Quote:

---

imo *true value* currently ..
(until first sale is consummated) is $1.00 to $1.50 (call it $1.25) on an existing
IO of 125M ..

---

WOW!!! Honestly, I can't go there with you...Heddle just hasn't proven that what value IS there can be deployed or utilized in the field on a long term basis in any meaningful way. I'm not saying it can't happen...I'm hoping he will..obviously!! I believe that folks (potential customers) have seen the machines function, and that forms the basis of the negotiations down south. The tech works...the machines work..and there will be a place for this...in a modified scale situation IMO.

BUT, ya just can't disregard the facts here....they haven't sold fuel...they're not processing plastic into fuel, they haven't sold a machine...they haven't agreed to any licensing rights..they haven't partnered with anyone who is producing with their product!! Honestly, I think we'll be hard-pressed to see your price prediction even with an agreement with this Southern Company. In many ways, this thing is back on the desktop..."in theory"...due to the long delays, down time, and wasted ECONAV agreement. Despite the high hopes that I have, you can't disregard the "tripping up" and terrible decisions Management has made. This is high risk...plain and simple. That doesn't equate to $1.25 at this time IMO

I realize you have your reasons for believing this...and much of that takes into account the naked short position you have documented, and believe will be covered. I'm not going to argue that with you...as I also believe it to be true. My belief is...that it will be marginally covered...under cover...and out of plain sight. You have those numbers as a part of your formula for SP.... I do not.

I see a proposal...a relief from a serious environmental issue...one method of dealing with a large scale problem...and it's in its infancy. BUT, because it's not "out there" and "In Use"....it's only theory...it's hope... and I'm priced in accordingly. I have my price points also...but I can't go beyond .25. Even if the agreement is thumbs up down south...it's 18 months minimum to fruition. IMO.

Not meaning to be a naysayer...just trying to be a bit realistic...