GREY:BIXZF - Post by User
Comment by
brnt999on Mar 16, 2010 4:11am
340 Views
Post# 16886236
RE: RE: RE: Here we go again
RE: RE: RE: Here we go againI think your wrong about shop. I think he is who he says he is.
Anyone who cares to read BXI's last financial statement--coupled with their statement during the last conferance call that they had to write a check for 14 million to cover the costs of the plant expansion--would realize they are out of cash. I was expecting this to happen.
Their business plan last November/December had them producing proteins by now and generating revenue to pay operating costs. That didnt happen. Their crush operation at best is breaking even so they don't have any revenue coming in. Until protein production is generating revenue they are burning cash. As the news release says the money from this financing is to pay operating costs of the plant, pay expenses incurred developing toasted meal patents, and development costs for the Minot Plant. If they are going to have an extended ramp up of their protein production I doubt they would be generating enough income to cover costs until probably June. They need enough cash to get them there.
I dont think people need to panic. The underlying premise of this company is still a gold mine. But it aint going to come as easy as many would have hoped. I don't think they can rush protein production. Its going to take as long as it takes.
I hope this financing goes through without a hitch. The last few financings have made the buyers a good return on their investment.