Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from [Thurman Willis] - Private Investor.
[Thurman Willis] - Private Investor
I appreciate the debt being reduced to $8.1 million. You gentlemen mentioned that in selling off the car washes that would generate $9 million of which $3.3 million was related. But I’m looking at a cash position after the car washes are sold and I’m’ going to wipe that out. So it’s my understanding we have 11 car washes remaining and I would ask, of those 11 remaining we of course will have no debt. We have roughly a dollar a share in cash now and I would take it that these 11 car washes, can you give me some sense as to did we sell the best car washes, do we still have some good car washes out of these 11 that are left, and from previous calculations these 11 ought to produce enough monies when sold for us to have over $2.00 a share in cash considering there’s no bleed. Could you respond to that please?
Gregory M. Krzemien
The 11 that we have left, they are a mixture of a lot of good sites. In fact some of our best sites are still in that 11. There are some sites in there that we have written down in the past and again we adjusted a few of them as I mentioned previously. So they’re not all dogs by any means left. I don’t know exactly what we’ll get for those last 11. It could be somewhere in the range of $14 million to $17 million, somewhere in that range depending on how anxious we get to get rid of them. We do have about $4 million worth of debt on those last 11 so that could net us somewhere in the neighborhood of $10+ million cash on those last few in addition to the ones, the four that we have under agreement. So just kind of a little update there.
[Thurman Willis] - Private Investor
That matches my calculation that after that considering that we have no burn that basically would give us about $2.00 a share in cash. So my second question is, considering the fact and I know that it’ll take some time to sell these washes but of course our stock trades at about $1.56, looking at this even on a cash basis we’re under water from shareholder value of about $0.50 so that gives no valuation to Mace. It gives no valuation to Linkstar. A two-part question. When do you think we can become cash flow positive? Congratulations again for cutting the expenses. When do you think we can become cash flow positive? And we’re just a company out there that’s not been recognized for quite some time. What do we plan to do to help shareholders where the stock doesn’t trade at 50% of book which a lot of is cash and a good name brand company?
- To read the full transcript on Seeking Alpha, click here »
