imagine what would happen to the growth if S had to put cash on the side to pay for all the debts owed to the many JV partners. But that doesnt mean that growth will go to zero from 100-200%.