General Environmental Management Announces Release of Quarterly Report
03 December 2009 - 7:55AM
Business Wire
General Environmental Management, Inc. (GEM) (OTCBB:GEVI)
announced that it has filed its 10Q Report for the quarter ended
September 30, 2009. The Form 10Q can be found at
http://www.sec.gov.
Below is a brief update on the previously announced closing of
the acquisition by GEM of Santa Clara Waste Water Company, as well
as the progress made on the sale of GEM's field services
business.
According to Tim Koziol, GEM Chief Executive Officer, GEM has
taken major actions to eliminate debt, improve GEM's balance sheet
and free up resources to focus on new, profitable markets. Those
actions include: 1) the sale of GEM Mobile Treatment Services,
Inc.; 2) the acquisition of Santa Clara Waste Water Company (SCWW),
a profitable, 50-year-old wastewater treatment business; and, most
recently 3) the execution of a definitive agreement to sell the
field services business unit for $14 million in cash plus the
assumption of $1.1 million of long-term lease obligations. The net
cash proceeds from the transaction will be used by GEM to retire
senior debt and to pursue its strategy in the water treatment and
waste-to-energy markets. Total reduction in indebtedness to GEM’s
senior lender could amount to more than $9 million.
“Taken together, these strategic moves have created a foundation
for GEM to take advantage of opportunities that we believe will
lead to profitability and positive cash flow in the coming year,”
said Koziol. “Our shareholders should look at the current quarterly
report as a reflection of a work in progress. Our intention is to
continue to focus on higher margin business opportunities in the
water treatment and waste-to-energy markets in order to maximize
shareholder value of our company’s stock. We are very pleased with
the progress and advancements the company has made the past few
months, especially when considering the difficult economic
environment.”
Koziol added, “In regards to the sale of our field services
business, we have reached an agreement with Luntz Acquisition
(Delaware), LLC, a subsidiary of PSC Environmental Services, LLC,
to sell General Environmental Management, Inc. (DE) and its
subsidiaries, which include five service centers, the TSDF of GEM
Rancho Cordova LLC, and the Island Environmental Services business.
The final purchase price will be subject to an adjustment based on
the computation of net working capital at closing. We have agreed
upon a closing date on or prior to March 1, 2010, subject to the
approval of GEM’s shareholders.” He further stated, “Concluding the
sale of our field services business will result in a dramatic
improvement of our balance sheet, and will result in a lean
business that will put profitability and cash generation as the top
priorities. We firmly believe our hard work will pay off once we’ve
fully transitioned to the faster-growing water treatment and
waste-to-energy markets. After the foundation is laid, we will
focus our efforts on building a regional and then national
presence.”
General Environmental Management Inc. (OTCBB:GEVI) also reminds
the investment community that it will be hosting its first-ever
investor conference call TODAY, December 2, at 4:30 EST /
1:30 PST. After prepared remarks and presentation of the operating
results, the call will be open to questions and answers. During the
earnings call General Environmental Management, Inc. will provide
detailed information on the acquisition of Santa Clara Waste Water
Company (SCWW). GEM Management will also discuss the company’s
efforts to acquire, license or partner with waste-to-energy
technologies and companies.
The participant dial-in number is:
1-480-629-9712
About General Environmental Management, Inc.
General Environmental Management, Inc.
(http://www.generalenvironmental.com) is a full-service hazardous
waste management and environmental services firm providing
integrated environmental solutions managed through its proprietary
web-based enterprise software, GEMWare, including the following
service offering: management and transportation of waste; design
and management of on-site waste treatment systems; management of
large remediation projects; response to environmental incidents and
spills; and environmental, health and safety compliance.
Headquartered in Pomona, Calif., GEM operates five field service
locations and one Treatment, Storage, Disposal facility (TSDF),
servicing all markets in the Western U.S.
About Santa Clara Waste Water Company
Santa Clara Waste Water Company (SCWW) (http://www.scww.com) is
a 50-year-old non-hazardous waste water treatment and environmental
services company. Headquartered in Santa Paula, Calif., SCWW
services industrial, oil and gas generators, and domestic waste
generators.
FORWARD-LOOKING STATEMENTS
This press release may include "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements, other than statements of historical facts,
included in this press release that address activities, events or
development that the company expects, believes or anticipates will
or may occur in the future are forward-looking statements. These
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause the Company's actual results to differ materially
from those implied or expressed by the forward-looking statements.
The Company assumes no duty whatsoever to update these
forward-looking statements or to conform them to future events or
developments.
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