Eastern Environment Solutions Announces Financial Results for 2010
April 04 2011 - 4:51PM
Business Wire
Eastern Environment Solutions, Corp. (OTCQB: EESC), a
leading provider of municipal solid waste (MSW) processing and
disposal services in northeast China, today announced its financial
results for the year ended December 31, 2010. The complete
financial statements of the Company are contained in its Annual
Report on Form 10-K, which was filed with the SEC on March 30,
2011.
The Company reported annual revenues of $16,822,022 in 2010,
including $12,054,911 in revenues from the resale of PET bottles
and caps. The Company initiated the recycled PET bottle and cap
business in 2010, extracting the plastic waste from the landfill it
operates and also purchasing discarded PET bottles from independent
sources. The Company’s business yielded a gross profit of
$8,242,572, including $4,972,306 from the resale of PET bottles and
caps. Net income after taxes for 2010 was $6,576,604, representing
$.54 per share - basic and $.44 per share - fully diluted.
Feng Yan, Chairman of Eastern Environment Solutions, said: “We
are pleased to report our financial success in 2010. In particular,
the profitability of our PET recycling operations is evidence of
the viability of our business plan, which is to extract and
monetize the assets that are buried in our nation’s landfills. We
are excited for the future, as the strength of our balance sheet
should enable us to finance growth and expansion. At December 31,
2010 we had $10,629,580 in working capital and only $1,087,416 in
bank debt, which will be satisfied during 2011.”
About Eastern Environment Solutions Corp.
Eastern Environment Solutions Corp. is the first regional
environmental engineering company to operate under a
Build-Operate-Transfer ("BOT") contract in China. The Harbin
Municipal Urban Administrative Bureau, authorized by the Harbin
Municipal Government, signed a franchise contract for 17 years with
the Company. The landfill can be used to dispose of 1,500 tons of
MSW per day, or approximately 42% of the total municipal solid
waste produced by the population of Harbin. Additional information
about the Company is available at www.useesc.com.
This press release may contain forward-looking statements. Such
statements include those concerning the Company's expected
financial performance and strategic and operational plans, as well
as all assumptions, expectations, predictions, intentions or
beliefs about future events. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance
and that a number of risks and uncertainties could cause actual
results of the Company to differ materially from those anticipated,
expressed or implied in the forward-looking statements. Risks and
uncertainties that could cause actual results to differ materially
from those anticipated include the risks identified in the "Risk
Factors" sections of the Company's Annual Report on Form 10-K for
the year ended December 31, 2010, which is available on the SEC’s
EDGAR Website. The Company assumes no obligation to, and does not
intend to, update any forward-looking statements.
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