By Demian Russian
Biocentric Energy Holdings Inc. (PINKSHEETS:BEHL) new President Michael E. Burton offered company updates in a company press release issued today. This was the first time that Mr. Burton has spoken to shareholders since he had been brought in by company founder Dennis Fisher last month to take his place at the helm. Noting that the company had recently “suffered a dramatic series of events” with the previous Board of Directors abandoning the company and its operations, Burton said that the board’s departure caused “a traumatic series of events which led to the closure of the Santa Ana, California corporate offices.”
“Council has been retained to address all outstanding state and civil disputes along with any debt accrued in California while under control of the company’s previous management.” Burton said. It was also announced that professional services had been retained for the purpose of updating and reporting all corporate and financial information, including a revised business plan, to PinkSheets so that the company will be restored to current information status.
The company has restored several relationships for algae derived product orders from the former company’s operations and is striving to fulfill the commitments for products to ensure revenues and products. Biocentric Energy is diversifying its operations into alternative fuel and power production operations along with the continued production and distribution of algae derived products.
– Michael E. Burton, President, Biocentric Energy Holdings Inc.
While Burton announced that the company had restored several of Biocentric Energy’s previous relationships regarding algae derived product orders and that the company now was in the process of diversifying its operations into alternative fuel and power production, he also announced that the company was assigning the Death Valley Junction, California project to joint venture partner Arthur B. Clark III. Burton said that this move would relieve Biocentric Energy of “any future costs attached to completing and operating the project.”
“Negotiations are in process with a privately owned company with multiple subsidiaries operating in the Green Energy, Power and Algae sectors for several exclusive licensing and distribution rights. The sectors include but are not limited to conversion of landfill waste to electricity and the treatment of waste liquids for the production of natural gas for both on-road and off-road fuel products,” Burton said.
Burton announced that that the company’s new corporate facility and testing center is now located in Salt Lake City, Utah and that a new “qualified” board of directors would be announced “in the very near future.”
A December 22nd Playground Radio interview with Biocentric Energy Founder Dennis Fisher can be streamed at the following link:
Position: Long BEHL
Contact the author: demianrussian@marketplayground.com
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