UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of
the
Securities Exchange Act of 1934
Date of Report (Date of earliest event
reported): October 9, 2014
INTEGRATED
ENVIRONMENTAL TECHNOLOGIES, LTD.
(Exact name of registrant as specified
in charter)
| Nevada |
|
000-26309 |
|
98-0200471 |
| (State or other jurisdiction of Incorporation) |
|
(Commission File Number) |
|
(IRS Employer Identification No.) |
| 4235 Commerce Street, Little River, South Carolina |
|
29566 |
| (Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number,
including area code: (843) 390-2500
(Former name or former address, if changed since
last report)
Check the appropriate box below
if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[
] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Section 8 – Other Events
Item 8.01. Other Events.
On October 9, 2014, Integrated
Environmental Technologies, Ltd. (the “Company”) issued a press release that includes a letter from the Company’s
President and Chief Executive Officer which provides a review of the Company’s 2014 corporate activities and an update on
the Company’s business strategy.
A copy of the press release
is attached hereto as Exhibit 99.1.
Section 9 – Financial Statements and Exhibits
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release Re: Integrated Environmental Technologies, Ltd. Provides Review of 2014 Corporate Activities |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| |
INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD. |
| |
|
|
| October 14, 2014 |
By: |
/s/ David R. LaVance |
| |
|
David R. LaVance
President and Chief Executive Officer
|
EXHIBIT INDEX
| Exhibit No. |
|
Description |
| 99.1 |
|
Press Release Re: Integrated Environmental Technologies, Ltd. Provides Review of 2014 Corporate Activities |
EXHIBIT 99.1
INTEGRATED ENVIRONMENTAL TECHNOLOGIES, LTD.
PROVIDES REVIEW OF 2014 CORPORATE ACTIVITIES
Company’s President and Chief Executive
Officer Discusses Company’s Activities for 2014 to Date and Provides Update on the Company’s Business Strategy
LITTLE RIVER, S.C., October 9, 2014 –
Integrated Environmental Technologies, Ltd. (OTCBB: IEVM), announced today that it posted a letter from David R. LaVance, the company’s
President and Chief Executive Officer, on its website, www.ecotreatments.com. This letter
provides an overview of IET’s 2014 corporate activities and achievements to date as well as an update on the IET’s
business strategy. The letter is set forth below:
Dear Fellow Stockholders:
I am writing to update you on the progress
that Integrated Environmental Technologies has made since the beginning of 2014. There has been considerable momentum building
in the company’s transformation from being a development company to a revenue-producing one.
Oil and Gas
As I indicated in my last letter to stockholders
in January 2014, the oil and gas market is a large, open market for our Excelyte™
product. We currently segment our activities in the oil and gas business into three main categories:
Well Maintenance – focuses on
using Excelyte as a hydrogen sulfide scavenger to significantly reduce or essentially
eliminate hydrogen sulfide in operating wells and related equipment;
Drilling and Completions – focuses
on using Excelyte as a biocide to significantly reduce the amount of bacteria present
in water before the water is used in hydraulic fracturing; and
Water Remediation – focuses on
using Excelyte as a hydrogen sulfide scavenger and as a biocide to treat water after
it is used in hydraulic fracturing in order to remove bacteria so that the water can either be re-used in hydraulic fracturing
or disposed.
To date, the majority of our efforts have focused
on well maintenance. Hydrogen sulfide is one of the leading threats to oilfield worker safety, claiming lives every year because
of its toxicity at very low levels of concentration. A particular emphasis for oil and gas producers is controlling the level of
hydrogen sulfide at or near the well head.
We originally focused our attention on Utah’s
Uinta Basin, in order to generate test results and demonstrate success of the product in the market. These test results confirmed
that Excelyte is effective as a hydrogen sulfide scavenger and as a biocide. The results
show that Excelyte reduces the level of hydrogen sulfide in oil wells faster than competing
products, which we believe is due to Excelyte’s ability to kill sulfide-producing
bacteria rapidly. In addition, Excelyte’s naturally occurring properties make
it easier to administer and more environmentally friendly than competing products.
Over the past few months we worked with our
customers and prospects in the Uinta Basin to introduce Excelyte as a down-hole well
maintenance application. IET developed appropriate treatment protocols and application methods, establishing the necessary delivery
channels and gaining approval from customers to commence well maintenance treatments. In short, Excelyte
has worked, and worked well, in the treatment of oil wells. In each of the oil wells that we treated with Excelyte,
we significantly reduced the level of hydrogen sulfide present. We believe that our Excelyte
treatment protocol can significantly reduce or essentially eliminate hydrogen sulfide from our customers’ oil wells. One
customer has expanded Excelyte well maintenance treatments to eleven oil wells and
has approximately 440 additional oil wells with hydrogen sulfide problems that we could treat in the Uinta Basin. If our customer
requests that we treat each of these oil wells, under our current treatment protocol and pricing structure we could generate sales
of approximately $3,000,000 on an annual basis.
The success with our Excelyte
well maintenance treatments has led us to begin expansion of our operations in the Uinta Basin, and to initiate marketing in other
basins. In the Uinta Basin, we are expanding our presence, acquiring additional space and increasing production capability. We
estimate that there are over 5,000 wells in the Uinta Basin that would benefit from the regular use of Excelyte
as part of a well maintenance program.
