Major dilution converting debt into shares. Everyone involved in this deal is an existing player and not new interests that I can see. The stage one purchase creates a majority shareholder in Golden Properties, thereby solidifying the stage two process of increasing the amount of shares available up to 800mil for the conversion to take place. This wipes the debt clean and gives the company some more time to bring their new products to market. Stage one provides some new capitol for further R&D and equipment testing. It appears there is still much happening in the form of pilot testing and letters of intent but not much else communicated. I wouldn't view this as a positive so much as I would view it as a means to survive a little longer. Assuming this action buys them the time they need, I would expect to see a 1 for 10 reverse split coming sometime in 2016. The acceptance of the new Industrial applications will make or break this company IMO. A business update is expected in lieu of a conference call 11/16/15 which may offer more information.
It won't matter how big the bio-fouling market is I'm afraid unless there is a significantly compelling reason to implement and adopt this new product for that application. Something that hasn't happened with great success in the other multi-billion dollar market verticals to date.
I would like nothing more than to see this happen however so best of luck!
A better way to say that would be he chose to take a responsibility for a product he believes has potential and ponied up a chunk of change to boot when most people's instinct would be to run for the door given recent circumstances.
Also...just because Corvias isn't calling them a partner any longer doesn't mean they won't be using Abtech's products in their design.
He's not an attorney...at least not a practicing one as far as I can tell, but he is someone close to the situation, and because of that I understand his protective nature. Do I know him personally? No...never met him but I imagine he's a decent fellow. I think most of what he has said is true with a few minor embellishments but Its irrelevant nonetheless.
I'm hanging on because lets face it...what are my options here at this point? I committed to the story awhile back and still see potential but its just disappointing the recent turn of events. Do I blame anybody (Management) for bending the rules and doing something that let's face it...would be considered unethical by most people's standards? No
Do I blame Nassau and Corvias for stepping back away from the situation? No...gotta do what you gotta do.
I can just put myself in Mr. Rinks shoes though and imagine that after all the years of hard, hard, hard, hard work, developing something with proven benefits and trying to bring it to market, all the while feeling the pressure (after YEARS mind you) of catching a break, that I might actually be tempted to do something similar. Especially with people that aren't in the know criticizing at every turn that things aren't moving quickly enough, or questioning facts.
Is there a lot to be critical of? yes...Is it normal to be disappointed or angry at the current situation? Yes...
There is still something compelling here though, which is why after two years someone who sold and got out is still watching from the sidelines. Just saying...
you do realize that Nassau county is on Long Island?...Long Island New York? New Jersey State laws do not apply there.
not my comments. If you read most of my posts they are supportive in nature with a few moments of frustration thrown in here and there. I tried to reply to your earlier question posed to me but before I could finish that conversation got hijacked and you removed your posting.
Charles...nobody here on this board knows the insides and outs of Abtech's strategy or business plan like they do. We are all just frustrated shareholders. The reason any of the remaining here hasn't sold is because we see the remarkable potential for the product, but we just can't understand the lack of market penetration. I for one don't blame them for "lobbying" business in Nassau. The unfortunate thing IMO is that the guy they thought could bring the horse to the stable apparently didn't have the clout to do so, and tried to renegotiate the agreement half way through (on two occasions, fracking and storm water) Thats what happens when you deal with scumbags...and he is getting his courtesy of IMO someone at Abtech. Personally, I would love to know why Cuomo flipped on fracking last minute, but that's politics. I for one do believe management is trying as best they can to change things for the better, but it seems they either have the worst luck closing deals or whatever. I don't want to speculate. Please take your above post down though. Its out of frustration that it was written and rightfully so, but it shows weakness. Stay the course, and don't be concerned with us idiots here please. Looking forward to an Evaporator update (if that deal is dead please say so) and the recent nuclear testing on the next CC. Hoping Mr. Rink and Co. can get one done soon. Many singles add up to runs not just home runs etc...etc..etc.. Best
Well...now that they have Adam off the payroll they can pay 10k a month to someone that may actually have an impact on revenue. Someone that actually knows something about all "that water stuff"...Adam's polar opposite.
Is it illegal to make extortion payments...no...thats why its called extortion. I give Rink a lot of credit now for helping take these two clowns down now. Rink has everything to lose but showed some spine for not allowing these idiots to continue their extortion tactics. Anyone from Upstate familiar with Turning Stone casino? and how all the bars in the casino were built and ready for service but sat unused for years after the casino was open because they couldn't get their liquor license? Thats New York state politics. The greedy POLs had them shut down for years...
I agree with you truth...Rink is a valuable asset to the company, but not sure that his spot is in the driver's seat.