Reports: RES May Close

The Carthage Press, Tuesday, March 3, 2009, reports that there are rumors around town that RES is closing. Renewable Environmental Solutions (RES) is not speaking to the media. RES's parent company, Changing World Technologies, LLC is not talking to the media. Here is what is known: (1) Butterball is no longer sending poultry affluent to RES for processing, effective yesterday (March 2, 2009). (2) The Joplin Workforce Investment Board is planning a "Rapid Response" meeting for RES employees at 10:00am Friday, March 6, 2008. Typically this is done to provide counseling, alternative employment and unemployment information for large groups of employees, being layed off. City of Carthage Manager, Tom Short, said that he had heard the rumor but had not received any official notification from RES.
Good bye.

The Joplin Globe reported, Wednesday, March 4, 2008, "Center Notified of Layoffs at RES" Three weeks after withdrawing its bid to go public in an effort to raise capital, Renewable Environmental Solutions in Carthage appears to be laying off much of its work force. Officials with the Missouri Career Center said Tuesday that they had been told of layoffs involving 49 workers at the plant that converts animal products into oil products and fertilizer. On Feb. 12, Changing World Technologies, the RES parent company, filed documents with the Securities and Exchange Commission withdrawing its bid to go public. Changing World Technologies in August launched a bid to go public in a bid to raise $100 million. The company has been dealing with lawsuits over construction and odor emissions from its Carthage plant. In addition, previous SEC filings indicate the company was losing tens of millions of dollars per year, has not been able to operate the Carthage plant at full capacity, and has experienced times when the plant temporarily shut down. The company reported a net loss of $21.8 million in 2006, followed by a net loss of $19.9 million for 2007 and a net loss of $18.8 million through Sept. 30, 2008. The company had an accumulated deficit of $117.8 million as of Sept. 30, the filings state.