General Environmental Management, Inc. CEO Provides Corporate Update
September 20 2010 - 9:00AM
Marketwired
CEO Timothy J. Koziol of General Environmental Management, Inc.
(GEM) (OTCBB: GEVIE), announced an update to provide current and
prospective shareholders with a status report of GEM's previously
announced revised business model to expand from an environmental
services only company to include wastewater treatment and
waste-to-energy components.
Mr. Koziol stated, "The past twenty-four months have been a
challenge for GEM and the management team. During the transition
from 2009 to 2010, GEM Management changed direction and the
company's vision from an environmental services only company to a
business strategy which included wastewater treatment and
waste-to-energy interests.
"GEM's Board of Directors and management believed that
profitability could be achieved in non-hazardous wastewater
treatment rather than an environmental services only enterprise.
Water Treatment stands as the 3rd largest industry behind power
generation and oil and gas. According to the US Bureau of Labor
Statistics, the water and wastewater industry experienced 4%, 2%,
and 8% growth in the 1990, 2001, and 2007 recessions respectively.
Based on the board's decision, we entered into an agreement to
acquire Southern California Waste Water (SCWW), an enterprise with
a foundation in a fixed based treatment and water disposal
facility. The management team also pursued additional growth
opportunities in the waste-to-energy sector as previously
announced, executed Letters of Intent with Cake Energy and B-ESG.
We believed both wastewater treatment and waste-to-energy
opportunities could provide strong returns and build shareholder
value.
"However these opportunities did not materialize into operating
entities for GEM as GEM was unable to procure the financing
required to complete our acquisition of SCWW, nor did the financing
for both Cake Energy and B-ESG materialize because of the economic
realities facing the marketplace today. GEM Management sought
multiple financing options, but due to the tight capital markets
and the perceived risk of the ventures; we were unable to garner
the resources to complete the acquisition of these
opportunities.
"As a result of being unable to raise the capital to finance the
projects, management pursued opportunities to license
waste-to-energy, water treatment and alternative energy
technologies from the Institute Technology Research Institute
(ITRI), a Taiwan-based, government funded research and development
organization. Once again, these were perceived viable
opportunities; however, GEM was unable to obtain the capital
necessary to execute on an operating plan.
"Currently GEM does not have any operating entities; however
Management continues to constructively pursue opportunities, and
has expanded its options beyond the waste-to-energy and wastewater
treatment businesses. We will provide a further update as
substantive developments occur.
"As I'm sure all of our shareholders are aware, these economic
times have changed the business landscape across our country, and
we have been dramatically impacted by the economic downturn as
well. We worked diligently to build a base business, grew revenues
to more than $30 million annually and were poised for a bright
future before the economy collapsed in late 2008. Our team could
not have worked any harder, been more resourceful or exerted more
thoughtful and intelligent effort to maximize the value of GEM.
"With limited resources, the company is unable to continue to
bear the costs associated with being a fully reporting public
company and has elected to become a non-reporting company. This
will require a transition from the OTC Bulletin Board exchange and
a new symbol for trading, to a quotation on the Pink Sheet markets.
We believe this is the first step in creating an opportunity to
restructure the company properly and to continue working towards a
plan to redevelop shareholder value.
"In conclusion, we had high expectations for the development of
wastewater treatment and waste-to-energy opportunities in 2010 and
2011. It has been extremely disappointing to fail to obtain the
capital required to pursue potentially exciting and viable business
strategies for the benefit of our shareholders. In the next few
weeks, the management team will be pursuing a transition team to
work on the aforementioned restructuring of the company and to
continue to pursue business strategies that can restore value to
our company."
About General Environmental Management,
Inc.
General Environmental Management, Inc. (www.go-gem.com) is
headquartered in Irvine, CA.
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.
Contact: Astra Thomas QualityStocks Scottsdale, Arizona
www.QualityStocks.net 480-374-1336 Astra@QualityStocks.net
General Enterprise Ventu... (PK) (USOTC:GEVI)
Historical Stock Chart
From Sep 2024 to Oct 2024
General Enterprise Ventu... (PK) (USOTC:GEVI)
Historical Stock Chart
From Oct 2023 to Oct 2024