Mainstay Fuel Technologies

The following is an email from the CEO at Mainstay after corresponding with him trying to collect for 4 unpaid loads. It's seems pretty obvious that we're going to be out some cash:

"This is a statement going out to all suppliers:

We regret to inform our suppliers that due to adverse market conditions and an inability to access a financing arrangement ( in place since early 2016), Mainstay Fuel Technologies, Inc. has significantly curtailed its operations. The Company has limited financial resources at this point and will attempt to complete existing orders over the next several weeks.

Efforts are underway to arrange for new capital or a sale of the business to create the cash necessary to resume operations and payments to suppliers. There is no assurance that these efforts will be successful, but while these efforts are active, the management team does not intend to seek bankruptcy protection and/or reorganize.

We apologize for this situation and regret that the combination of factors mentioned in the above have created an inability to maintain regular payments. The Company will communicate any developments or changes to the above situation as soon as feasible."

Yes, this is unfortunate for us also :(


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