Colver Technologies has vehemently denied allegations made by a former employee that the company is close to announcing an IPO.
Colver Technologies is repeating its vehement denial of an impending IPO that would see its shares traded on a public stock exchange. The company’s third formal denial this year comes after a former employee leaked confidential documents to a reporter for the South China Morning Post.
The documents, which have been presented to senior personnel at the Liaoning, China-based small-scale gas-to-liquids solution provider for verification of their authenticity, appear to be minutes of a meeting between the company’s principals, three Shanghai-based broker-dealers and a group of representatives from two venture capitalist groups and two private investment foundations.
“We are puzzled as to what this document is supposed to prove. A former employee appears to believe that creating media interest in a potential IPO at Colver Technologies somehow represents an irritant to us but we’re used to the conjecture. We have held no talks with underwriters and the only talks we’ve held with our backers are those that culminated in the new credit facility we recently announced,” said Gus Stuyvesant, Colver Technologies’ Chief Operating Officer.
“We are fully-funded and more than able to meet the operational costs of pursuing our business activities without selling off our equity to stock market speculators,” he added.
The former employee, Frank Tay, was a lead engineer responsible for the ongoing development of the core Fischer-Tropsch reactors the company’s modular technology relies upon. He claims he was asked to make a presentation to the company’s in July detailing refinements the company had made to the technology. He claims that the company’s backers and a number of bankers attended the presentation although he admits he was not present at any talks.
About Colver Technologies
Colver Technologies’ modular GTL systems revolve around the Fischer-Tropsch reactor, a conversion technology developed in the 1920s by Franz Fischer and Hans Tropsche in Germany in 1925. It facilitates the production of significantly cleaner-burning liquid fuels like diesel and jet fuel from natural gas that contains no sulfur. We are committed to doing our part to drive uptake of GTL fuels as global efforts to reduce emissions increase and have invested heavily to ensure the continuing development of this highly attractive alternative to conventional energy production.
Contact Colver Technologies:
Longzhimeng Asia-Pacific Center
22 Pangjiang Street
Dadong, Shenyang, Liaoning