The Le Mans General Discussion Thread

mustafur
They will agree.
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are-you-kidding-me.jpg
 
trustjab
When did I say its "a bad thing"? Even though it kinda is since theyll have to replace the tub and retest before they hit the race track.

I guess you didnt get the joke. Sorry. Autosport like to make sensational story titles. You said you can make up anything and say its true. You didnt get the connection, humor fail. Btw, if you read the M-Total article, they quote autosport! 👍
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You should have just said Ralf Bach and sport bild and I would have got it then :lol:
 
@Furinkazen @legacyMACHINE have fun

Read this article. It will explain everything...

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Smoke, Smokey, and Infinite Networks - Part 1
After Sebring, Al Solaroli, President of CET Technologies, gave an interview to Kye Wankum, for Provinz, newsletter of Porsche Club of America, Upper Canada Region. Some of Mr. Solaroli's comments caused us to raise our eyebrows - just a bit.

Mr. Solaroli told Wankum that he left Canada because "fierce resistance from the so-called 'good ole boys' society we have in Canada" made him unable to successfully promote his adiabatic engine technology. We know he closed his Porsche tuning shop some time in 2005 and landed in Jacksonville, Florida.

He gave us the timeline. Contact with Porsche in July 2006, Petit Le Mans meeting with Porsche executives. Okay to purchase the Spyders, October in Monterey. Then, mid-April 2007, about the time of this interview, two Spyders arrived at the Atlanta airport.

Al is confident, if nothing else. He's "moving straight to the top level." No worry about Roger Penske here. He's sure he "has things that will benefit Porsche substantially." Perhaps it's an adiabatic engine?

CET Racing is grandiose, to say the least - twenty full time staff to start, huge facility, plans to hire 550 people. He assured us that he'd announce his drivers, "Formula One people...at a press conference in Weissach mid-April."

Solaroli ended that interview with, "Money? I am not looking for any sponsors. I have 50 million budgeted for this endeavor and more if required! Keep an eye on us!"

We have. At one time, Solaroli had said that a Utah launch was possible. In Houston, a team source said about the launch, "it was always Lime Rock."

Now we're hearing perhaps not until Mid-Ohio, three months since the Spyders reached Atlanta. We had not heard a word about any testing until today, June 21. One of the Spyders is reported to be at Road Atlanta. (edit: We're told the team on track at Road Atlanta is Autocon, not CET Racing. That's after sources in Braselton said they expected CET Racing to be at the track this date. Another "miss?")

At Houston, that same team source told us, "the driver announcement will be in two days."
"Monday, then?" we asked.
"Yes," he replied.
"Or Tuesday?" we inquired.
"Yes," he replied.
"Mid-April," Al said. Again, two and a half months have passed.
It all had started to seem a bit odd to us, so we dug a little deeper and found some dates - and events - of our own.

February 1, 2006. Infinite Networks Corporation (Pink Sheets: INNX) announced that Infinite Networks Corporation has signed agreements to acquire CET LLC, a Florida Limited Liability Company that holds the worldwide license rights to the patented technology developed by Mr. Alberto Solaroli of CET LLC.

Mr. Solaroli was named the President of CET Technologies, a wholly-owned subsidiary of Infinite Networks Corporation.

Infinite Networks was incorporated in Nevada, March 15, 2000, ostensibly to exploit emerging communications technology. It was a successor to Corporations of other names, shells acquired, created, abandoned - RITE, Inc., Global Petroleum Investment, Infinite Coffee, Inc. Principals of Infinite Networks were - and are - Donald Miller, John W. Bush, and Denton Guthrie among others. Infinite Networks Corporation is traded under SEC Rule 15c2-11, which was designed to allow a non-reporting public company's securities to be quoted on the National Association of Securities Dealers' ("NASD") Over-the-Counter Bulletin Board ("OTCBB") by filing some simple disclosures. The company appends the so-called "safe harbor" statement to its website under the U.S. Private Securities Litigation Reform Act of 1995. Infinite Networks' web site is here.

Later, in April: Infinite Networks Corporation (Pink Sheets: INNX) announced today that the Board of Directors approved the activation of their previously negotiated Patent Option with CET International. Infinite Networks Corporation exercised its Patent Option to own 40% of CET International, Inc., which includes all patents, rights and title to CET's Combustible Engine Technology. This is part of the exclusive worldwide license agreement Infinite acquired with the acquisition of CET, LLC in January 2006. INNX activated the option for the initial consideration payment of $450,000.00.

So, let's see. In addition to CET Technologies, there's CET International, Inc. Does $450,000 sound like enough for rights about which Mr. Solaroli said in April 2004, "If I don't generate $300 million within the first 18 months, I'll quit."? It was, however, probably about the amount required for a down-payment on three Porsches.

Whatever the value, it was Smokey Yunick, not Al Solaroli, who built the first adiabatic gasoline engine, and there's doubt whether that adventure delivered any improvement on the technology of 1984. Smokey, whose idea was heating the charge - Al wants to cool it - in the end quietly buried the whole idea. Different strokes, as they say. Anyway, back to our story.
Infinite Networks trades OTC as INNX. It closed at fourteen cents yesterday, June 20, 2007. That's $13,350,000 for the whole shebang, based on reported outstanding shares, we figure. Actually it was worth more, when it acquired CET, about a buck-fifty, but it was fourteen cents in December, 2005, and it's fourteen cents now. The whole company is worth less than its $50 million racing budget. The stock's recent price chart is here.

In July of last year, Infinite acquired Eller Industries, "a public vehicle to divest itself in the communications industry and focus primarily on the engine technology acquired from CET." In other words, a corporate "shell." Eller Industries was spun off, and a cash dividend paid to shareholders of record earlier this year. In the fall, focus on the engine technology apparently meant the installation of one of CET's engines in a boat from Fountain Powerboats and participation in a race that both "proved the technology," and repealed the laws of thermodynamics in one fell swoop, according to an Infinite press release. With that triumph in hand, Infinite announced, then quickly cancelled, a world power boat speed record attempt in February of this year. The torque of the engine was too great for the gears, Solaroli said. Fountain's web site makes no mention of any of that.

A reported link between officers of Infinite Networks and the United Kingdom of Atlantis could not be verified by Last Turn Clubhouse.

We've tried to find any indication that CET, its parent corporation Infinite Networks, or any other Infinite Networks subsidiary has sold anything, or in fact has anything to sell. Putting aside adiabatic engines, the definition of which is a perpetual-motion-like "thermodynamic process that happens without loss or gain of heat," and reminds us of the announcement of new chassis technology at Petit Le Mans in 2004, it's not clear where that fifty million dollar budget is going to come from. Although communications from any of these companies have been few and far between, they've been out there announcing power boat races.
If there had been any contract or agreement in regard to CET's engine "technology," we'd have heard about it, wouldn't we? Perhaps that $300 million of which Mr. Solaroli was so certain in 2004 has materialized.

