ENVIRO-ENERGY CORP. RELEASES ON TARGET THIRD QUARTER RESULTS BUSINESS EDITORS SPOKANE, WASH.--(BUSINESS WIRE)--NOV. 15, 2001--ENVIRO-ENERGY CORP. (OTCBB:ENGY) (GERMANY: 676401-EVM.BER)
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SPOKANE, Wash.--(BUSINESS WIRE)--Nov. 15, 2001--Enviro-Energy
Corp. (OTCBB:ENGY.U) (Germany: 676401-EVM.BER)
(http://www.enviro-energycorp.com) is pleased to announce its third
quarter results meeting company plans.
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*T
Three months ended Nine months ended
Sept. 30, Sept. 30,
U.S. dollars 2001 2000 2001 2000
Revenues $2,993,442 $25,514 $4,573,208 $143,298
EBITDA(a) 248,501 (110,827) 150,640 (217,117)
Net loss (73,432) (146,936) (535,397) (322,897)
Loss per share (0.0003) (0.0061) (0.0029) (0.0135)
(a) EBITDA is calculated after minority interests
*T
"We are pleased with this performance," stated Galen Loven,
chairman of Enviro-Energy Corp. "Earlier this year, we forecasted a
modest profit for the third quarter. Despite investing heavily during
this period in our new venture Enviro-Energy Waste to Energy Systems,
we show a strong improvement in EBITDA. With allowances for various
one-time expenses related to company growth activities, and the costs
of starting a new business group, we would have posted a quarterly
profit. Sales of $3,000,000 were very close to forecast, with
approximately $200,000 of unrecorded billings spilling into the fourth
quarter due to construction scheduling. Overall work flow remains on
target.
"We intend to continue to drive the launch of our new waste to
energy system during the fourth quarter, while maintaining ongoing
remediation work as long as weather permits. We further intend to
re-visit our merger and acquisition plans as market and capital
conditions stabilize."
Enviro-Energy Corp. is a consolidator and operator of
environmentally related businesses. Acquisitions and internal growth
focus on energy, air, and water sectors. The company expects to
sustain growth through its aggressive roll up strategy, internal
synergies and the deployment of its ENVIRO-ENERGY systems throughout
the world.
Forward-looking statements in this release are made pursuant to
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that such forward-looking
statements involve risk and uncertainties, including without
limitation, continued acceptance of the company's products, increased
levels of competition for the company, new products and technological
changes, the company's dependence on third party suppliers,
intellectual property rights and the other risks detailed from time to
time in the company's periodic reports filed with the Securities and
Exchange Commission Fair Disclosure Regulation, effective, October
2000.
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CONTACT: Enviro-Energy Corp.
Galen Loven, 509/921-9150
E-mail: gdl@morals.net
Web site: www.enviro-energycorp |
