With a multitude of technologies to choose from (bio, solar, wind, geothermal and hydrogen energy) for companies (and investors) whose success relies on choosing the "right" technology, the gamble is great. The company determined that profit and best rate of return revolves around control of feedstock and long term off take agreements and that is our ongoing focus.
2018 PLANS AND UPDATES:
$GCEI:2017 was a year of hard work and aiming to begin ongoing profitable business based on the two major areas of operation: "Waste to fuels", and the "Algae REIT".
Before management updates everyone on our progress and outlook for 2018 two other items need to be addressed:
l. In October 2016, the courts in Quebec had found that the Bar of Quebec had acted wrongly against Mr. Ken Adessky, our founder, former CFO, and Director, by allowing
its' representative to illegally start an inquiry and file a complaint against Mr. Adessky.
The courts confirmed in their judgment that the investigation, complaint, hearings and subsequent judgments were all rejected, with the Bar responsible for costs.
Mr. Adessky announced that although he has had issues with the Bar of Quebec in
the past, as of December 2017 all issues have been resolved. The Board of Directors throughout these events has supported Mr. Adessky.
In the company's view the resolution of this matter in Mr. Adessky's professional life has allowed the Board to take the actions it feels are necessary to recoup damages done to the Company and its' shareholders.
A law firm has been selected to determine the extent of actions to be taken and is presently assessing the damages. It is the hope of the Board that the actions to be taken will be announced in the early part of the second quarter.
2. All the work with our US auditors to become a fully reporting company are being done and what remains should allow our US filings to be current in the second quarter.
The necessary audits for Canada are at least 90 days away. It is the company's
hope that the REIT will be closed and the assets will be reflected in our Form 10 filing.
The filing needs to reflect revenue and that is our intention within the filing.
The Algae REIT has moved forward and the following have been accomplished:
The lead underwriter has been selected and is working with GCE on an ongoing basis. The underwriter is working on a no upfront cost basis with the expenses related to the project being advanced by our consultants.
The property for the first site has been selected and is near Houston, Texas, which greatly lowers our management and operational costs.
The company has selected our construction and operational partner again a Houston,Texas based company with over a decade involved in Algae development and marketing.
GCE is fortunate to have found a full service Algae development company after spending nearly a year trying to piece together the project.
Essentially GCE has a turnkey operational partner. Additionally, the site will have
solar power and recyclable water which will allow the site to have a zero carbon footprint and utility costs unmatched in the industry.
Finally, GCE and its' operating partner will devote 10% of the site to R&D
with a major University. All the names of the groups involved will be announced when the final REIT IPO is signed.
According to the New York underwriters this REIT will be the first of its' kind in the nation.
Many times the Board of GCE has asked for patience and the Board understands that it is running out but what GCE is establishing we believe will be the model not only for future biofuels development but just importantly show a method to provide profitable revenue while developing biofuels applications.
Waste to Fuels & Recovered Carbon Black project (W2F). GCE has developed a W2F project in Illinois to produce high value fuel and recovered carbon black from used tires using pyrolysis technology.
Pyrolysis is the super heating of material in the absence of oxygen which breaks down the hydrocarbons to create syngas and solids.
The syngas is converted to ULSD (Ultra Low Sulphur Diesel & naphtha). The solids
recovered from the pyrolysis process are recovered carbon black (rCB). The rCB is sold into the carbon black markets. Both the fuel and the rCB have Letters Of Intent to purchase the resultant fuel and
The project, which has been in development for many years, was put on hold due to the dramatic price drop of fuel in 2016/2017.
Due to the stabilization of fuel prices presently, the project has renewed interest from three funding groups. The project team is moving forward with due diligence with each group and is cautiously optimistic the project will be funded.