GEM Press Release
General Environmental Management Reports Progress on Plan to Expand to Water Treatment and Waste-to-Energy Markets
Santa Clara Waste Water Acquisition Scheduled to Close by November 1
Management Focused on Maximizing Value of Field Services Business Unit, Improving Balance Sheet and Moving into Higher Margin Markets
09/30/09
POMONA, Calif.--(BUSINESS WIRE)--General Environmental Management, Inc. (GEM) (OTCBB: GEVI) today provides an update on 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,” said 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 added, “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.”
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, California, GEM operates five field service locations and one Treatment, Storage, Disposal facility (TSDF), servicing all markets in the Western U.S.
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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