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See a short video of the Roadster in motion.
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We are currently negotiating with a company in Springfield, OR to have them begin assembling roadsters. They have been designing, building and assembling horse trailers for over 13 years, and have open area available to assemble roadsters because of the turndown of the economy.
We are continuing to work on the design and certification of our own engine. We are working with several retired engine design engineers from Ford Motor Company. We are not sure how long it will take to complete this project through certification so we have finally gone to our fall back engine source.
We are working with Cherry Motors, a Chinese engine manufacturer that supplies most of the automobile companies with engines. We have ordered one engine to test, and if that engine works to our specifications, we will use them for the initial engine source.
Engines have long been a major hold up in our production first because few companies make engines designed specifically for natural gas. Secong, although we have tried all engine sources in the United States, we have either been refused, or offered engines that were too heavy or too expensive.
We are currently manufacturing 100 home fueling compressors. When completed, we will file a new patent application that will cover improvements since the first patent was issued. The first compressors will go to our first buyers, then to Northwest Natural Gas for testing and approval, and then to buyers in the open market in order to generate cash flow.
Because of the sudden and major change in fuel availability and cost, we have decided to start a new corporation that will manufacture a full line of commercial compressors. This corporation will be wholly owned subsidiary of Eco-Fueler Corporation so that all of our investors will indirectly own the new corporation and will benefit from its ongoing sales and profits.
We have added a new Chief Financial Officer to our company. His name is Rick Henage, and his bio can be found on "Our Team" page.
We have received a proposal for financing that would provide from $20-60 Million, depending on needs. We have requested clarification of some of the terms of the proposal and as yet have not received the additional information.
We have discussions going on with Go Natural CNG, a Utah auto conversion company that is working at becoming an integrated CNG provider. They are interested in participating in the ownership and financing of the new compressor corporation, which would get that company up and running. Jim Davis has agreed to take the helm of our new compressor company.
John, Jerry and Dave Couch traveled to Salt Lake City for May 1, 2 and 3 meetings with potential investors. The meetings were held at the Rocky Mountain Raceway in Salt Lake City, and we had a chance to drive the quarter mile oval. We came back with some footage of both the white roadster and Dave's maroon and black Roadster going around the track with a pace car.
The track Safety Officer also took the white roadster for a drive on the track, and he said that in his opinion it drove as well as any race car he has ever driven on the track. He wanted to drive the roadster as the pace car for the races on Saturday, May 3, but his boss said we needed more track time before he would allow it as a pace car.