Dépêches
General Environmental Management Strengthens Balance Sheet with Strategic Sale of GEM MTS
Dépèche transmise le 24 août 2009 par Business Wire
POMONA, Calif.--(BUSINESS WIRE)--General Environmental Management, Inc. ("GEM") (OTCBB: GEVI), a leading environmental and waste remediation company, today announces that it has sold the stock of its GEM Mobile Treatment Services, Inc. (GEM MTS) unit. Acquired by MTS Acquisition Company, Inc., GEM MTS will function independently with no disruptive transitory period.
In exchange, GEM received promissory notes in the aggregate amount of $5.6 million, the assumption by GEM MTS of approximately $1.0 million of accounts payable as well as future royalties. In an effort to reduce liabilities and thereby strengthen the balance sheet, the company has immediately assigned the consideration to CVC California, LLC, GEM's senior secured lender. GEM indebtedness to CVC will be reduced as GEM MTS services its indebtedness to CVC.
Tim Koziol, CEO of General Environmental Management, stated, “By substantially reducing our requirement to service our debt, we have increased our ability to take advantage of other opportunities. The sale of GEM MTS will also allow us to concentrate our focus on extracting the greatest value from resources we employ in the current economic environment.”
Mr. Koziol continued, “We are very pleased with the transaction that has taken place, as well as the sale price. Since our acquisition of GEM MTS in March of 2006, the unit has experienced tremendous growth under our leadership and we are very happy with the return on investment. However, as market dynamics change, we are adapting and will use our resources to best pursue GEM's long-term goals.”
About General Environmental Management, Inc.
General Environmental Management, Inc. (www.go-gem.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.
- 06/05Meeting Cerny-La Ferté-Alais 2024 : programme des vols (mise à jour 10/05/2024)
- 05/05 Volotea inaugure quatre nouvelles routes au départ de Lille
- 05/05 Le Racer d'Airbus Helicopters a effectué son premier vol
- 05/05 AFI KLM E&M conclut un accord de support d'équipements avec Air Tanzania
- 05/05 FlyBy signe une commande avec Tecnam
- 05/05 Air Tahiti Nui simplifie les voyages depuis les États-Unis en rejoignant le programme TSA PreCheck
- 03/05JO 2024 : la DGAC diffuse les suppléments d'information aéronautique permanente (SUP AIP)
- 03/05 Le Temps des Hélices 2024 : des paramoteurs en ouverture
- 30/04 Le Royaume-Uni commande des Airbus H145 supplémentaires
- 30/04 Vueling présente une livrée spéciale dédiée au FC Barcelone féminin
- 30/04 L’EASA a délivré le "Permis de voler" à l'INTEGRAL E
- 30/04 Icelandair célèbre les 40 ans de l'expérience Saga Premium
- 30/04 Finesse Max livre le 100e Velis Electro
- 28/0451e fête aérienne - Le Temps des hélices
- 28/04 Friedrichshafen 2024 : le salon a attiré plus de 31 000 visiteurs
- 28/04 Friedrichshafen 2024 : La fédération norvégienne de sports aériens commande un INTEGRAL E
- 28/04 Friedrichshafen 2024 : exposition d'un Global 6000 de l'armée de l'air allemande (photos)
- 28/04 Friedrichshafen 2024 : forte présence de la société chinoise, Rhyxeon General Aircraft Co
- 28/04 Friedrichshafen 2024 : le Corsair e-motion, un ULM électrique
- 28/04 Friedrichshafen 2024 :AURA AERO et Societe Generale Equipment Finance annoncent leur coopération