Maybe Douglas Middleton can chime in on this and give us an update. Okanagan Pellet Company Receives a Demand Notice from Secured Creditor Viridis Energy Engages Future Metrics to Pursue Alternatives Vancouver, BC – April 15, 2016– Viridis Energy Inc. ("Viridis" or the "Company") (VRD.V) (VRDSF) today announced that its lender, Royal Bank of Canada (“RBC”), has made a demand upon Okanagan Pellet Company (“OPC”), a wholly owned subsidiary of Viridis, for payment in full of OPC’s outstanding indebtedness in the aggregate amount of $2,610,262 by April 18, 2016 (the “Demand Notice”). The Company announced on April 5, 2015 that it ceased operations at OPC’s plant in West Kelowna, BC due to recently discovered structural challenges of the building and additional requirements from local authorities concerning dust management. After completing substantial upgrades over the past 10 months to address regulatory requirements, the capital outlays required to address the recent concerns and restore operations were beyond the Company’s existing resources. The Company does not have sufficient cash on hand nor does it expect to be able to raise sufficient capital to make payment in full by the deadline noted in the Demand Notice. Consequently, the Company will cooperate with RBC to facilitate an orderly sale of the subsidiary’s assets. The Company also announced today that it has engaged wood pellet industry expert FutureMetrics, LLC to solicit interest in Viridis Energy and/or its subsidiaries and to assist in the sale of the OPC assets. Company Contact: Michele Rebiere Chief Financial Officer Viridis Energy Inc 905-847-5226 [email protected]
This is certainly not good: Viridis Energy Inc closed sharply lower Friday, dropping $0.01 or 10.00% to $0.09. Over the last five days, shares have lost 35.71% and are down 55.00% for the last year to date. This security has underperformed the S&P TSX by 71.90% during the last year.
Banks demand full repayment when you are in default before they take possesion of the securing property. Generally if you are late on your mortgage you can pay it off in full to prevent foreclosure. Same with a car laon, the bank demands you pay the full note before the repo man comes. Think the repo man is coming for some oakie property. Maybe dougie can offer em oakie peak. They are only a year old and been in the elements the whole time on a lifo basis.
Im now glad i didnt burn my 1.5 tons of oakie golds. Those chits are classics now. Bet ill be able to get $8 a bag soon.
They owe Upton(AKA Dana corp) for them, So that might not be possible. All looks pretty bleak for Viridis. Unless they can chapter 11(Not sure if thats what its called in CA?) and or get a bail out....
Daffonce....I'm so glad to see you think you are such an expect on my business....but you are simply dead wrong on the length of time our product has been there (I can't speak for my competitors)....again this is how false rumors get started
This is all we get? I guess we'll have to wait for the Q4 financials to come out which should be any day. Doug, we obviously know you are doing your job and by the looks of it quite well but you guys need new leadership to right that ship......or so it sure looks that way. PROFIT Net Profit (TTM) -18.20% Viridis Energy Inc has a net profit margin of -18.20%. Besides being negative, it is also below the industry average and implies that this company is not effective at turning revenues into bottom line profit.
That may or may not be true of management...that isn't my call to make.....but don't write off the Okie brand....I feel it will live a very long life.....
Say as you wish i showed the google maps image of the upton plant. Google maps images of the area were updated in april-may time frame, as thats when i mulched my yard and my house has mulch in the driveway, and show loads of oakies on oakie peak. The piles on oakie peak are 25x25x2 high dont see how you fifo no room for a forklift between the flavors. Thats 1,250 back then, there are more now. The images dont lie, more than can be said for most salesmen.
Show me the picture in Aug/Sept when I was loading product right off the line since we could hardly keep up....I repeat...you have no idea what you are talking about.......
I'm not saying or implying anything...just saying I believe the brand will be around for a long time...nothing more....don't be reading more into this than just my oh so humble opinion.....
Dec 2015 Aug 2015 Ask and you will receive. Here you go that is oakie peak. It is the same comfig and product up there as the google maps from april / may. Oh but there is more on oakie peak at this time. And the product around the plant is more oakie. Shall we go to december? Sure what was up on oakie peak is more of the same. Fast forward to a few weeks ago, same. I see upton more often than you do. The chit is out there for all to see. Oh shipping right off the line? Thought it was a fifo pinochio?