From where, we can't determine. We'll be pleasantly surprised to see CET Racing on a grid anywhere, anytime.

In Part 2 we focus specifically on the 2006 and 2007 transactions involving CET LLC and Alberto Solaroli, who has been reported to be close to fielding a two car Porsche prototype (RS Spyders) team in the American Le Mans Series. -Editor- Part 1 is here.
Communications to Coffee

Having gone from communications to coffee, then back to communications, Infinite Networks Corporation decided to make another of its frequent and radical strategic moves in 2006 by dumping its communication-focused holdings. Eller Industries was acquired, then its shares distributed to Infinite's own registered shareholders to accomplish the divestiture. The new strategy (or, as the company termed it, focus) was in energy. There, it created a new subsidiary, Cosmic Energy Corporation with Donald Miller (former Infinite CEO) at the helm. Its big move, however, was to be the acquisition of CET, LLC, a Florida corporation that (in the words of a recent Infinite document)(1) "represented it had a worldwide license for the Solaroli patented technology," (U.S. Patent 6,282,898). Infinite and Alberto Solaroli signed the agreement on January 25, 2006. The acquisition was completed in October 2006.

A little cash, a bit of stock and a big note.

Infinite acquired from CET International and CET, LLC an exclusive worldwide license for the Solaroli technology, excluding the racing industry, for royalty payments of 5% of gross annual sales and 10,000,000 restricted (2) shares of Infinite Networks common stock. The acquisition was a triangle merger in which Infinite Networks Corporation acquired 100% ownership of CET, LLC, in turn the holder of an irrevocable license agreement with CET International, the owner of the patents. In March 2006, Infinite further activated an option agreement to purchase up to 40% of CET International with a down payment of $450,000 and an unsecured promissory note for $71,217,000 payable in 59 equal installments to begin in April 2007.

Following the merger/acquisition agreement in January, Mr. Solaroli became a member of the Infinite board of directors, but resigned in May, 2006 while remaining CEO and President of CET Technologies, the newly-created Infinite Networks Corporation subsidiary that held the assets of the former Solaroli companies.

Boat Deal

After the agreement, Infinite raised a bit more than $3 million by selling nearly seven million shares of its common stock in a private placement to accredited investors at an average price of about $.50 per share. The company said that $2.6 million was working capital to support the development of the new engine technology. That development included performance on a 2005 agreement with Fountain Boats, an opportunity it was believed would provide worldwide recognition and a platform for testing and proving this new technology in a racing environment. CET Technologies built six marine engines for Fountain. According to Infinite documents and a contemporary press release, dynamometer tests in June 2006 further proved the torque and horsepower potential of the engines. The CET engines raced in August and September but fell prey to mechanical failures. According to Mr. Solaroli, the August failure was caused by a loose oil canister, and in the September incident, the wrong pistons had been supplied by the manufacturer.

Misunderstanding

A Porsche was showcased by Mr. Solaroli to show that the technology was viable. Infinite's goal was to develop the retrofit market as soon as possible. Mr. Solaroli wanted to focus on the racing industry and build new engines using this technology that would further provide technical data for commercialization and gain worldwide recognition. There was nothing remarkable in the progress made other than its slow pace relative to Mr. Solaroli's statements elsewhere, and perhaps also relative to the expectations of Infinite. In any case, trouble between the parties was brewing.

In its March filing, Infinite said,"Subsequent to the signing of the original acquisition agreement, Infinite discovered, among other matters, that no patent assignment to CET International had been recorded at the U.S. Patent Office. As part of the completion of the acquisition, a closing agreement was entered into with the reorganization parties and Al Solaroli individually in which Mr. Solaroli again represented that he had assigned the patent rights to CET International and that he would cause the assignment to be recorded in the U.S. Patent Office. Mr. Solaroli has been repeatedly asked to record the patent assignment, but has (according to a March, 2007 company document) failed to do so.

As a result of the failure of Al Solaroli to record the patent assignment, and the resultant inability of Infinite to show that it has a license agreement backed by the recorded ownership of the patent in CET International, Infinite has not been able to move forward with the exploitation of its license rights or to seek additional capital based on having the license rights."(3)

Mulligan

For whatever reasons, it seems that by the end of 2006, Infinite had enough of Mr. Solaroli, and Mr. Solaroli had enough of Infinite. They agreed he could buy back CET, LLC. In November they signed a letter of understanding that Solaroli would re-acquire CET LLC plus 28,000,000 shares of Infinite stock for a total purchase price of $105,461,000.(4)

Banking on Cameroon

The source of those 28 million shares was Karamouzi Bank & Trust Ltd., Republic of Cameroon, which had acquired shares in 2004 in exchange for a little cash and a $25 million letter of credit, after some glitches in that agreement, those shares reverting to Infinite in a 2006 settlement. In May 2006 the 28,000,000 shares were conveyed to Mr. Solaroli in trust, then transferred by him to a series of foreign entities as part of a capital formation program. In this new agreement Solaroli would take back CET and retain the Infinite shares. The re-purchase transaction was to be paid in 12 equal installments beginning at the end of 2006. Mr. Solaroli, however, did not ratify this agreement, but rather proposed a new one (which terms we do not know) in 2007 that was not acceptable to Infinite.

Mr. Solaroli may have hoped to use the Cameroon bank's shares to raise capital to complete his repurchase, but there have been no transactions that we know of involving those equities. Infinite believes they are still held by Solaroli's foreign entities, has demanded their return, and placed an administrative hold on them.

Unconsummated

Absent a satisfactory agreement and without the effective control of the Solaroli patent that it thought it had acquired, in February of this year Infinite rescinded the option agreement of March 2006, voiding its promissory note and asking for the repayment of its $450,000 down payment. This unilateral rescission of the option exercise has been questioned by Mr. Solaroli, and the funds have not been repaid.

Stocks, No Cash

It seems neither Infinite's original purchase of CET, nor Mr. Solaroli's repurchase has been executed. Solaroli is reported to have received $450,000 cash in the original agreements, plus 10,000,000 shares of stock that he could not sell under even the most liberal definition of SEC Rule 144 until February of this year. In the 100 or so trading days since then, Infinite trading volumes do not seem to have been adequate to have accommodated such a block, and even if they were sold over time, there has been but one intra-day spike to $1 a share and no daily volumes greater than 225,000 shares; most trade share prices have fallen below twenty-five cents in the period. The stock actually closed on 21 May at 1 cent per share. Thus it's our conclusion that the 10,000,000 shares reported to be involved in the original transaction have not likely yielded more than $3 million, if anything at all. The profile of this transaction is similar to that used by Infinite and related companies through the years - lots of shares, little cash.
The other elements of the sale that might yield revenue are first, the 5% royalty to be paid on sales, and second, any revenues that Mr. Solaroli might have made in the excluded "racing industry."

