Here are some very positive updates for you to know:
After some conditions (which were out of our control with regards to our lender) that have been ironed out, I am pleased to announce that we have received an extension which is needed from the Seller that will enable our attorneys and the lender’s attorneys to complete the closing documentation process and allow CyberFuels to move forward to closing on the land and business purchases in Tampa. As soon as the attorneys finish their work and we close with the Seller to create the new CyberFuels Gateway Terminal, I will let you know here and via a Press Release. Thank you for your continued support with us through this long and arduous process that many industry professionals have at times told us, “This is the most complex transaction that I’ve ever seen.”
Once the closing happens, we will immediately begin the permitting and construction processes. We already have the permitting “tee’d up” as well as having had many conversations with construction firms to get the best options. While we will be in the permitting phase, we will continue to discuss the tank leasing opportunities with many of the companies that have contacted us to-date, as well as advertise to the industries that we will be “open for business.” Some of the contacts that we’ve received are within the “green business opportunities” (like hydrogen, LNG, and synthetic fuels) which are in our GREENterminal / campus model in Port Tampa.
This extra time since my last President’s Letter has brought to our attention more interesting circumstances that other major fuel companies are looking for new tanks and terminal technology to store their products since most of the terminals on the Gulf are decades old and their downtime for changeover to new products, plus maintenance and repairs, have been extremely costly. This is exciting. To our knowledge, and from what these prospects tell us, the new CyberFuels Gateway Terminal in Tampa is the only new facility of its kind on the drawing board. We continue to negotiate with these prospects for third-party storage contracts and other significant business opportunities while simultaneously planning the building and operations of CyberFuels Gateway Terminal.
We continue to monitor the EV development and we are encouraged to see that the transfer to “electric only” to a majority of EV vehicles on the highways are still decades away. More to the point, we do see the gradual move away from fossil fuels, but we see these current fossil fuel companies for gasoline, diesel, and jet fuels moving towards liquid biofuels or other e-fuels that will obviously need storage facilities that we can and will provide. I read this from an EV car manufacturer’s CEO, “Put very simply, all the world’s cell production combined represents well under 10% of what we will need in 10 years.” He went on to say “Meaning, 90% to 95% of the supply chain does not exist,” and that bodes well for the continuation of liquid storage needs.
Today, Ron and I visited our new blending facility in Florida and got to see first-hand its second blending and bottling shipment leave the facility. The reports back from the first wholesale batch customer was excellent, so we are highly encouraged and have authorized our wholesale and retail sales expert to begin aggressively negotiating new contracts now that we feel confident in our blending facility’s abilities. We expect our additives business to be a very important piece of our future revenue stream and growth.
Lastly, I have been contacted by a few of you that have seen our upgrades to our CyberFuels Inc. website, and I appreciate the positive feedback that you’ve shared. If you have not seen those changes, please browse through the rest of the website; I am sure that you will be pleased as well. Keep in mind that the website is a work in progress, as we are trying to keep our eyes on the GREENterminal / campus opportunities and now the added revenue opportunities from the additives and fuels’ sales, so I expect even more website changes coming in the future.
There have been some extremely exhaustive, and sometimes frustrating days / weeks / months in our rearview mirror, but I am optimistic that our management, project, financial, and legal teams will achieve the many goals that we have set during the opportunistic times ahead, ones that should make you feel proud and rewarded to be a part of the CyberFuels team as well. As always, thank you for your support to date and I look forward to working with you and for you in the years to come. I will share more information as it becomes permissible.