Converted Organics purchase some equipment from International Bio Recovery Corporation IBR.V of Vancouver Canada. IBR.V is currently trading at .10 per share from a high of over $5.00 per share.
IBR.V
http://www.ibrcorp.com/IBR%20Jun.29.07%20IBR%20receives%20del...
http://finance.yahoo.com/q/bc?s=IBR.V&t=my
One has to wonder if the assets of IBR were unable to make IBR's shareholder money why would tranfering ownership to COIN make COIN's shareholds money?
Here is a COIN press release...
http://ir.convertedorganics.com/releasedetail.cfm?ReleaseID=2...
BOSTON, Feb 16, 2007 (BUSINESS WIRE) -- Converted Organics Inc. (NASDAQ: COIN, COINU, COINW, COINZ) today announced the closing of a tax-exempt New Jersey Economic Development Authority Solid Waste Revenue Bond deal in the principal amount of $17.5 million.
The proceeds of the bonds will be used to develop and construct the Company's initial facility in Woodbridge, NJ. The 20-year bonds will bear interest at 8.0% annually and will be secured by a corporate guarantee by Converted Organics Inc., a leasehold mortgage, and a first lien on equipment and other assets at the New Jersey facility in favor of the bondholders. The borrower under the bond issue will be Converted Organics of Woodbridge, LLC, a wholly-owned New Jersey limited liability subsidiary of Converted Organics Inc. The subsidiary will develop and operate the New Jersey facility.
The relationshp between one stock that is worthless and the start up of another to dump is puzzling...
A Canadian business Story
http://www.globeinvestor.com/servlet/WireFeedRedirect?cf=Glob...
VANCOUVER <!--/location--> , <!--chron--> Feb. 19 <!--/chron--> /CNW/ - International Bio Recovery Corporation ("IBR") (TSX-V: IBR) is pleased to announce that Converted Organics Inc., the holder of an IBR Plant License for Woodbridge, New Jersey has completed the financing required to develop and construct its initial facility. Converted Organics announced Friday the simultaneous closing of a tax-exempt New Jersey Economic Development Authority Solid Waste Revenue Bond deal in the principal amount of US$17.5 million and a <!--money--> $9.9 million <!--/money--> Initial Public Offering of 1.8 million common share units. These units were issued at <!--money--> $5.50 <!--/money--> and trade on the NASDAQ under the symbol "COINU".
Another COIN press release
http://biz.yahoo.com/bw/080115/20080115005433.html?.v=1
Converted Organics will construct a 40,000 square foot facility for the processing of organic materials, such as food waste, into liquid and solid fertilizer products for the retail, turf management, and agribusiness markets. At full capacity, the facility will process up to 200 tons per day, or 60,000 tons annually.
A dump truck holds 20 tons. 10 truck loads a day is a $38 million company? 10 loads a day can be handle by 3 trucks!!!! Operations that convert concrete rubble to aggregate typicaly handle 100 loads a days. You may have seen these operations in and around metroplitan areas. Why would an operation that deals in 1/10 the volume be worth 10 times the money? Excuse me, I must correct myself. Why would a company that has real sales of ten times the POTENTIAL sales be worth 1/10 the value?
More Questions....
http://convertedorganics.com/
Why isn't this company of 6 people!!! In need of hiring for it's explosion of growth? Why is the picture of their package retail product a cartoon drawing instead of a photo?
Back to beating the dead horse... Why is a Company that has the ability to create the COIN's of the world that trade for $37 million at a cost of a few hundred thousand in equipment worth NOTHING?
http://www.ibrcorp.com/index.htm
Sometimes people get caught up in feel good stock stories. I once bought stock in a company that made plastic dishes out of corn. A wonderful "Green" company that converted corn syrup to plast. I triple my money. But I triple my money on the hype not the reality. The reality is 5 people were cooking corn syrup in a "factory" that was created by converting a Chuckie Cheese Kitchen into a "Chemical Plant". The market cap of this 5 man operation rose to over $150 million. When I was 7 years old I use to make plastic fishing lures in my mom's kitchen by pouring the melted plastic into worm shape molds. Was that operation worth $10 million? Sooner or later the bills have to be paid. The reality of th vauation of the operation is then beaten into the heads of all the dreamers.
$6.35 (01/20/08)