In regard to the first of these, there is no indication that Infinite has any sales, or any revenue from any sales - of any kind. The company's Disclosure Statement, which includes results from inception (March 27, 1996) through 2005, documents cumulative net losses from operations is over $14 million and no year in which Infinity in any of its forms or any of its subsidiaries has recorded net positive income. Nor is there anything in the description of 2006 operations that would cause one to conclude that there is any production, services, sales, or revenue in prospect. In fact, Infinite has its own reservations about its prospects as a "going concern."(6)
Since there is no record of sales of any kind from any of these companies, we have to conclude that the funding of this team comes from investor's money - something the principals may find the Securities Exchange Commission frowns on.

Alberto's Been Racing?

As to the second potential for income, we found this statement in Infinite's director's biography for Mr. Solaroli: "...he holds an FIA professional automobile racing license and competes on various circuits throughout North America and Europe. He has implemented the CET technology in various cars used in these events and the positive results can be described to potential investors should they be interested in meeting Mr. Solaroli."(5)
Though we think that various sanctioning bodies might wonder when an adiabatic engine might have graced their grids, we have no problem concluding from our own observations that Mr. Solaroli has not derived any significant revenues from racing applications of his patented technology.

CET Racing/Solaroli Secret Funding?

In our view, there is simply nothing on the record to indicate that CET Racing/Solaroli Motorsports has or can obtain the funding required for its American Le Mans Series racing program, and a great deal that indicates that is has not and will not. We know that the Spyders were delivered, but contrary to assertions we have seen, it's not likely that Porsche invoices were paid in full at the time of delivery. Payments to Porsche may actually be substantially in arrears. (Correction: Our notes say that we were told during the Houston race weekend that "they arrived...last weekend." Unfortunately, we thought "spyders" and not "997." It's been pointed out to us - by sportscarpros.com - that the arrivals were indeed 1 Spyder and 1 997, and they were pre-paid. Invoices in arrears, if any, have been those for spares and support, we've been told.) If that is the case, we don't expect the long-awaited driver announcements (driver's due diligence being among the best in our business), and we don't expect to see Spyders 706 and 707 at Lime Rock Park or at Mid-Ohio Sports Car Course. The wheels are about to come off these Spyders.

We'll hope for the best, of course. We certainly want to see more cars, particularly of the quality of the Porsches, on the series' grids, and trust we will - sometime in the future, and in other hands.

Want to download and read the key SEC disclosure document used as source material for this report? It has subsequently been made available to the public. Follow this link.
Notes
(1) Disclosure Statement Pursuant to Rule 15C2-11 Securities Exchange Act of 1934, dated March 19, 2007, page 3.
(2) Restricted stockowners need permission of the SEC to sell, and there is a statutory waiting period of one or two years, the latter applying to individuals in high management positions. (Which would include Mr. Solaroli, according to the opinion of security industry experts.) See SEC Rule 144.
(3) op. cit., Disclosure Statement, March 19, 2007, page 5.
(4) This price was based on an independent appraised value of $73,130,000 for the license, plus an additional purchase of 28,000,000 Infinite shares currently held in the name of foreign entities by Mr. Solaroli for $32,331,000.
(5) op. cit., Disclosure Statement, March 19, 2007, page 9.
(6) ibid., page 29, Note 9. "As shown in the accompanying consolidated financial statements, the Company has suffered recurring losses from operations and has an accumulated deficit of $11,918,655 as of December 31, 2005 and $10,455,631 as of December 31, 2004. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern."
Copyright Tom Kjos and Last Turn Clubhouse

Smoke - Part 3

Part 3 of the CET saga deals with credentials and business activities (or lack of same) of CET and its principal. Links to Part 1 and Part 2.-Editor-

By title, we started our series on CET Racing/Solaroli Motorsports with Infinite Network Corporations (Smoke, Smokey, and Infinite Networks, June 21, 2007). Where we really started, however, was with the words of Mr. Alberto Solaroli, one-time Toronto tuning shop owner turned racing magnate with a $50 million budget.

Without statements like "I have 50 million budgeted for this endeavor and more if required!" (1) Last Turn Clubhouse would likely have simply continued cheering for the addition of yet another two Porsche Spyders to American Le Mans Series grids. After we read that, "We speculate being fully ready by Limerock. If we all feel that we are ready sooner, then maybe Utah. We will do every race thereafter. I am arranging a large gala for my hometown track and have support from Porsche totally," (1) we waited for some indication of substantial progress. Dates for announcements came and went; we were told scheduled tests were missed. What was going on here? In baseball, wrestling and football, performance is enhanced with steroids; in cycling, by blood doping. In racing? Money.

That's taken this sport down the path of racing programs run on drug money, financed by theft, and now, perhaps, entries bought by funds from...well, we really don't know. We can find no day-to-day operations by CET that could generate cash adequate to pay the rent for some square footage in a minor Jacksonville, Florida industrial park, say nothing of a fifty million dollar racing budget.

These - CET and others associated with or subsidiaries of Infinite Networks Corporation - are companies that neither sell products nor provide services, whose principal business activity seems to be producing press releases to tout a patented automotive "revolution" that has languished without significant industry interest for at least eight years.

This installment - Part 3 - in our series deals directly with the claims of CET, the racing team, and of Mr. Solaroli himself. We were mostly unable to verify an y of those claims. Mr. Solaroli was offered the opportunity to comment on questions surrounding his academic and professional credentials contained in this article. He declined. (2) We believe, therefore, that the information that we have obtained below is, in fact, correct.

The Respected Engineer

According to CET Racing's press releases, Mr. Solaroli is an accomplished and respected engineer active in the automotive industry.

Solaroli holds a Bachelor of Science in Mechanical Engineering and a Masters of Science in Thermodynamics. He attended the University of Toronto. He maintains professional affiliations with:
American Society for Testing Materials (ASTM) - Chairman of ASTM F15-10
Society of Automotive Engineers (SAE) - Member
Canadian Society of Mechanical Engineers (CSME) - Member
American Combustion Institute (ACI) - Member (3)

His resume is more specific in regard to academic credentials in the text of Infinite Network's Security and Exchange Commission Report dated March 19, 2007.

