Photo by Jolene Guzman
AG&T avoided foreclosure on its building and is seeking a loan for production.
As of Tuesday, January 15, 2019
DALLAS — The American Gas & Technology building on Monmouth Cutoff in Dallas escaped going to auction on Friday, but plans to secure loans for production are not final yet. AG&T chief executive officer Ray Tate Jr. said the building, which was in foreclosure, was pulled from the auction by the mortgage holder.
“We’re still working it out with the lender and hopefully 30 days from now, we will start building maybe some machines,” Tate said. “But we don’t know that for sure. Everything is in God’s hands. We are working it as hard as we can. That’s all we can do.”
AG&T started working in the building in 2015, billing it as the company’s corporate headquarters, and where it would develop and manufacture its liquefied natural gas fueling stations. The building fell into foreclosure after the company failed to make loan payments starting in July 2018, according to the notice of foreclosure.
Tate said possibly finding a production investor made the building loan holder feel better about the business’ prospects.
“We are close enough to finishing that, that we are feeling pretty good and our lender is feeling much better,” Tate said.
He didn’t comment on whether that meant the company was able to work toward making the building payments current.
“I’m not at liberty to discuss all of the things that are going on,” Tate said. “We still need the community to pray for us. It’s not over ’til it’s over.”
Tate said he’s encouraged by news that the Organization of Petroleum Exporting Countries (Opec), Russia, and other oil producers agreed to cut production in December to raise the prices of oil. He said that some oil producing countries are experiencing budget issues because of low oil prices.
He said the move to cut production by 1.2 million barrels per day could increase the price of oil to a point where his product is profitable.
“They’ve been flooding the market with oil for the last four years, and they can’t afford to do that any longer.,” he said.
Tate added that nothing is certain, but he is more confident that the building will see more activity soon.
“Although it looks like we are going to get our loans, anything could happen at the last minute, so we would like the community to continue to pray for us,” Tate said. “If we make it, there will be a lot of good jobs available. If we don’t, then somebody else will buy the building and hopefully they will bring some jobs to town.”