In addition, we are in the process of establishing
a production facility in order to service a prospective customer that requested we commence Excelyte
well maintenance treatments on its oil and gas wells in the Permian Basin (New Mexico and Texas). We expect to be operational in
the Permian Basin before year’s end. We also are evaluating other basins, such as the Williston Basin (North Dakota) and
the Piceance Basin (Colorado).
We are currently focused on generating recurring
revenue through the sale of Excelyte, but as we grow and improve our cash flow, we
will look to establish additional revenue streams such as providing delivery and pumping services to our customers. We continue
to believe that the three oil and gas market segments noted above potentially represent a $50 million market opportunity in the
Uinta Basin and a $2.5 billion market opportunity in the United States.
All of this activity will require an expansion
of our labor force and the investment into production depots. To that end, we recently hired Bradley W. Rockman as the President
and General Manager of our Oil and Gas Division. Brad is based in Denver, Colorado and has over 35 years of experience in the industry,
selling and supplying chemicals both domestically and internationally. We expect additional hires to be forthcoming as expansion
occurs.
Healthcare and Food Production
We continue to remain interested in the healthcare
market and food production market, but our emphasis on oil and gas has required a dedication of a majority of our resources in
that direction. We have ongoing discussions in each of these markets with potential distribution partners regarding the sale of
Excelyte.
Excelyte
kills a wide range of bacteria and viruses including, Mycobacterium bovis (Tuberculosis), Salmonella enterica, Pseudomonas
aeruginosa, Staphylococcus aureus, methicillin-resistant Staphylococcus aureus (MRSA) and H1NI influenza virus
(swine flu). Excelyte also kills hospital-acquired pathogens such as Clostridium
difficile spores (C. diff) and vancomycin-resistant enterococci (VRE) as well as two carbapenem-resistant enterobacteriaceae
(CRE) known as Klebsiella pneumoniae carbapenemase (KPC) and New Delhi Metallo-beta-lactamase (NDM). Further, the high-risk
blood-borne pathogen human immunodeficiency virus (HIV) and the food-borne pathogens Listeria monocytogenes and Escherichia
coli (E. coli) are killed by Excelyte.
In March 2014, we received approval from the
U.S. Environmental Protection Agency to market a new Excelyte product called Excelyte
VET – which can be used to prevent Canine distemper. Canine distemper is highly contagious and is the leading cause of infectious
disease deaths in dogs worldwide. The new product registration (EPA Registration #82341-4) also allows the company to market Excelyte
VET to prevent the spread of Canine parvovirus and Bordetella bronchiseptica. We are currently working with a distribution
partner as it prepares for the market launch of Excelyte VET.
In addition, during June 2014, Carson Tahoe
Health Systems published
the results of its independent study showing the effectiveness of Excelyte in reducing
the amount of bacteria present in a hospital setting. The study also highlighted Excelyte’s
naturally occurring properties, which do not corrode hospital equipment like more commonly used chemicals.
Focus for Remainder of 2014
For the remainder of 2014, we will continue
to dedicate the majority of our resources to the sale of Excelyte in the oil and gas
market. In healthcare, we will seek distribution partners for Excelyte as planned,
but will ask such partners to contribute to the funding of the development of Excelyte
in this market so that we may focus our resources on the oil and gas market. Likewise, in food production, we will look to recruit
distributors for Excelyte, thereby utilizing outside resources to expand into this
market.
Our overall corporate objective is growth,
namely revenue growth, and we believe that continued expansion into the oil and gas market provides us the best approach to achieving
our goal. We want to again express our appreciation to our stockholders, customers and our team at IET.
Sincerely,
/s/ David R. LaVance
Chairman, President &
Chief Executive Officer
About Integrated Environmental Technologies,
Ltd.
Integrated Environmental Technologies, Ltd.,
is a publicly-traded company that operates through its wholly-owned operating subsidiary, I.E.T., Inc. All of the company’s
products and services are marketed and sold under the umbrella brand name, EcoTreatments™. The company markets and sells
its anolyte disinfecting solution under the Excelyte brand name, which is produced by the company’s proprietary EcaFlo™
equipment that utilizes an electrolytic process known as electrochemical activation to reliably produce environmentally responsible
solutions for cleaning, sanitizing and disinfecting. Excelyte solutions are EPA-registered, hard-surface disinfectants and
sanitizers approved for hospital-level use and are also approved for use as a biocide in oil and gas drilling. The products can
be used anywhere there is a need to control pathogens, bacteria, viruses, and germs. The company’s EcaFlo equipment
also produces a cleaning solution that the company sells under the Catholyte Zero™ brand name. Catholyte Zero solutions
are environmentally friendly cleansers and degreasers for janitorial, sanitation and food processing uses. To learn more, visit
www.ecotreatments.com.
Forward-Looking Statements
Statements about the company's future expectations
and all other statements in this press release other than historical facts are forward-looking statements. Such statements are
subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results.
Among these risks, trends and uncertainties are economic conditions both generally and within the industries in which the company
may participate; competition within the company’s chosen industries, including competition from much larger competitors;
technological advances; available capital; regulatory approval; and failure by the company to successfully develop or acquire products
and form new business relationships. Since these statements involve risks and uncertainties and are subject to change at any time,
the company's actual results could differ materially from expected results.
Contacts:
Integrated Environmental Technologies
Thomas S. Gifford
732-820-1415
tgifford@ietltd.net
Capitol Media Partners
Brad Chase
323-377-5653
chase@capitolmediapartners.com