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.
- 16/05 ITA Airways reçoit son premier Airbus A350
- 16/05 Ryanair lance une nouvelle ligne depuis Toulouse vers la Sicile
- 16/05 Play inaugure sa ligne vers Boston
- 14/05 L'ATR 42-600S STOL prend son envol
- 14/05 Airbus : commandes et livraisons du mois d'avril 2022
- 14/05 Plan de réorganisation pour LATAM Airlines
- 14/05 Finnair présente son programme d'hiver 2022-2023
- 14/05 Emirates commercialise sa classe premium économique
- 14/05 JAC reçoit un nouvel ATR 42
- 10/05 Air Transat relance ses vols directs entre Nice et Montréal
- 10/05 La Compagnie relance sa ligne Nice-New York
- 10/05 easyJet inaugure deux liaisons françaises depuis Gatwick
- 10/05 Safran renouvelle son contrat avec Hawaiian Airlines
- 10/05 French bee réalise son premier vol vers Los Angeles
- 05/05 United Airlines inaugure une liaison sans escale Entre Nice et New York/Newark
- 05/05 Qantas commande des 52 appareils Airbus
- 05/05 Korean Air augmente ses fréquences vers Paris
- 05/05 French Bee se lance vers Miami
- 05/05 Corsair repart vers le Canada
- 05/05 easyJet s'associe à GKN Aerospace