There are still no updates on either the Criminal Case or the Civil Case. There was a hearing on October 1, 2010 in the Criminal Case for the Conflict of Interest Motion presented by the U.S. Attorney. We should probably see those hearing minutes on PACER within the next few days to find out the Judge's decision.
I decided to use today's post to present the ESS website, and the Letter that David Feuerborn issued to ESS shareholders in January of 2008. It doesn't seem like much has changed since that letter was issued. The text from the website states the following:
"ESS Environmental
UPDATE ON THE CURRENT STATUS OF THE
COMPANY TO ITS SHAREHOLDERS
We at ESS apologize for the lack of communication thus far. The following is the current status of ESS Environmental operations and activity.
Canadian Joint Venture
Due to the recent downturn in our economy and the Canadian economy which has affected the funding of operations, the activity of the Canadian Joint Venture has been placed on hold at this time.
Utah
The Utah project with our Utah partners is currently raising funds to construct production systems in Utah to recover hydrocarbons from tar sands and oil shale." (ESS Environmental Website: http://www.essenvironmental.com/ess.htm)
My analysis: Based on that information I would say that the Canadian Joint Venture is stalled indefinitely, but then again Larry Shultz was scheduled to give a presentation in the United Kingdom on cleaning Canada's tailing ponds with Cleansal (their new solvent name). If there is a new name for the solvent, and if Canadian operations have resumed then I think the ESS shareholders deserve an update.
I am also curious about the Utah Project. Is there any update? If anyone knows the contact information of the Utah Partner could you please post it as a comment to this blog entry. Also, if you have any information on this project that would be appreciated as well. I would like to research it further.
The ESS Companies: I am totally confused. According to the California Secretary of State there are two corporations with similar names. Freestone is suing a company called Environmental Services and Support, Inc. ESS Environmental, Inc. is a totally different corporation. So what does ESS Environmental own, and how does that differ from what Environmental Services and Support owns? In the Criminal Case it alleges that they created corporations with the same name to hide the distribution of investor money to themselves.
Dave's Letter: Dave's Letter states, "[c]onstruction of the demonstration unit commenced in January 2008" (ESS Environmental Shareholder Letter, Page 1). Does anyone know what happened to this demonstration unit? The letter also says that the Desist and Refrain Order issued by the California Department of Corporations "became final late last year" (ESS Environmental Letter to Shareholders, Page 2, Paragraph 4). What does that mean? Is it still in effect or not? In his Letter, Dave continues by disccusing the hurdles that face any "new business." Mind you this letter was written in 2008. According to the information I have presented on this blog, Dave Feuerborn has been working on this solvent since the early 1990's.
In light of the allegations in the Criminal Case I think ESS Shareholders deserve an update. I think that's the least of what we deserve, but I think ESS should issue and update before the trial date this November.
Links discussed above:
I talked with Tom a couple weeks ago and he continues his explanation of their status as "being picked on" and forced to participate in legal actions brought on by individuals who do not want to see ESS Inc. succeed. The most recent "distraction" is the IRS.
ReplyDeleteI have many shares (relatively speaking) of ESS in hopes that Tom speaks the truth when we talk. Anyone have any input regarding the paper describing my purchased shares and whether there will someday be value to this investment?