Today we are issuing three updates (China, Cameroon, Other Projects) via our website and Facebook page. This update will focus on the upcoming work in China as well as the interaction with HSVW.
In issuing this update, we want to be clear that becoming current on our filings is an absolute necessity. There is a process that has to be worked through and we are making progress each critical day. Our CFO and outside accounting have been working diligently on every aspect of our financials. It has taken longer than I anticipated but we will get it done. In this update, I will not set or project a deadline. While the basis of the restatements was released in an 8K and are reflected in our last 10Q, discussion of the remaining filings must wait until they are issued. What I can say is that while still facing challenges, the Company has significantly reduced debts, and has resolved outstanding obligations with a goal on strengthening the balance sheet of the Company as previously reported. While we do have revenue generating projects that are moving forward and are working on the new opportunities, the Company is not where we want it to be and there is still risk.
Projects and Contracts
China and Hangzhou Sky Valley Water Key Points:
- The first system under the contract with HSVW is due to arrive in the arrival point in China on November 24, 2016 with an anticipated arrival at the installation on December 10, 2016. As shown on the attached diagram provide by HSVW key activities are underway for the installation and projected for the installation.
- Concurrently with the behind the scenes work for the installation, there is work underway as shown on the following diagram provided by HSVW on establishing the manufacturing site. Key to this process is the development of the necessary agreements and protections for the licensing and manufacturing of the system. These agreements are not yet in place and the schedule may slip.
HSVW and Cardinal Resources remain committed to moving forward with the expansion into Asia and the continued growth of the US public Company. Funds do remain in the trust account to help move the work forward.
- Key activities underway include:\ork on the Joint Venture and Licensing Agreements; and,
- Taking all steps necessary for a successful implementation and testing of the Mobile Red Bird System.
The focus is on implementation and success with the first HSVW deployment. While not dramatic it lays the necessary groundwork of expansion in the China market.
Forward-Looking Statements
Certain statements in this presentation constitute forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs but they involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements, such as business and political conditions in the geographic areas in which we sell our products, weather and natural disasters, changing interpretations of generally accepted accounting principles; outcomes of government reviews; inquiries and investigations and related litigation; continued compliance with government regulations; legislation or regulatory environments, requirements or changes adversely affecting the businesses in which we are engaged.
The information set forth herein should be read in light of such risks. You are urged to consider these factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by this cautionary statement. The forward-looking statements made herein speak only as of the date of this presentation and the Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company¹s expectations.
Company Contact:
Kevin Jones, CEO
412-374-0989
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