Article from the Vancouver Sun- do not deleteBig talk is the only thing being recycled
David Baines, Vancouver Sun
Published: Friday, November 03, 2006
Under Langley promoter Rene Branconnier, the company misrepresented its affairs, exaggerated its business prospects, associated with disreputable people and companies, engaged in questionable accounting practices, and lost millions of dollars of shareholders' money. Meanwhile, Branconnier paid himself and family members hundreds of thousands of dollars per year in salaries, and reaped millions through various private business deals with the company.
In 1995, VSE officials squeezed Thermo Tech off the exchange and it migrated to the OTC Bulletin Board. Despite the company's abysmal record of corporate governance, Hansen joined as CFO in 1997 and served in that position until 2000. During this period, cumulative losses spiralled to $80.4 million.
In July 1999, the B.C. Securities Commission found that Thermo Tech had paid $11.5 million for a 50 per-cent interest in two Ontario transfer and waste management facilities that were valued at only $5.9 million. It issued a cease-trade order until the company explained itself, but an explanation was never provided. The cease-trade order has been partly lifted, but is still in effect for Branconnier and his associates, including Hansen.
By 2001, with the heat on, Branconnier spun off another waste conversion company called Duro Enzyme Products Ltd., which eventually changed its name to EAPI Entertainment Inc., and finally Organic Recycling.
Branconnier does not serve as an officer or director of Organic Recycling, but it is clear that he is pulling the strings. The company has featured many family members (including son Dean) and former associates (including Hansen). Don Dyer, who handled investor relations for Thermo Tech, is performing the same function at Organic Recycling.
Meanwhile, the casualties are mounting. Surrey resident Brian Syntak told me this week that, in late 2004 and early 2005, Dyer and Branconnier persuaded him to lend $70,000 US to help finance Organic Recycling. Interest would be paid at the rate of 2.5 per cent per month and principal was repayable upon demand.