This morning, General Environmental Management, Inc. updated the investment community with the progress made since its Board of Directors elected to shift the company’s business focus from hazardous waste field services to the fast growing water treatment and waste-to-energy markets.
“We are pleased to report that we have made tremendous progress in the execution of our plan to move the company into the water treatment and waste-to-energy markets,” stated Tim Koziol, GEM’s Chief Executive Officer. “As we announced last week, we swiftly moved to sign a binding letter of intent to acquire Santa Clara Waste Water (SCWW). We are conducting final due diligence and plan on closing this transaction on or before November 1, 2009. SCWW will be the cornerstone of our water treatment business. With this profitable business and the addition of GEM’s sales, marketing, operational and regulatory expertise, we believe that we can grow that business significantly in the coming years. In addition, we are actively pursuing two other complementary water treatment businesses that will give GEM even greater capacity to scale revenue.”
Mr. Koziol continued, “We believe that we have one of the best managed and operated field services companies in the country. This business has handled waste streams from some of the biggest companies in the country. We are focused on how to maximize the value of that business while we pave the way for GEM to build its high margin water treatment business and explore opportunities in the waste-to-energy technology market. Our management team has identified two outstanding waste-to-energy technologies that can turn today’s waste products into clean and efficient energy. We will be giving more details on these activities in the coming weeks.”
Mr. Koziol concluded, “Our strategy is very simple. First, maximize the value of our base field services business unit. Next, we will continue to reduce debt and improve the balance sheet. Finally, we will focus our attention on acquiring, licensing or partnering with water treatment and waste-to-energy companies to accelerate high margin revenue. We firmly believe that these strategic moves will best leverage our management team and create sustainable value for our shareholders.”
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