PR'd a deal with BP right at the bell on Friday, in which they announce an order for three tractor-trailer loads of their super-duper, absorbent booms, and which they further concede they will struggle to fill:
quote:MOP Environmental Receives Purchase Order From British Petroleum (BP) to Supply Products for Gulf Oil Spill Clean Up
BATH, NH, Jun 04, 2010 (eTeligis.com via COMTEX) MOP Environmental Solutions, Inc. (Pinksheets:MOPN - News) is very pleased to announce it has received a Purchase Order from BP to send oil spill absorbent booms to the Gulf of Mexico for the ongoing oil spill clean up efforts. As per the Purchase Order, MOP Environmental will provide BP with three tractor trailerloads of booms to be shipped to the Hope Dale Site staging area in Saint Bernard, Louisiana.
Upon fulfillment of this order, additional deliveries are anticipated to continue on a weekly basis. With the present conditions in the Gulf we believe that BP will be looking to accept as much as we can provide.
"While we are very excited to have a purchase order from BP, the challenge of such a purchase order," said Diamond, "is that BP makes its payment 30 days after delivery. In the meantime we are hustling to raise additional funds to meet demand for increasing our supply. At the same time we are also working on raising additional capital to expand our plant and/or to purchase an additional facility. We anticipate that we will continue to experience the challenges of growth in the coming months and foreseeable future."
To meet the capital requirements, MOP Environmental is currently reviewing several offers to provide funding for the needed expansion for additional plant, equipment, labor and floor space.
Of course, peeps have decided it's a life-changer, etc., etc.
quote:Originally posted by Peaser: When a "company" dumps shares to raise capital, how long until that captal becomes available for the "company" to spend?
Anyone know if there is a waiting period of any kind?
Not sure I follow you--company *can't* trade its shares on the open market.
quote:Originally posted by Peaser: Ok fair enough, but a pink sheet company can offer shares to mm's at discounted prices to sell on the market to raise capital. Correct?
not legally.
Not saying it hasn't or doesn't happen, but lottsa holes been plugged in the past few years. What usually happens is shares get issued for services (perhaps with kickbacks, of course) or sold in cozy deals to second parties. Lottsa regs involved: Forms 144, 145; Reg D, 504 - 506--S8 used to be common... Of course, you still see phony legal opinions on 144 stock... Stoopid, but you see it.
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I wouldn't touch it tomorrow, except to scalp based on time & sales. well, they might PR a financing deal--it's laid out sideways for another news play. But a PR too soon, well...we know what that indicates.
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Packgen engineers went to the gulf recently to see for themselves what was happening--they say they saw booms that were sinking and contractors begging for boom--but they won't buy anything that isn't BP approved.
Meanwhile, they have slowed production---started storing boom in a warehouse, and now wait for BP to say yay or nay.
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The council voted unanimously to award the no-bid contract to Pittman Tractor Co., which is owned by state Sen. Trip Pittman, R-Montrose. Pittman's company has been the city's emergency contractor for more than a decade, according to records. The plan is to deploy two layers of protection -- 22,000 linear feet of containment boom and 25,000 linear feet of absorbent boom.
Assistant Public Works Director Ken Eslava said Friday afternoon that the contractor began deploying boom immediately after that morning's council meeting, and by late afternoon about 1,500 feet had been deployed. He estimated that the entire job would take two weeks to complete.
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