RE:RE:RE:ALF TANNER-phone call with CEO on-target, I wish I was completely wrong. I wish everything the CEO told us was true. I wish the factory was producing loads of platinum at a huge profit. I wish I did not lose my hard earned money investing in this fiasco.
Maybe the rights offering will give them enough money to get over the hump and make the company profitable. What are the odds of that? I would say less than 1%.
I agree that management should have cut their pay, but they also should have cut a lot more than that. They have lost about $8M in the last year trying to get a small chemical processing module working. This thing has been mismanaged in many ways.
When I was a kid, I would go to the beach and play with the sand. Have you ever filled half a bucket with sand and then filled it with water? The sand does not float in the water to make a slurry. The sand settles to the bottom and basically stays hard and immobile. My guess is that is what is happening with this process. It is probably why their stirring mechanism broke. Sand and water do not mix to easily flow through vats and pipes.
Management has given many excuses as to why this process does not work. First, they needed a boiler, then a gas line, then a way to dump sand into the vat, then a new stirrer, then better pumps. Now they apparently do not have any catalytic converters even though they promised us that they would have plenty of them due to the partnership with Davis.
"Insanity is doing the same thing over and over again and expecting different results."
That sums it up very well.