Mr. Solaroli holds Bachelors and Masters Degrees in Mechanical Engineering and Thermodynamics, respectively, from the University of Toronto (1976 and 1978). He is a member of the American Society for Testing Materials (ASTM, Chairman of ASTM F110-10), Society of Automotive Engineers (SAE), Canadian Society of Mechanical Engineers (CSME), and the American Combustion Institute (ACI). (4)

The University of Toronto Convocation Office, responsible for degree verification, can find no record of degrees in that period granted to anyone with the surname Solaroli. (5) (6)
Without a degree in Engineering, membership is doubtful in the Canadian Society of Mechanical Engineers, (CSME) which did not respond to our inquiries. However, we did hear from the Combustion Institute. Having "checked our member data base," the Institute was "unable to confirm a membership..." (7)

The Society of Automotive Engineers was direct: "Our records show that he is not a member of SAE." (8)

There's also a variance in the committees that Mr. Solaroli claims to chair at ASTM (originally American Society for Testing and Materials, now ASTM International), listed in different biographies as either F110-10 or F15-10. Neither designation is similar to any actually used by ASTM, but no matter, since it isn't quite normal to chair technical committees of organizations of which you are not a member. ASTM's answer to our inquiry was that there is no "record of the last name 'Solaroli' in the ASTM membership database..." (9)

The Business

According to CET's web site:
The company is now poised to move into the marketing portion of the project and to address the interest that we have received from the different OEM Manufactures. CET recently completed the first phase of a preliminary fair market value on the license agreement lodged at CET LLC and the results were very favorable. Since that time, the audit process is now underway to re-establish this stated value with the guidelines of the 141 rule.
Apart from the OEM business, CET has application and use in over the road diesel engines, standby generators, marine diesel & gasoline engines, and niche racing markets. Contact and discussion with several groups within these sectors has been made with substantial progress.
CET is currently in the final stages of fulfilling a commitment with a power boat company in building four boat motors for two powerboats. Upon completion of this commitment CET expects to sign an agreement with a company who currently purchases over $18,000,000.00 worth of engines per year. (10)

Though Fountain Power Boat did not return repeated calls, we believe that the "power boat company" referred to in this paragraph is in fact Fountain. In 2006, it seems a Solaroli's engine was used in an offshore race by Fountain, followed by a CET press release claiming the results "proved the technology." Other press releases and articles followed, announcing, then canceling, a "world record attempt." Although these releases quoted Fountain Powerboat's President David Knight, Fountain itself has never acknowledged any dealings with CET. It's web site publishes numerous news releases; none in regard to the CET events. According to those sources, Fountain records and race victories have been accomplished with Sterling Performance (Milford, Michigan) marine racing engines, and Mercury engines, both with Mercury drives.
CET wouldn't actually manufacture complete engines, of course. They would rather modify those engines incorporating all - or some part - of the ideas that Solaroli patented. That would make the value of a contract with a company that purchases "$18,000,000 worth of engines per year," only a small part of that total, and certainly not a significant contributor to a $50 million racing budget. That appears to be one of the truthful things on CET's web site, since it's consistent with the Fountain's $65 million annual sales, and $58 million cost of sales. (11)

Assuming that CET actually sold all those engines to Fountain (a stretch, since not all Fountain boats are off shore racers; many are fishing boats) what's the value-added amount? Whether Sterling, Mercury or someone else builds the basic engine, it's hard to conclude that the value of modification and upgrade would be more than twenty percent of that total. How far will $3 million in sales take CET?

The OEM business has CET dealing with BMW, Daimler Benz, Volkswagen/Audi Group and Ford. Technology packages will be put together and distributed to these companies as well as others in the market to hopefully induce a technology auction. We have decided that it is in the best interest of the company not to be limited to one manufacturer, the risk being that one company could shelve the technology and be of no benefit to anyone. On the other hand, if one manufacturer were to develop their own related technology, we believe that this will elevate the auction to a higher level since the others would need to scramble to obtain competitive technology for themselves. (10)

The "dealing," according to this, consists of "putting together" and "distributing" technology packages "to hopefully induce at technology auction."
Recently we have been introduced to a very large plastics company who has current business with the OEM's to enter into a licensing deal. Should this be successful, this would allow us to concentrate on other market sectors while obtaining a large upfront fee with long-term royalties. The cash infusion from such a licensing deal would allow us to tackle all other market sectors at once and run all programs in parallel. (10)

We've no idea at all what the "very large plastics company" might be. "The OEM's" would appear to be the already mentioned automotive companies. Perhaps this is the backup plan if there is no "technology auction." What is there that a plastics company would license? They'd pay cash for rights to the adiabatic engine patent, then peddle it to VAG? Isn't that the road CET already traveled with Infinite Networks Corporation?

In the over the road diesels, we have been dealing with Riviva Corporation in Minneapolis. They are a diesel-remanufacturing center for diesel engines and offer the best warranty program in the nation. Since sulfur emissions will have a direct effect on diesel engines in 2006, Riviva is looking at being at the forefront of this change by incorporating our technology to increase efficiency as well as lowering sulfur emission. This would evolve being in a joint venture deal with the possibility of a licensing deal down the road. (10)

We spoke with a representative of Reviva Corporation, who commented, "they (CET) didn't even spell our name right, did they?" The company has no current business relationship with CET, and doesn't anticipate any. A representative of New Product Development was entirely unfamiliar with CET. (12)

In the marine diesel sector, we have been approached by Buck Diesel in North Carolina to possibly be included in their design and build of their new marine. (10)

Buck Diesel has not responded to our inquiries. What we've been able to discover about the company indicates the sales volume potential to be small. Again, there's no support here for that $50 million budget - or even one-tenth of that.

There was a source of funds to acquire a single Porsche RS Spyder and a 911 GT3 RSR. There is a small staff in a Jacksonville industrial park. We don't know what, if anything, comes next. Alberto Solaroli was the proprietor of a Toronto-area tuning shop before moving to Florida in late 2005 to pursue commercial success with his patented adiabatic engine technology. We can find little indication of success in that pursuit.
Notes
(1) Alberto Solaroli interview with Kye Wankum, Porsche Club of America, Upper Canada Region, Provinz, April 2007.
(2) email, Alberto Solaroli, dated June 26, 2007
(3) CET Racing press release dated June 25, 2007
(4) Infinite Network's Security and Exchange Commission Report dated March 19, 2007
(5) email from faculty source, University of Toronto June 25, 2007
(6) email from Convocation Office, University of Toronto, July 16, 2007; telephone follow-up August 7, 2007.
(7) email from The Combustion Institute, Pittsburgh, PA June 25, 2007
(8) email from The Society of Automotive Engineers, Warrendale, PA, June 25, 2007
(9) email from ASTM International, June 25, 2007
(10) CET web site. http://www.cetengines.com/
(11) Third quarter Financial Report, Fountain Power Boat, May 15, 2007
(12) Telephone with Reviva Corporation, July 17, 2007
 
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Holdenhsvgtsr
Nothing new there's a few dodgey stories like this in Motorsport on all levels.
Click to expand...
Exactly.

There are even race series folded due to money somehow disappearing. I find it interesting to read the stories of what happened in these kinds of occurrences, though.
 
