August 23rd, 2021
I hope everyone is having a healthy and fun summer. We have been working diligently towards our goal to close on the properties in Tampa Bay, Florida. As was the closing of the Due Diligence period, this is very much a “fluid” process, and we expect to have the purchases completed in the upcoming weeks. To that end, I thought that you would find these updates helpful in understanding where we are in this transaction:
- We are in discussions with several lending institutions as we try to make the best arrangements for securing debt to support the costs of the land, waterways, and buildouts. We should be deciding soon as to which firm(s) will be our lending facility to supply the funds for the closing.
- We are awaiting the final appraisal from a national valuation firm who has been hired to produce an appraisal of each property “as is” and “as completed” for our lenders’ benefits for their underwriting of our project.
- We are in negotiations with several third-party storage firms under long-term contracts and we are excited about how those discussions have gone and the industry’s acceptance for more fuel storage opportunities in the Tampa Bay area.
- We have secured the services of a well-known lobbyist in Florida for his help with governmental and permitting agencies where he has terrific relations and past successes.
- On the business side, we expect to change the stock name from Encountercare Solutions under “ECSL” to CyberFuels, Inc. and with a soon to be announced new stock symbol. For many reasons, this change will help support the “story” of our terminal and additives and promote more opportunities with less confusion.
We are pushing hard towards the closing and cannot wait to invite you to join us at the site for a “Grand Opening” ceremony. Thank you for your support to date and as always, I love working for you. I look forward to updating you as further events warrant.
President / CyberFuels Inc