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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001193125-06-195594.txt : 20070718
<SEC-HEADER>0001193125-06-195594.hdr.sgml : 20070718
<ACCEPTANCE-DATETIME>20060922142253
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-06-195594
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20060922

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DIAMETRICS MEDICAL INC
		CENTRAL INDEX KEY:			0000895380
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		IRS NUMBER:				411663185
		STATE OF INCORPORATION:			MN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6033 W. CENTURY BLVD
		STREET 2:		SUITE 850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90045
		BUSINESS PHONE:		3106702093

	MAIL ADDRESS:	
		STREET 1:		6033 W. CENTURY BLVD
		STREET 2:		SUITE 850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90045

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	DIAMETRICS MEDICAL INC
		DATE OF NAME CHANGE:	19930624
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Correspondence Letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Diametrics Medical, Inc. </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>6245 Bristol Parkway #263 </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Culver City, California 90230 </B></FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>Tel: (310)&nbsp;670-2595 Fax: (310)&nbsp;670-4107 </B></FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="right"><FONT
FACE="Times New Roman" SIZE="2">September&nbsp;21, 2006 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>VIA EDGAR, FACSIMILE AND U.S. MAIL </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Brian R. Cascio </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Accounting Branch Chief </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Washington D.C. 20549 </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mail Stop 6010 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B></B><B><I>Re:</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>Comment letter dated September&nbsp;11, 2006 (the &#147;Comment Letter&#148;), to the Form 10-KSB for the fiscal year ended December&nbsp;31, 2005, and Form 10-QSBs for the
fiscal quarters ended March&nbsp;31, 2006, and June&nbsp;30, 2006, of Diametrics Medical, Inc., File No. 0-21982 (the &#147;Company&#148;)</I></B><B> </B></FONT></TD></TR></TABLE> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;Cascio: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company has reviewed the Comment Letter, and its responses to the comments
therein are set forth below. The Company&#146;s responses are keyed to the comment numbers in the Comment Letter. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Additionally, the
Company acknowledges that: (i)&nbsp;it is responsible for the adequacy and accuracy of the disclosure in its filings; (ii)&nbsp;Staff comments do not foreclose the Commission from taking any action with respect to the Company&#146;s filings; and
(iii)&nbsp;the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities of the United States. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><B><U>Comment No. 1 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Based on discussions with the Staff, the Company understands that it was
required to file a Form 10-K rather than a Form 10-KSB for its fiscal year ended December&nbsp;31, 2005, pursuant to Item&nbsp;10(a)(2)(v) of Regulation SB. Notwithstanding that, the Company respectfully submits that the Form 10-KSB it filed on
April&nbsp;11, 2006 (the &#147;10-KSB&#148;) contained all material information about the Company and its business as it then existed, and believes that filing a Form 10-K would not provide investors with any additional material information
necessary for them to make informed decisions about the Company and its business as it existed prior to the transaction described in the next paragraph. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">For the information of the Staff, effective as of September&nbsp;20, 2006, the Company acquired Vanguard Synfuels, L.L.C., an owner and operator of a biodiesel production facility in Pollack, Louisiana (the
&#147;Acquisition&#148;). As a result of the Acquisition, the Company will no longer be a &#147;shell </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">1 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">company&#148; as defined under SEC rules. The Company will file a Form 8-K on or before September&nbsp;26, 2006, which
will include the disclosures required by Form&nbsp;10SB for the Company and its new business. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company respectfully submits that the
10-KSB included all material information necessary for investors to fully understand the Company and its business prior to the Acquisition. There is a full discussion of the Company&#146;s history and former business, how it became a shell company,
and the significant transactions that took place in November and December 2005. Full financial statements for 2005 and 2004 were included in the 10-KSB, along with an MD&amp;A Section analyzing the Company&#146;s financial performance for those
years and its current liquidity position. Financial Statements for fiscal 2003 are available to investors by reference to the Company&#146;s 2004 Form 10-K, as is an MD&amp;A Section analyzing fiscal 2004 as compared to fiscal 2003. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">Additionally, the 10-KSB contained all material information regarding the Company&#146;s management, Board of Directors, Committees, executive
compensation and principal stockholders prior to the Acquisition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">On the other hand, the 10-KSB only omitted four Items that are required
to be included in a Form 10-K filing: (i)&nbsp;Item&nbsp;1A &#147;Risk Factors;&#148; (ii)&nbsp;Item&nbsp;1B &#147;Unresolved Staff Comments;&#148; (iii)&nbsp;Item&nbsp;6 &#147;Selected Financial Data;&#148; and (iv)&nbsp;Item&nbsp;7A
&#147;Quantitative and Qualitative Disclosures About Market Risk.&#148; As noted below, the Company respectfully believes those omitted Items were not material to investors&#146; understanding of the Company&#146;s business as it existed prior to
the Acquisition. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With respect to Item&nbsp;1A &#147;Risk Factors,&#148; since the Company was a shell company with no business operations,
the risks disclosed in the Company&#146;s prior filings largely did not apply. The most material risk facing the Company was the ability to find strategic business alternatives and/or additional financing for strategic acquisitions. This risk was
disclosed in the last full paragraphs of the Overview Sections of Item&nbsp;1 &#147;Description of Business&#148; and Item&nbsp;6 &#147;Management&#146;s Discussion and Analysis or Plan of Operations.&#148; It is also disclosed under
&#147;Management&#146;s Plans&#148; in Note 1 to the Financial Statements. The Company respectfully believes that filing a Form 10-K which discloses this risk under a separate Item caption would not provide any meaningful new information to
investors. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">With respect to Item&nbsp;1B, the Company had no unresolved Staff comments at the time of the filing of the 10-KSB and
anticipates having none with respect to the Comment Letter. The information with respect to Selected Financial Data required by Item&nbsp;6 of Form S-K can be obtained from the Financial Statements filed pursuant to Item&nbsp;7 of the 10-KSB, and
with respect to Item&nbsp;7A &#147;Qualitative Disclosures About Market Risks,&#148; since the Company had no business operations, it was no longer exposed to any of the risks relating to currency fluctuations that were disclosed in its Form 10-K
for the fiscal year ended December&nbsp;31, 2004, and was not exposed to any of the other market risks required to be disclosed under Item&nbsp;305 of Regulation S-K. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">In summary, the Company respectfully asserts that the 10-KSB contained all material information necessary for investors to make informed decisions about the Company as it existed prior to the Acquisition, and that the
filing of a Form 10-K would not materially add to their understanding of the Company and its operations as it existed prior to the Acquisition. Additionally, </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">2 </FONT></P>


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 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">the filing of a Form 10-K would cause the Company to expend a substantial amount of capital and management resources to
do so, instead of using such resources to implement the Company&#146;s new business plan pursuant to the Acquisition. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Comment No. 2
</U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">The Company notes the Staff&#146;s comment, and in future filings will either omit references to valuations or name the experts who
performed them and file the required consents as exhibits to the relevant filing. </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">If you have any further comments on the Company&#146;s
filings or any questions regarding the Company&#146;s responses to the Comment Letter, please feel free to contact the undersigned at (310)&nbsp;670-2595. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
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<TD HEIGHT="16"></TD></TR>
<TR>
<TD VALIGN="top"> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">/s/ Heng Chuk</FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P> <P STYLE="margin-top:0px;margin-bottom:1px"><FONT
FACE="Times New Roman" SIZE="2">Heng Chuk</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Chief Financial Officer</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
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<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>
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<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Jeanne Bennett</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Martin F. James</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Brian Weiss</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Michael McKennon</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Craig Gosselin</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">3 </FONT></P>

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