NOVA Idles its BioDiesel Plants/Misses payments

As an example of how the last few weeks - and months - have been devastating to the BioDiesel Industry- look at NOVA. An up and coming, multi-feedstock biodiesel company with a listing on what used to be the American Stock Exchange. Here are some filings for the last two weeks. http://www.novabiosource.com/

10 Feb- Company needs $20M as a bridge loan - substantial doubt exists about the Company’s ability to continue to operate as going concern. http://www.sec.gov/Archives/edgar/data/1137469/000110465909008015/a09-5204_18k.htm

12 Feb -NOVA faces delisting of what was formerly the American Exchange, for failing to hold an Annual Stockholders meeting.

http://www.sec.gov/Archives/edgar/data/1137469/000110465909008560/a09-5403_18k.htm

17 Feb- Effective February 17, 2009, WestLB AG, New York Branch, as administrative agent for the Lenders under the $41 million senior secured construction, term and working capital credit facility (the “Credit Facility”) among Nova Biofuels Seneca, LLC (“Nova Biofuels Seneca”), a subsidiary of Nova Biosource Fuels, Inc., and the other parties thereto, agreed to waive the requirement of Nova Biofuels Seneca to make its scheduled principal and interest payments previously due on February 17, 2009 until March 3, 2009 while the parties continue to evaluate the Credit Facility and the project’s financial condition and working capital requirements.

http://www.sec.gov/Archives/edgar/data/1137469/000110465909010226/a09-5812_18k.htm

26 Feb- On February 26, 2009, the Board of Directors of Nova Biosource Fuels, Inc. (the “Company”) authorized management to idle the Seneca, Illinois biodiesel refinery and to suspend plans for restarting the Clinton, Iowa biodiesel refinery. Accordingly, management commenced steps to reduce the Company’s workforce at these locations and at its engineering and construction subsidiary, including sending appropriate notices to the affected employees and local government officials as a precautionary measure. The Seneca refinery is intended to remain operational until on hand feedstocks and consumables have been processed into finished biodiesel and related co-products, at which point it is expected to be idled. The duration of the shutdown is presently unknown. These actions were taken due to the unexpected breakdown in negotiations with a working capital financing source on the evening of February 22, 2009 and the inability to obtain financing from other sources in a timely fashion during the intervening period. As previously reported, without additional financing, the refineries do not have sufficient working capital to continue operations.

http://www.sec.gov/Archives/edgar/data/1137469/000110465909012659/a09-6511_18k.htm

Lets subtract out the market conditions common to these two biodiesel producers and then lets see how GreenShift is doing - objectively.

NBF 52 week range=$0.05-$2.20 Today=.04

http://caps.fool.com/Ticker/NBF.aspx

GERS 52 week range=$0.0052-$0.199 Today=.0075

http://www.greenshift.com/financial.php?mode=2&qm_page=90881
(Todays price is as I write, I suspect it may change throughout the day!)

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NBF is 1.8% of its 52 week high.

GERS is 3.7% of its 52 week high.

Here is NBF's recent annual report:

http://www.sec.gov/Archives/edgar/data/1137469/000110465909004647/a09-3272_210k.htm

For those who can still manage (or need) a chuckle in these market conditions go read the NBF message board. http://messages.finance.yahoo.com/Stocks_%28A_to_Z%29/Stocks_N/messagesview?bn=51612&vmode=1

Just like the old Seinfield episode where Jerry's posse meets up with another posse with all the same characters: Then Elane has to decide between the two . . . This NBF board has all the same characters that posted on the GERS board over the last twelve months - only they are all still posting. . . . and are not quite as ritualized . . . yet. . . its a riot. . .

Good Hunting,

SkunK