Question-and-Answer Session
Operator
(Operator Instructions) Your next question comes from Harry King - Private Investor.
Harry King - Private Investor
I wanted to ask a more concerned about Mr. Rosenblum. Is he going to be hanging onto his shares in this departure here, it seemed a little sudden? He seemed to be one of the more representive people of the shareholders on the Board here I just found it a little bit a point of concern that he is resigning here.
Larry Ryan
I’m not sure I understand your question.
Harry King - Private Investor
Is he still hanging onto the shares that he was awarded, or upon his resignation is he losing those shares being on the Board? I remember there was a bit of a concern recently or when he signed up that he was able to get additional shares.
Larry Ryan
What I can tell you is that whatever shares that he has accumulated during his service on the Board he will retain.
Harry King - Private Investor
What is the progress also is there any timetable - best case scenario of a timetable with Laguna within the next quarter or the first quarter of next year? I know you’ve hesitated of committing to a time, but I just wanted to know, if a contract were conceivably signed, what would it take from soup to nuts to have something functional for the firm?
Larry Ryan
When you talk about Laguna, I mean again, you’re talking as the trans-mix application, the key piece of the timeline there’s going to be determined by the investment in the absorption process. Again, as I said before, we expect that to go quite a bit more quickly in these trans-mix applications, because you’re not dealing with a refinery setting or a larger corporation.
I think what I would say about the trans-mix market in general is that by the middle part of next year they have to make a decision on how they’re going to handle their business, because a lot of the exemptions that they currently have with respect to the marketplace are going away beginning in June of next year. So there’s an incentive to be up and operational with some sort of alternative processing in that timeframe.
Harry King - Private Investor
How large is the marketplace for the trans-mixer market?
Larry Ryan
We estimate the entire market to be on the order of a couple hundred thousand barrels a day here in the U.S., but remember, it’s a smaller volume fragmented market. Each individual application is going to be in 1,000, to couple thousand barrels a day.
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