General Environmental Management Announces Intent to Focus All Efforts on Waste-to-Energy Project in Brazil
25 June 2010 - 10:00PM
Business Wire
General Environmental Management Inc. (GEM) (OTCBB: GEVI)
announced today that it has decided to focus all efforts on the
Bio-Energy Solutions Group, Inc. (BESG) Brazilian waste-to-energy
project. GEM will be responsible for managing BESG’s
waste-to-energy operations in Pernambuco, Brazil, including the
collection and processing of municipal solid waste and subsequent
conversion to alternative energy. The management agreement will
have a term of 15 years.
“When we announced this decision yesterday, we did so with the
clear vision of taking the years of management expertise and
execution in the waste management field, and deploying those
capabilities on the BESG project,” said GEM CEO Tim Koziol. “This
partnership with BESG has the potential to bring considerable
revenue into GEM. The size and scope of this project should lead to
strong, predictable and profitable revenue streams. We project that
we will be managing more than 4,900,000 tons per year of feedstock
from over 368 municipalities just in the initial facility in
Brazil, with upside potential to add many more municipalities
throughout the country. With estimated revenue of $25 and $30 per
ton of waste, the potential is enormous.
“It became clear to our management team that this relationship
with BESG will occupy all of our time, effort and energy and is the
best way to create shareholder value in our company. We will be
updating shareholders regularly on this new strategic direction. I
want to emphasize, however, that we had made the decision to move
into the waste-to-energy market several months ago. The BESG
opportunity came from our announced intent to be in that market.
Being able to deploy our knowledge and waste management skills to
not only generate substantial revenue, but to solve a deepening
waste management and energy problem in Brazil, is very satisfying.
We hope to reward shareholders through our decision to move in this
direction,” concluded Koziol.
About General Environmental Management, Inc.
General Environmental Management, Inc. (www.go-gem.com) provides
environmental services and solutions. GEM is headquartered in
Pomona, California.
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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