VRDM .075 +.025 - see my prior post here at .045.
Company has a bit more substance than most of our typical pennies, fully reporting and now part of a growing group of companies, with a "green" background.
Today's PR
Veridium Issues Letter to Shareholders
PR Newswire - June 15, 2005 08:01
LOWELL, Mass., June 15, 2005 /PRNewswire-FirstCall via COMTEX/ -- Veridium Corporation ("Veridium") (OTC Bulletin Board: VRDM) President and Chief Executive Officer James Green issued the following correspondence to its shareholders today:
Dear Shareholders:
I appreciate the opportunity to communicate with you on a number of matters. I would like to address our performance in 2004 and our plans for the upcoming year.
Like most of you, I was disappointed in our financial performance during 2004, but I assure you that management has been working diligently to improve our balance sheet, grow revenues and increase operating profit margins. Since December of 2003, we have decreased our working capital deficit by millions of dollars through a series of three rounds of financing.
The last round of financing was an equity investment of $2.5 million dollars received from an investment company called GreenShift Corporation. This company is majority owned by Veridium's Chairman, Kevin Kreisler. The Board of Directors has made certain that arms-length terms were established with GreenShift Corporation with respect to this transaction. Additionally, please note that Mr. Kreisler remains an important part of our management team and continues to work tirelessly to better Veridium. With the GreenShift financing and the hiring of a new Chief Financial Officer, Michael Desrosiers, at the beginning of this year, Veridium is now poised to focus on growth opportunities. We will do this by supporting the needs of our existing client base, adding new clients and through the completion of strategic acquisitions.
With respect to growing revenues and increasing operating margins, we made great strides in 2004 at our Paterson, New Jersey metals recycling facility. We discontinued a number of operations at this facility which were unprofitable, a change in management was made in July of last year, and a number of procedures were put in place that will, in my opinion, result in this operation producing an operating profit this year.
I am writing to you from our award-wining RCRA permitted treatment, storage and disposal facility ("TSDF") in Lowell, Massachusetts. We have operated this facility over seven years without a violation from any regulatory agency. We are proud of our employees that have produced these results and it is no accident that this location continues to produce the bulk of our revenues and profits. This attitude has been instilled into our management at our Paterson, New Jersey facility and has already yielded benefits from clients who have recently audited and approved the use of the facility for their waste management.
Our field services operation in Sandwich, Massachusetts continues to produce consistent revenue and operating profit. Based on this operation, we have made a strategic decision to expand these activities. We recently completed the acquisition of North Country Environmental Services, Inc., which adds some dynamic management talent to our team, allows us to expand our existing services into a broader geography, and adds new consulting and training services which can be marketed to our existing client base.
Our strategic plan is to continue to grow our field services group by consolidating a series of these companies which can provide on-site services to our clients, waste for transportation and disposal through our TSDF and wastes to our recycling facility in Paterson, New Jersey. Each of these acquisitions will only be completed if they contribute positive operating profits and add strength to our balance sheet. We have targeted specific companies for acquisition that will accomplish this, and we anticipate significant growth if favorable financing can be obtained to accomplish these goals.
As an administrative matter, I am pleased to announce that three of our existing Board Members have been re-appointed and will extend their terms and that, while we have decided not to hold an annual meeting this year due to limited shareholder participation and cost, we expect to issue an additional shareholder letter later this year to provide you with additional updates on our progress.
Thank you for your support and I look forward to our next communication.
Very truly yours,
James Green
President and Chief Executive Officer
Veridium Corporation
About Veridium Corporation
Veridium is an environmental management company providing a variety of services to a broad client base in both the private and public sectors with a specialization in the recycling and reuse of industrial hazardous wastes. Our services include collection and transportation of industrial wastes, site remediation, and recycling of metal-bearing and chemical wastes. Our focus is to provide our clients with value-added, environmentally conscious and cost-effective hazardous waste management services based on our efficient managing of wastes and use of green technologies. Additional information on Veridium and its business model is available online at veridium.com .
Approximately 55% of the capital stock of Veridium is owned by GreenShift Corporation (OTC Bulletin Board: GSHF), a business development corporation whose mission is to develop and support companies and technologies that facilitate the efficient use of natural resources and contribute to the resolution of environmental challenges.
Safe Harbor Statement
The foregoing discussion contains forward-looking statements that are based on current expectations. Actual results, including the timing and amount of anticipated revenues, any implications with respect to shareholder wealth, or Veridium's ability to scale its operations, may differ due to such factors as: regulatory delays; dealings with governmental and foreign entities; economic and other conditions affecting the financial ability of actual and prospective clients; and, other risks generally affecting the financing of projects. Additional risks associated with Veridium's business can be found in Veridium's Annual Report on Form 10KSB for the year ended December 31, 2004, and other periodic filings with the SEC. Veridium trades on the over-the-counter bulletin board maintained by the NASD under the symbol VRDM.
SOURCE Veridium Corporation
Michael Cimini, +1-212-896-1233, mcimini@kcsa.com of KCSA for Veridium Corporation
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