Welcome to 4Rivers
Our objective is to construct and operate vertically integrated waste to energy operations, generating renewable energy from sustainable waste feedstock.
We are a development stage business (i.e. we have yet to commence operations and generate revenues), which owns land plots in the UK (c.150 acres) and Kentucky (c.220 acres), both of which were originally acquired because they were considered to offer the potential for development into energy plants.
The UK land includes a secure industrial site, which was formerly used by Glaxo as a penicillin plant that was constructed in the 1970's. We acquired this land in 2009 and we have extensively re-developed it, removing and cleaning the site of considerable redundant infrastructure and material, which we have sold, where appropriate for value. We have removed from the site most of the remaining surplus infrastructure (and this work continues), but have retained a core, which would be suitable for our first planned waste to energy plant.
As well as the secure parameter fence, site logistics and certain buildings (retained for possible future use), the site includes an electricity sub-station which permits access into the national power grid to enable us to export electricity, which is strategically very important to us and is a valuable aspect of the site.
In anticipation of launching our first waste to energy plant on this site we have achieved the following, in addition to preparing the site for our purpose:
1. We have developed know-how, using equipment and processes on the site, to process waste cooking oil into a fuel that is suitable to use in diesel generators to produce heat and power and thence electricity, which the UK regulator (OFGEM) has stated will qualify for Renewable Obligation Credits upon commencement of generation and connection to the power grid.
2. We have proven that the concept of processing waste cooking oils into our proprietary generator fuel for use as a fuel to power diesel generators works, using a full scale 1MW demonstration unit located at our industrial site and we have possession of that know-how.
3. We have carried our extensive due diligence and research into the feedstock (used cooking oils) market and have developed a detailed plan to procure feedstock, which we wish to implement.
The proposed UK business is to be branded 'Verta Energy' to denote the vertical integration aspects of the proposed business model.
The Kentucky Land is undeveloped but offers potential.
We raised capital in the form of a debenture issue in 2010 to enable us to prove the processes referred to above at the UK site on a commercial scale and to obtain the ROC qualification and other necessary licenses and permits.
At the present time our plans are on hold since we have been engaged in raising adequate additional capital to enable us to complete the proposed waste-to-energy plant on the UK site, to implement the proposed feedstock strategy and to commence operations and, to date, we have been unable to access such capital, due, we are advised, to the poor state of the worlds capital markets.
This lack of available capital has caused us to scale down all activity and we no longer have any employees and have reduced our overhead levels to a minimum. The core assets referred to above remain intact and, with an adequate infusion of cash, we would be able to resume development activities and thereafter commence production.
The Company is in default of the terms of its debentures, however the debenture holder has agreed to forbear with this on the basis that the Company implements a phased plan to realise the assets upon which the Debentures are secured in order to reduce the indebtedness to them. This plan affords the Company reasonable commercial flexibility to carry out the realization plans and also provides time to allow the Company to aim to complete a possible equity investment, by a potential equity investor with whom the Company is in advanced discussions. The asset realization plans have been developed, in contemplation of that possible equity investment, so as to retain those assets that the Company considers to be core to its business plan and which are also considered by the potential investor to be central to its investment decision. Due to insufficient working capital the Company has been unable to make financial filings with the SEC, however we will continue to announce material changes in circumstances by way of filings with the SEC on form 8K and these filings may be reviewed by visiting www.otcmarkets.com and searching on the symbol FRBE. The narrative on this website may only be amended for fundamental changes and readers are therefore advised to review any SEC filings which post date the date set out below.
28th August 2012