I have not posted in a while, but I checked back to see how things are going. In my opinion, this is just plain sad. Where do I start?
- They are just now purchasing catalytic converter feed stock? Why the heck did they not have a full supply of feed stock over 6 months ago when they had a grand opening and promised full production? How could they promise full production without having a full supply of feed stock? It seems management was making promises that were impossible to keep.
- Full production is still a month away? It seems full production has been about a month away for the last year now. Management promising full production has become kind of a joke at this point.
- They were already running on fumes before the rights offering, and they have to be running out of cash again. Time is running out, and they still seem to have no sense of urgency to get this process working.
- That brings me to my last point. I really do not think this process works. They keep promising it will work, but there is no evidence at all that they can continuously run this process. I still think the tanks and pipes are getting clogged up with sand whenever they try to increase the throughput. Have you ever tried to stir sand in a bucket full of water? It is hard and almost solid. Sand is very heavy and just does not float in a solution. Specifically, catalytic converters use a ceramic called cordierite with a specific gravity of 2.6. So even in a solution, it is very heavy and quickly sinks to the bottom. This is all just my opinion, and I would be happy to be proven wrong. Unfortunately, management has yet to provide any evidence that this process can run continuously. They have had nearly a year to get this working. They keep making promises, but talk is cheap.