Permo-Drive investors tread water
IT is a long-shot, but Ballina Permo-Drive shareholder John Hannaford believes there is still hope that the 'little people' can save the company from liquidation.
Earlier this month Permo-Drive's directors moved to voluntarily wind up the company after it was revealed the firm did not have the $7.5 million needed to complete the last stage of production.
But shareholders would not give up without a fight, many joining Mr Hannaford in his bid to raise $2 million to keep the company afloat long enough to apply for a $5 million Federal Climate Ready grant and other assistance.
He started a group called Save Our Technology, aiming to rescue Australian technology from being lost to overseas interests.
With one week until crunch time, a cautious Mr Hannaford was yesterday unwilling to reveal how much the group had raised, but said he was 'really encouraged'.
“It's still a long-shot, and will require a whole set of circumstances coming together, but with a little bit of extra help we may just get over the line,” he said.
Permo-Drive has developed a fuel conservation system for heavy vehicles such as garbage trucks, but does not have enough money to commercialise its product.
Mr Hannaford, chair of the Permo-drive Shareholders' Association, said locals were willing to back the cause. They were sick of seeing Australian inventions go overseas because they were not adequately supported here.
A decision will be made at the next Permo-Drive shareholders meeting on Monday, July 28, on whether to wind up the company.