Holdenhsvgtsr
@Furinkazen @legacyMACHINE have fun

Read this article. It will explain everything...

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Smoke, Smokey, and Infinite Networks - Part 1
After Sebring, Al Solaroli, President of CET Technologies, gave an interview to Kye Wankum, for Provinz, newsletter of Porsche Club of America, Upper Canada Region. Some of Mr. Solaroli's comments caused us to raise our eyebrows - just a bit.
Mr. Solaroli told Wankum that he left Canada because "fierce resistance from the so-called 'good ole boys' society we have in Canada" made him unable to successfully promote his adiabatic engine technology. We know he closed his Porsche tuning shop some time in 2005 and landed in Jacksonville, Florida.
He gave us the timeline. Contact with Porsche in July 2006, Petit Le Mans meeting with Porsche executives. Okay to purchase the Spyders, October in Monterey. Then, mid-April 2007, about the time of this interview, two Spyders arrived at the Atlanta airport.
Al is confident, if nothing else. He's "moving straight to the top level." No worry about Roger Penske here. He's sure he "has things that will benefit Porsche substantially." Perhaps it's an adiabatic engine?
CET Racing is grandiose, to say the least - twenty full time staff to start, huge facility, plans to hire 550 people. He assured us that he'd announce his drivers, "Formula One people...at a press conference in Weissach mid-April."
Solaroli ended that interview with, "Money? I am not looking for any sponsors. I have 50 million budgeted for this endeavor and more if required! Keep an eye on us!"
We have. At one time, Solaroli had said that a Utah launch was possible. In Houston, a team source said about the launch, "it was always Lime Rock."
Now we're hearing perhaps not until Mid-Ohio, three months since the Spyders reached Atlanta. We had not heard a word about any testing until today, June 21. One of the Spyders is reported to be at Road Atlanta. (edit: We're told the team on track at Road Atlanta is Autocon, not CET Racing. That's after sources in Braselton said they expected CET Racing to be at the track this date. Another "miss?")
At Houston, that same team source told us, "the driver announcement will be in two days."
"Monday, then?" we asked.
"Yes," he replied.
"Or Tuesday?" we inquired.
"Yes," he replied.
"Mid-April," Al said. Again, two and a half months have passed.
It all had started to seem a bit odd to us, so we dug a little deeper and found some dates - and events - of our own.
February 1, 2006. Infinite Networks Corporation (Pink Sheets: INNX) announced that Infinite Networks Corporation has signed agreements to acquire CET LLC, a Florida Limited Liability Company that holds the worldwide license rights to the patented technology developed by Mr. Alberto Solaroli of CET LLC.

Mr. Solaroli was named the President of CET Technologies, a wholly-owned subsidiary of Infinite Networks Corporation.
Infinite Networks was incorporated in Nevada, March 15, 2000, ostensibly to exploit emerging communications technology. It was a successor to Corporations of other names, shells acquired, created, abandoned - RITE, Inc., Global Petroleum Investment, Infinite Coffee, Inc. Principals of Infinite Networks were - and are - Donald Miller, John W. Bush, and Denton Guthrie among others. Infinite Networks Corporation is traded under SEC Rule 15c2-11, which was designed to allow a non-reporting public company's securities to be quoted on the National Association of Securities Dealers' ("NASD") Over-the-Counter Bulletin Board ("OTCBB") by filing some simple disclosures. The company appends the so-called "safe harbor" statement to its website under the U.S. Private Securities Litigation Reform Act of 1995. Infinite Networks' web site is here.
Later, in April: Infinite Networks Corporation (Pink Sheets: INNX) announced today that the Board of Directors approved the activation of their previously negotiated Patent Option with CET International. Infinite Networks Corporation exercised its Patent Option to own 40% of CET International, Inc., which includes all patents, rights and title to CET's Combustible Engine Technology. This is part of the exclusive worldwide license agreement Infinite acquired with the acquisition of CET, LLC in January 2006. INNX activated the option for the initial consideration payment of $450,000.00.
So, let's see. In addition to CET Technologies, there's CET International, Inc. Does $450,000 sound like enough for rights about which Mr. Solaroli said in April 2004, "If I don't generate $300 million within the first 18 months, I'll quit."? It was, however, probably about the amount required for a down-payment on three Porsches.
Whatever the value, it was Smokey Yunick, not Al Solaroli, who built the first adiabatic gasoline engine, and there's doubt whether that adventure delivered any improvement on the technology of 1984. Smokey, whose idea was heating the charge - Al wants to cool it - in the end quietly buried the whole idea. Different strokes, as they say. Anyway, back to our story.
Infinite Networks trades OTC as INNX. It closed at fourteen cents yesterday, June 20, 2007. That's $13,350,000 for the whole shebang, based on reported outstanding shares, we figure. Actually it was worth more, when it acquired CET, about a buck-fifty, but it was fourteen cents in December, 2005, and it's fourteen cents now. The whole company is worth less than its $50 million racing budget. The stock's recent price chart is here.
In July of last year, Infinite acquired Eller Industries, "a public vehicle to divest itself in the communications industry and focus primarily on the engine technology acquired from CET." In other words, a corporate "shell." Eller Industries was spun off, and a cash dividend paid to shareholders of record earlier this year. In the fall, focus on the engine technology apparently meant the installation of one of CET's engines in a boat from Fountain Powerboats and participation in a race that both "proved the technology," and repealed the laws of thermodynamics in one fell swoop, according to an Infinite press release. With that triumph in hand, Infinite announced, then quickly cancelled, a world power boat speed record attempt in February of this year. The torque of the engine was too great for the gears, Solaroli said. Fountain's web site makes no mention of any of that.
A reported link between officers of Infinite Networks and the United Kingdom of Atlantis could not be verified by Last Turn Clubhouse.

We've tried to find any indication that CET, its parent corporation Infinite Networks, or any other Infinite Networks subsidiary has sold anything, or in fact has anything to sell. Putting aside adiabatic engines, the definition of which is a perpetual-motion-like "thermodynamic process that happens without loss or gain of heat," and reminds us of the announcement of new chassis technology at Petit Le Mans in 2004, it's not clear where that fifty million dollar budget is going to come from. Although communications from any of these companies have been few and far between, they've been out there announcing power boat races.
If there had been any contract or agreement in regard to CET's engine "technology," we'd have heard about it, wouldn't we? Perhaps that $300 million of which Mr. Solaroli was so certain in 2004 has materialized. From where, we can't determine. We'll be pleasantly surprised to see CET Racing on a grid anywhere, anytime.
In Part 2 we focus specifically on the 2006 and 2007 transactions involving CET LLC and Alberto Solaroli, who has been reported to be close to fielding a two car Porsche prototype (RS Spyders) team in the American Le Mans Series. -Editor- Part 1 is here.
Communications to Coffee

