Shareholder Updates

November 18th, 2021

Dear Shareholders,

We have had an exciting time within CyberFuels since my last President’s Letter!  I want to take this opportunity to share with you some of the continued progress that has taken place since that letter which will strengthen our ability to close the initial property transaction, at the best available terms, while also ensuring the overall success of the project in Old Port Tampa:

  • We completed our appraisal and have received a favorable valuation on all 10 parcels to be acquired under the sales agreement. That alone has been instrumental in acquiring better lending terms for the purchase of the properties, enabling us to limit the dilution to shareholders.
  • We have begun the final stretch for the initial properties acquisition and are in the process of working through the underwriting stages necessary to finalize our lending arrangements. Information that we have accumulated throughout the due diligence period including, and not limited to, Phase I and II reports, financial models, geological and hydrographical surveys, environmental studies and lab analyses, title insurance and exceptions fulfillment, etc, have supported the appraised value and desirability of the parcels for our growth.  We have received four term sheets from prospective lenders, and we are now in the process of making our final selection of the lending facility.  We expect to have that process completed before Thanksgiving which will allow us to move to the final close.
  • We have an agreement now in place for an experienced and nationally well-established Terminal Operations firm to handle the day-to-day activities at the terminal including barge / ship deliveries at our wharf all the way through to outbound fuel transportation logistics through both pipelines and tanker trucks for both CyberFuels’ fuels and third-party customers’ products.
  • Additionally, we are in the contracting phase with a National Builder of tank and infrastructure for terminal facilities throughout North America and we expect them to be our first third-party storage customer and lease our first three 75,000-barrel tanks for Jet fuel in Phase I with additional tanks to be added in Phase’s II and III.
  • Our Project Management firm has built designs and procured building supplies and estimated labor costs and timelines that are necessary for the timely filing of the permitting process that we will implement immediately upon the closing of the parcels.
  • In the extension agreement with the Seller dated October 4th, we were able to secure two extensions: one to November 19th and the last to December 31st. We have elected to take the second extension to close the parcel purchases before the end of the year with better terms that we have now negotiated.

Later this Holiday Season, we will be excited to be able to share some great news that the parcels are ours, at better than market-based terms. We are fortunate to be working with a tremendous staff of engineers, builders, terminal operators, and third-party customers poised for the development of the CyberFuels terminal that is so much needed in Tampa and the State of Florida.  We expect the New Years and beyond to be a time to celebrate CyberFuels.  I will share more information as it becomes permissible, but in the meantime, please take a look at this link which is a one-minute animated video which will give you a better idea of what the terminal will look like as we build out to Phase III:

CyberFuel’s Terminal (Updated)

Mind you, this is not exact because we will be building according to secured contracts with third-party customers and their tank sizes may vary, but isn’t it exciting?!

 

Enjoy a safe, happy, and healthy Holiday Season!

Sincerely,

John Lawrence

President / CyberFuels Inc

Cyber Fuels Inc