Highly Dubious Stock Offering - Revisited

The revised Replacement Prospectus dated 15-9-2017 continues to tout the viability of the proposed 1,500 tonne waste plastic to fuel (WPF) facility and joint venture in the U.S. with GEP Fuel & Energy Indiana, LLC ("GEP") and also the three WPF facilities in the U.K. and one WPF facility in the Netherlands which are proposed to be financed by the proposed US$90 million credit facility to be arranged by Philadelphia-based Structured Growth Capital, Inc. ("SGC"). See for example the Letter from the Chairman on pages 7-8 of the Replacement Prospectus. INVESTORS BEWARE!! These proposed "opportunities" are highly dubious at best and shams at worst. GEP is a shell company with no assets and no known track record for raising capital for this type of project. The likelihood that they could raise capital (presumably well in excess of US$100 million) for the proposed 1,500 tpd WPF facility in the U.S. in practically nil. Likewise, the proposed US$90 million financing to be arranged by SGC is also highly dubious if not a sham (IMHO) as one of the conditions of such financing is that US$100 million in "blocked funds" be deposited in a custodial account in favor of SGC (see page 135 of the Replacement Prospectus). Nowhere in the Replacement Prospectus is there any disclosure at to how FOY or its affiliates might procure the US$100 million to be deposited in such custodial account. Surely FOY's Board of Directors is aware of but chooses not to acknowledge these considerations. Shame on them and beware any investor who chooses to ignore them!!