Having gone from communications to coffee, then back to communications, Infinite Networks Corporation decided to make another of its frequent and radical strategic moves in 2006 by dumping its communication-focused holdings. Eller Industries was acquired, then its shares distributed to Infinite's own registered shareholders to accomplish the divestiture. The new strategy (or, as the company termed it, focus) was in energy. There, it created a new subsidiary, Cosmic Energy Corporation with Donald Miller (former Infinite CEO) at the helm. Its big move, however, was to be the acquisition of CET, LLC, a Florida corporation that (in the words of a recent Infinite document)(1) "represented it had a worldwide license for the Solaroli patented technology," (U.S. Patent 6,282,898). Infinite and Alberto Solaroli signed the agreement on January 25, 2006. The acquisition was completed in October 2006.
A little cash, a bit of stock and a big note
Infinite acquired from CET International and CET, LLC an exclusive worldwide license for the Solaroli technology, excluding the racing industry, for royalty payments of 5% of gross annual sales and 10,000,000 restricted (2) shares of Infinite Networks common stock. The acquisition was a triangle merger in which Infinite Networks Corporation acquired 100% ownership of CET, LLC, in turn the holder of an irrevocable license agreement with CET International, the owner of the patents. In March 2006, Infinite further activated an option agreement to purchase up to 40% of CET International with a down payment of $450,000 and an unsecured promissory note for $71,217,000 payable in 59 equal installments to begin in April 2007.
Following the merger/acquisition agreement in January, Mr. Solaroli became a member of the Infinite board of directors, but resigned in May, 2006 while remaining CEO and President of CET Technologies, the newly-created Infinite Networks Corporation subsidiary that held the assets of the former Solaroli companies.
Boat Deal
After the agreement, Infinite raised a bit more than $3 million by selling nearly seven million shares of its common stock in a private placement to accredited investors at an average price of about $.50 per share. The company said that $2.6 million was working capital to support the development of the new engine technology. That development included performance on a 2005 agreement with Fountain Boats, an opportunity it was believed would provide worldwide recognition and a platform for testing and proving this new technology in a racing environment. CET Technologies built six marine engines for Fountain. According to Infinite documents and a contemporary press release, dynamometer tests in June 2006 further proved the torque and horsepower potential of the engines. The CET engines raced in August and September but fell prey to mechanical failures. According to Mr. Solaroli, the August failure was caused by a loose oil canister, and in the September incident, the wrong pistons had been supplied by the manufacturer.
Misunderstanding
A Porsche was showcased by Mr. Solaroli to show that the technology was viable. Infinite's goal was to develop the retrofit market as soon as possible. Mr. Solaroli wanted to focus on the racing industry and build new engines using this technology that would further provide technical data for commercialization and gain worldwide recognition. There was nothing remarkable in the progress made other than its slow pace relative to Mr. Solaroli's statements elsewhere, and perhaps also relative to the expectations of Infinite. In any case, trouble between the parties was brewing. In its March filing, Infinite said,
"Subsequent to the signing of the original acquisition agreement, Infinite discovered, among other matters, that no patent assignment to CET International had been recorded at the U.S. Patent Office. As part of the completion of the acquisition, a closing agreement was entered into with the reorganization parties and Al Solaroli individually in which Mr. Solaroli again represented that he had assigned the patent rights to CET International and that he would cause the assignment to be recorded in the U.S. Patent Office. Mr. Solaroli has been repeatedly asked to record the patent assignment, but has (according to a March, 2007 company document) failed to do so.
As a result of the failure of Al Solaroli to record the patent assignment, and the resultant inability of Infinite to show that it has a license agreement backed by the recorded ownership of the patent in CET International, Infinite has not been able to move forward with the exploitation of its license rights or to seek additional capital based on having the license rights."(3)

Mulligan

For whatever reasons, it seems that by the end of 2006, Infinite had enough of Mr. Solaroli, and Mr. Solaroli had enough of Infinite. They agreed he could buy back CET, LLC. In November they signed a letter of understanding that Solaroli would re-acquire CET LLC plus 28,000,000 shares of Infinite stock for a total purchase price of $105,461,000.(4)
Banking on Cameroon
The source of those 28 million shares was Karamouzi Bank & Trust Ltd., Republic of Cameroon, which had acquired shares in 2004 in exchange for a little cash and a $25 million letter of credit, after some glitches in that agreement, those shares reverting to Infinite in a 2006 settlement. In May 2006 the 28,000,000 shares were conveyed to Mr. Solaroli in trust, then transferred by him to a series of foreign entities as part of a capital formation program. In this new agreement Solaroli would take back CET and retain the Infinite shares. The re-purchase transaction was to be paid in 12 equal installments beginning at the end of 2006. Mr. Solaroli, however, did not ratify this agreement, but rather proposed a new one (which terms we do not know) in 2007 that was not acceptable to Infinite.
Mr. Solaroli may have hoped to use the Cameroon bank's shares to raise capital to complete his repurchase, but there have been no transactions that we know of involving those equities. Infinite believes they are still held by Solaroli's foreign entities, has demanded their return, and placed an administrative hold on them.
Unconsummated
Absent a satisfactory agreement and without the effective control of the Solaroli patent that it thought it had acquired, in February of this year Infinite rescinded the option agreement of March 2006, voiding its promissory note and asking for the repayment of its $450,000 down payment. This unilateral rescission of the option exercise has been questioned by Mr. Solaroli, and the funds have not been repaid.
Stocks, No Cash
It seems neither Infinite's original purchase of CET, nor Mr. Solaroli's repurchase has been executed. Solaroli is reported to have received $450,000 cash in the original agreements, plus 10,000,000 shares of stock that he could not sell under even the most liberal definition of SEC Rule 144 until February of this year. In the 100 or so trading days since then, Infinite trading volumes do not seem to have been adequate to have accommodated such a block, and even if they were sold over time, there has been but one intra-day spike to $1 a share and no daily volumes greater than 225,000 shares; most trade share prices have fallen below twenty-five cents in the period. The stock actually closed on 21 May at 1 cent per share. Thus it's our conclusion that the 10,000,000 shares reported to be involved in the original transaction have not likely yielded more than $3 million, if anything at all. The profile of this transaction is similar to that used by Infinite and related companies through the years - lots of shares, little cash.
The other elements of the sale that might yield revenue are first, the 5% royalty to be paid on sales, and second, any revenues that Mr. Solaroli might have made in the excluded "racing industry."
In regard to the first of these, there is no indication that Infinite has any sales, or any revenue from any sales - of any kind. The company's Disclosure Statement, which includes results from inception (March 27, 1996) through 2005, documents cumulative net losses from operations is over $14 million and no year in which Infinity in any of its forms or any of its subsidiaries has recorded net positive income. Nor is there anything in the description of 2006 operations that would cause one to conclude that there is any production, services, sales, or revenue in prospect. In fact, Infinite has its own reservations about its prospects as a "going concern."(6)
Since there is no record of sales of any kind from any of these companies, we have to conclude that the funding of this team comes from investor's money - something the principals may find the Securities Exchange Commission frowns on.
Alberto's Been Racing?
As to the second potential for income, we found this statement in Infinite's director's biography for Mr. Solaroli: "...he holds an FIA professional automobile racing license and competes on various circuits throughout North America and Europe. He has implemented the CET technology in various cars used in these events and the positive results can be described to potential investors should they be interested in meeting Mr. Solaroli."(5)
Though we think that various sanctioning bodies might wonder when an adiabatic engine might have graced their grids, we have no problem concluding from our own observations that Mr. Solaroli has not derived any significant revenues from racing applications of his patented technology.
CET Racing/Solaroli Secret Funding?
In our view, there is simply nothing on the record to indicate that CET Racing/Solaroli Motorsports has or can obtain the funding required for its American Le Mans Series racing program, and a great deal that indicates that is has not and will not. We know that the Spyders were delivered, but contrary to assertions we have seen, it's not likely that Porsche invoices were paid in full at the time of delivery. Payments to Porsche may actually be substantially in arrears. (Correction: Our notes say that we were told during the Houston race weekend that "they arrived...last weekend." Unfortunately, we thought "spyders" and not "997." It's been pointed out to us - by sportscarpros.com - that the arrivals were indeed 1 Spyder and 1 997, and they were pre-paid. Invoices in arrears, if any, have been those for spares and support, we've been told.) If that is the case, we don't expect the long-awaited driver announcements (driver's due diligence being among the best in our business), and we don't expect to see Spyders 706 and 707 at Lime Rock Park or at Mid-Ohio Sports Car Course. The wheels are about to come off these Spyders.
We'll hope for the best, of course. We certainly want to see more cars, particularly of the quality of the Porsches, on the series' grids, and trust we will - sometime in the future, and in other hands.

