Curious about this deal and surprised no news. Would be good to know the following.
1. Have the RIBTs Equipment shipped?
2. Has it been installed?
3. Is it operational?
4. Is it making product?
5. Is that product being sold and is RIBT getting anything from it?
6. If yes to the previous what is the timeline for additional installations?
7. If RIBTs equipment is going into existing plants what portion of the cost does RIBT have to come up with? Is it parts and labor?
Per JS at the annual SH meeting in June. RIBT sold 2 extruders to Wilmar for $1.7. Both extruders have been delivered and will be installed at one of their 12 rice mills in N China. Per JS, RIBT will not recieve any fees, overides, royalites etc. It was a straight sale of extruders for cash. JS said he was not worried about China reverse engineering the extruders due to contractual protection and international law.
Hey There Kody and Olga! How are you guys? Kody, you are 100% correct... the Chinese will most likely never buy another extruder again, because they won't have to. We essentially sold the company for $1.7M. Nice job JS! Way to go. And the thing that is just absolutely mind boggling to me is that they STILL do not have stabilizers in Brazil. I simpy cannot believe that they keep perpetuaitng and getting away with lying about this. Kody remember all the interest we had from South America? Remember we were told that stabilizers were there? I wonder how they are making the rice protein? They couldn't be so stupid as to be shipping defatted bran back to US to phase 2 facility to do that... could they be that stupid? Astonishing to say the least. Kody the should have kept you and me there and brought Patty back... we'd be light years ahead of where they are not. So disgraceful the horrible job that JS has done. He recieves failing marks in my book for his track record or lack thereof. And oh yes, I forgot to mention we are now in competition with DSM whom we shared all our secrets with too. It doesn't get any better than this for an American Tragedy on Wall Street. I think I should use my PR prowess and get Brad as a guest on American Greed.... anyone with me on that? Hmmm maybe I will give the producers a call and see if they'd be interesting in this story. Bet they would be.
Anyone doing business in China needs to have ample protection especially with highly engineered proprietary IP. Going to court internationally is impossible and extremely costly even for the large Fortune companies that are constantly getting IP and other products pirated or reverse-engineered. The company needs to protect its assets which is the extrusion process first and foremost. I saw Kody's name and had to say hello and chime in...
maxt35--I hear that at the SH meeting that the extruders were going through customs. Work is/was need to install them as it takes a lot of electricity and other. I am wondering who is going to buy the product.