A Springfield-based company that basically exists only on paper is trying to launch itself through a highly speculative, all-or-nothing stock offering.

The Noxso Corp., which hopes to acquire the rights to a process for cleaning coal gasses if its stock offering sells, is offering 850,000 shares of stock at a dollar apiece.

Under the terms of the offering, all 850,000 shares must be sold within 60 days or "the company expects to terminate its efforts and cease operations," according to the prospectus. If the company sells the whole batch, "the company may require additional financing" of which there is no assurance, it cautioned.

As the prospectus puts it, "the purchase of these securities involves a high degree of risk."

If the offering fails, payments for shares will be returned to purchasers without interest or deduction for expense.

If the offering is successful, Noxso plans to exercise its option to acquire a laboratory process that may -- or may not -- be capable of removing pollutants from flue gas generated by the burning of coal.

The process is currently owned by Princeton Chemical Research Inc., whose application for a patent for the process has been denied. "The company cannot assure investors that the company will have undisputed ownership of the Noxso process," if it acquires it under the option, the prospectus notes.

The prospectus reveals that the company expects no operating income over a period of approximately 18 months. If Noxso begins to make money, after the first $400,000 in net profits, the company is obligated to make continuing payments to Princeton of 50 percent of the net profits derived from the process.

In the opinion of the company, laboratory results on the process appear favorable, the prospectus said. However, the process would still have to be tested in a pre-pilot test facility and a full-size facility.

The process is being considered for possible funding by a variety of major corporations, although none has made a commitment, the prospectus said.

The underwriting firm for the offering is Voss & Co., also of Springfield, which will earn 8 cents per share for each share sold. If all the shares are sold, the company has offered to sell Voss & Co. future rights to purchase 20,000 shares at the offering price.