Want to download and read the key SEC disclosure document used as source material for this report? It has subsequently been made available to the public. Follow this link.
Notes
(1) Disclosure Statement Pursuant to Rule 15C2-11 Securities Exchange Act of 1934, dated March 19, 2007, page 3.
(2) Restricted stockowners need permission of the SEC to sell, and there is a statutory waiting period of one or two years, the latter applying to individuals in high management positions. (Which would include Mr. Solaroli, according to the opinion of security industry experts.) See SEC Rule 144.
(3) op. cit., Disclosure Statement, March 19, 2007, page 5.
(4) This price was based on an independent appraised value of $73,130,000 for the license, plus an additional purchase of 28,000,000 Infinite shares currently held in the name of foreign entities by Mr. Solaroli for $32,331,000.
(5) op. cit., Disclosure Statement, March 19, 2007, page 9.
(6) ibid., page 29, Note 9. "As shown in the accompanying consolidated financial statements, the Company has suffered recurring losses from operations and has an accumulated deficit of $11,918,655 as of December 31, 2005 and $10,455,631 as of December 31, 2004. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern."
Copyright Tom Kjos and Last Turn Clubhouse
Smoke - Part 3
Part 3 of the CET saga deals with credentials and business activities (or lack of same) of CET and its principal. Links to Part 1 and Part 2.-Editor-
By title, we started our series on CET Racing/Solaroli Motorsports with Infinite Network Corporations (Smoke, Smokey, and Infinite Networks, June 21, 2007). Where we really started, however, was with the words of Mr. Alberto Solaroli, one-time Toronto tuning shop owner turned racing magnate with a $50 million budget.
Without statements like "I have 50 million budgeted for this endeavor and more if required!" (1) Last Turn Clubhouse would likely have simply continued cheering for the addition of yet another two Porsche Spyders to American Le Mans Series grids. After we read that, "We speculate being fully ready by Limerock. If we all feel that we are ready sooner, then maybe Utah. We will do every race thereafter. I am arranging a large gala for my hometown track and have support from Porsche totally," (1) we waited for some indication of substantial progress. Dates for announcements came and went; we were told scheduled tests were missed. What was going on here? In baseball, wrestling and football, performance is enhanced with steroids; in cycling, by blood doping. In racing? Money.
That's taken this sport down the path of racing programs run on drug money, financed by theft, and now, perhaps, entries bought by funds from...well, we really don't know. We can find no day-to-day operations by CET that could generate cash adequate to pay the rent for some square footage in a minor Jacksonville, Florida industrial park, say nothing of a fifty million dollar racing budget.
These - CET and others associated with or subsidiaries of Infinite Networks Corporation - are companies that neither sell products nor provide services, whose principal business activity seems to be producing press releases to tout a patented automotive "revolution" that has languished without significant industry interest for at least eight years.
This installment - Part 3 - in our series deals directly with the claims of CET, the racing team, and of Mr. Solaroli himself. We were mostly unable to verify an y of those claims. Mr. Solaroli was offered the opportunity to comment on questions surrounding his academic and professional credentials contained in this article. He declined. (2) We believe, therefore, that the information that we have obtained below is, in fact, correct.
The Respected Engineer
According to CET Racing's press releases, Mr. Solaroli is an accomplished and respected engineer active in the automotive industry.
Solaroli holds a Bachelor of Science in Mechanical Engineering and a Masters of Science in Thermodynamics. He attended the University of Toronto. He maintains professional affiliations with:
American Society for Testing Materials (ASTM) - Chairman of ASTM F15-10
Society of Automotive Engineers (SAE) - Member
Canadian Society of Mechanical Engineers (CSME) - Member
American Combustion Institute (ACI) - Member (3)
His resume is more specific in regard to academic credentials in the text of Infinite Network's Security and Exchange Commission Report dated March 19, 2007.
Mr. Solaroli holds Bachelors and Masters Degrees in Mechanical Engineering and Thermodynamics, respectively, from the University of Toronto (1976 and 1978). He is a member of the American Society for Testing Materials (ASTM, Chairman of ASTM F110-10), Society of Automotive Engineers (SAE), Canadian Society of Mechanical Engineers (CSME), and the American Combustion Institute (ACI). (4)
The University of Toronto Convocation Office, responsible for degree verification, can find no record of degrees in that period granted to anyone with the surname Solaroli. (5) (6)
Without a degree in Engineering, membership is doubtful in the Canadian Society of Mechanical Engineers, (CSME) which did not respond to our inquiries. However, we did hear from the Combustion Institute. Having "checked our member data base," the Institute was "unable to confirm a membership..." (7)
The Society of Automotive Engineers was direct: "Our records show that he is not a member of SAE." (8)
There's also a variance in the committees that Mr. Solaroli claims to chair at ASTM (originally American Society for Testing and Materials, now ASTM International), listed in different biographies as either F110-10 or F15-10. Neither designation is similar to any actually used by ASTM, but no matter, since it isn't quite normal to chair technical committees of organizations of which you are not a member. ASTM's answer to our inquiry was that there is no "record of the last name 'Solaroli' in the ASTM membership database..." (9)
The Business
According to CET's web site:
The company is now poised to move into the marketing portion of the project and to address the interest that we have received from the different OEM Manufactures. CET recently completed the first phase of a preliminary fair market value on the license agreement lodged at CET LLC and the results were very favorable. Since that time, the audit process is now underway to re-establish this stated value with the guidelines of the 141 rule.
Apart from the OEM business, CET has application and use in over the road diesel engines, standby generators, marine diesel & gasoline engines, and niche racing markets. Contact and discussion with several groups within these sectors has been made with substantial progress.
CET is currently in the final stages of fulfilling a commitment with a power boat company in building four boat motors for two powerboats. Upon completion of this commitment CET expects to sign an agreement with a company who currently purchases over $18,000,000.00 worth of engines per year. (10)
