It took awhile to connect the dots, but I found what I was looking for in last year's shareholder letter. Bert Farrish, with a Mid-West location? - Might be part of the Midwest Technical Service support staff described in last year's shareholder letter:
Shareholder Letter
NEW YORK, N.Y., February 7, 2011
Goals Moving Forward
"We will stay lean but we plan to hire additional technical services support staff in the Mid-West to ensure that our clients receive rapid support as our business continues to grow."
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GreenShift has a very competent and experienced administrative staff that seems very much in compliance with all of their reporting requirements. If anyone is worried about SEC officer reporting requirements - remember an officer is not (necessarily) determined by title - but whether they perform "significant" "policy making functions". The President of GreenShift (issuer) "Ed Carroll" is an "Officer". The President of a Division within GreenShift "Bert Farrish" (certainly is a gentleman) but is not (necessarily) an "Officer" for SEC reporting requirements.
(Note: Title is not determinative for purposes of determining “officer” status. See Rule 16a-1(f) for the definition of “officer”)
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It really is worth rereading last year's shareholder's letter as we wait for this year's. Let me just share this:
"Further, achieving our sales target for 2011 would be a major accomplishment for GreenShift and its shareholders for many reasons, not the least of which is that doubling penetration would allow us to pay off all remaining debt out of cash flow."
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SkunK
PS. Occasionally I find sentiment that GreenShift has not reflected on and learned from setbacks along the way. Read what they said in last year's shareholder letter about getting their PhD in the Business School of Hardus KnocKsus - then decide for yourself:
"Being a first mover with new technology in the renewable fuels industry has been challenging to be sure, and, in hindsight, we made our fair share of mistakes along the way. We invested too aggressively in the development and commercialization of corn oil refining technologies when biodiesel producers were unwilling to commit capital to retooling their plants to refine corn oil and none of the leading biodiesel technology providers were willing to provide a process guaranty. And, we relied too heavily on our financing model and financing commitments given the commodity, policy, legal and other risks, exposing us to the loss of all of our financing and working capital when the market crashed. In the end, we simply borrowed too much as we pushed through and overcame each of the barriers to commercializing our extraction technologies."
pss
In the 10K the Alpharetta lease is a three year term that terminated on February 2011, at which time the lease was extended by another year. That means the lease is up! The monthly lease payment is $1,600. Will the whole GreenShift HQ move to the Mid-West??? My guess is no, but commercial leases can be a real deal in these parts. If you are ever in the Mid-West and make your way north of Hooterville, I'll be the guy walking on the side of the road. One of the few men secure enough to be out walking his wife's miniature lap dog. ;~)
Thank you that was helpful. I suspect we will know for sure in the 10K.
ReplyDeleteSkunK, I am not certain that Bert's expertise is exactly what the CEO was referring to. I was thinking more in the lines of installation techs.
ReplyDeleteIt is true Bert is obviously not a bolt turner or a "I can fix the machine" guy. The link to the linkin site shows him located in Kansas City MO area even after being with GreenShift for 5 months. That is where his contacts are and where he is the most benefit to greenshift. But what is he doing? A tech shop cannot run itself. Is he hiring techs? Setting up a shop? GreenShift's Georgia lease is up this month. Is the whole shebang moving west and north? What do you think Skunk?
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