Though Fountain Power Boat did not return repeated calls, we believe that the "power boat company" referred to in this paragraph is in fact Fountain. In 2006, it seems a Solaroli's engine was used in an offshore race by Fountain, followed by a CET press release claiming the results "proved the technology." Other press releases and articles followed, announcing, then canceling, a "world record attempt." Although these releases quoted Fountain Powerboat's President David Knight, Fountain itself has never acknowledged any dealings with CET. It's web site publishes numerous news releases; none in regard to the CET events. According to those sources, Fountain records and race victories have been accomplished with Sterling Performance (Milford, Michigan) marine racing engines, and Mercury engines, both with Mercury drives.
CET wouldn't actually manufacture complete engines, of course. They would rather modify those engines incorporating all - or some part - of the ideas that Solaroli patented. That would make the value of a contract with a company that purchases "$18,000,000 worth of engines per year," only a small part of that total, and certainly not a significant contributor to a $50 million racing budget. That appears to be one of the truthful things on CET's web site, since it's consistent with the Fountain's $65 million annual sales, and $58 million cost of sales. (11) Assuming that CET actually sold all those engines to Fountain (a stretch, since not all Fountain boats are off shore racers; many are fishing boats) what's the value-added amount? Whether Sterling, Mercury or someone else builds the basic engine, it's hard to conclude that the value of modification and upgrade would be more than twenty percent of that total. How far will $3 million in sales take CET?
The OEM business has CET dealing with BMW, Daimler Benz, Volkswagen/Audi Group and Ford. Technology packages will be put together and distributed to these companies as well as others in the market to hopefully induce a technology auction. We have decided that it is in the best interest of the company not to be limited to one manufacturer, the risk being that one company could shelve the technology and be of no benefit to anyone. On the other hand, if one manufacturer were to develop their own related technology, we believe that this will elevate the auction to a higher level since the others would need to scramble to obtain competitive technology for themselves. (10)
The "dealing," according to this, consists of "putting together" and "distributing" technology packages "to hopefully induce at technology auction."
Recently we have been introduced to a very large plastics company who has current business with the OEM's to enter into a licensing deal. Should this be successful, this would allow us to concentrate on other market sectors while obtaining a large upfront fee with long-term royalties. The cash infusion from such a licensing deal would allow us to tackle all other market sectors at once and run all programs in parallel. (10)
We've no idea at all what the "very large plastics company" might be. "The OEM's" would appear to be the already mentioned automotive companies. Perhaps this is the backup plan if there is no "technology auction." What is there that a plastics company would license? They'd pay cash for rights to the adiabatic engine patent, then peddle it to VAG? Isn't that the road CET already traveled with Infinite Networks Corporation?
In the over the road diesels, we have been dealing with Riviva Corporation in Minneapolis. They are a diesel-remanufacturing center for diesel engines and offer the best warranty program in the nation. Since sulfur emissions will have a direct effect on diesel engines in 2006, Riviva is looking at being at the forefront of this change by incorporating our technology to increase efficiency as well as lowering sulfur emission. This would evolve being in a joint venture deal with the possibility of a licensing deal down the road. (10)
We spoke with a representative of Reviva Corporation, who commented, "they (CET) didn't even spell our name right, did they?" The company has no current business relationship with CET, and doesn't anticipate any. A representative of New Product Development was entirely unfamiliar with CET. (12)
In the marine diesel sector, we have been approached by Buck Diesel in North Carolina to possibly be included in their design and build of their new marine. (10)
Buck Diesel has not responded to our inquiries. What we've been able to discover about the company indicates the sales volume potential to be small. Again, there's no support here for that $50 million budget - or even one-tenth of that.
There was a source of funds to acquire a single Porsche RS Spyder and a 911 GT3 RSR. There is a small staff in a Jacksonville industrial park. We don't know what, if anything, comes next. Alberto Solaroli was the proprietor of a Toronto-area tuning shop before moving to Florida in late 2005 to pursue commercial success with his patented adiabatic engine technology. We can find little indication of success in that pursuit.
Notes
(1) Alberto Solaroli interview with Kye Wankum, Porsche Club of America, Upper Canada Region, Provinz, April 2007.
(2) email, Alberto Solaroli, dated June 26, 2007
(3) CET Racing press release dated June 25, 2007
(4) Infinite Network's Security and Exchange Commission Report dated March 19, 2007
(5) email from faculty source, University of Toronto June 25, 2007
(6) email from Convocation Office, University of Toronto, July 16, 2007; telephone follow-up August 7, 2007.
(7) email from The Combustion Institute, Pittsburgh, PA June 25, 2007
(8) email from The Society of Automotive Engineers, Warrendale, PA, June 25, 2007
(9) email from ASTM International, June 25, 2007
(10) CET web site. http://www.cetengines.com/
(11) Third quarter Financial Report, Fountain Power Boat, May 15, 2007
(12) Telephone with Reviva Corporation, July 17, 2007
Click to expand...
so you couldn't have just linked it or nah
 
Slash
Little easier on the eyes if everyone doesn't have to see a wall of letters if they don't want to.
Click to expand...
Not really just ironic that you get someone complaining about me posting an article yet in their complaint they repost the whole article.
 
Holdenhsvgtsr
Not really just ironic that you get someone complaining about me posting an article yet in their complaint they repost the whole article.
Click to expand...
It's a quote.

A. To get your attention
B. 99% of it is cut off so people can't even see it
 
Slash
It's a quote.

A. To get your attention
B. 99% of it is cut off so people can't even see it
Click to expand...
Or he could have just tagged me like i did to get @Furinkazen without the needing to quote it but if you have a problem with it knock yourself out if it helps you sleep at night or come back when you have something meaningful to add to the discussion as you're clearly trying to take things off topic. :)
 

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