EX-99.1
3
ex_99-1.htm
PRESS RELEASE
ex_99-1.htm
Exhibit 99.1
GENERAL
ENVIRONMENTAL MANAGEMENT ANNOUNCES
RELEASE
OF QUARTERLY REPORT
Management
Provides Update on Closing of Santa Clara Waste Water and Sale of
Field
Services
Business as it Continues Operational Transition
POMONA,
California,
December 2, 2009
-
- General
Environmental Management, Inc. (GEM) (
OTCBB:GEVI
) announced
that it has filed its 10Q Report for the quarter ended September 30,
2009. The Form 10Q can be found at
http://www.sec.gov
.
Below is
a brief update on the previously announced closing of the acquisition by GEM of
Santa Clara Waste Water Company, as well as the progress made on the sale of
GEM's field services business.
According
to Tim Koziol, GEM Chief Executive Officer,GEM has taken major
actions to eliminate debt, improve GEM's balance sheet and free up resources to
focus on new, profitable markets. Those actions include: 1) the
sale of GEM Mobile Treatment Services, Inc.; 2) the acquisition of
Santa Clara Waste
Water
Company (SCWW
), a profitable, 50 year old wastewater treatment
business; and, most recently 3) the execution of a definitive agreement to sell
our field services business unit for $14 million in cash plus the assumption of
$1.1 million of long term lease obligations. The net cash proceeds
from the transaction will be used by GEM to retire senior debt and to pursue its
strategy in the water treatment and waste-to-energy markets. Total
reduction in indebtedness to GEM's senior lender could amount to more than $9
million.
"Taken
together, these strategic moves have created a foundation for GEM to take
advantage of opportunities that we believe will lead to profitability and
positive cash flow in the coming year", said Koziol. "Our
shareholders should look at the current quarterly report as a reflection of a
work in progress. Our intention is to continue to focus on higher
margin business opportunities in the water treatment and waste-to-energy markets
in order to maximize shareholder value of our company's
stock. We are very pleased with the progress and advancements
the company has made the past few months, especially when considering the
difficult economic environment".
Koziol
added, "In regards to the sale of our field services business, we have reached
an agreement with Luntz Acquisition (Delaware), LLC, a subsidiary of
PSC Environmental Services, LLC, to sell General Environmental
Management, Inc. (DE) and its subsidiaries, which include five service centers,
the TSDF of GEM Rancho Cordova LLC, and the Island Environmental Services
business. The final purchase price will be subject to an adjustment based on the
computation of net working capital at closing. We have agreed upon a closing
date on or prior to March 1
st
, 2010,
subject to
the
approval
of GEM's shareholders." He further stated "Concluding the sale of our field
services business will result in a dramatic improvement of our balance sheet and
will result in a lean business that will put profitability and cash generation
as the top priorities. We firmly believe our hard work will pay off
once we've fully transitioned to the faster-growing water treatment and
waste-to-energy markets. After the foundation is laid, we will focus our efforts
on building a regional and then national presence".
General
Environmental Management Inc. (
OTCBB:GEVI
) also
reminds the investment community that it will be hosting its first-ever investor
conference call December 2
nd
at 4:30
EST / 1:30 PST. After prepared remarks and presentation of the operating
results, the call will be open to questions and answers. During the earnings
call General Environmental Management, Inc. will provide detailed information on
the acquisition of Santa Clara Waste Water (SCWW). GEM Management will also
discuss the company's efforts to acquire, license or partner with
waste-to-energy technologies and companies. The participant dial-in number is:
1-480-629-9712.
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.
About
Santa Clara Waste Water Company
Santa
Clara
Waste Water
Company (SCWW)
(
http://www.scww.com
)
is a 50 year old non-hazardous waste water treatment and environmental services
company. Headquartered in Santa Paula, CA, SCWW services industrial, oil and gas
generators, and domestic waste generators.
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.
Contact:
Astra
Thomas
QualityStocks
Scottsdale,
Arizona
www.QualityStocks.net
480.374.1336
Office
Editor@QualityStocks.net

EX - 99 . 1 3 ex _ 99 - 1 . htm PRESS RELEASE ex _ 99 - 1 . htm Exhibit 99 . 1 GENERAL ENVIRONMENTAL MANAGEMENT ANNOUNCES RELEASE OF QUARTERLY REPORT Management Provides Update on Closing of Santa Clara Waste Water and Sale of Field Services Business as it Continues Operational Transition POMONA , California , December 2 , 2009 - - General Environmental Management , Inc . ( GEM ) ( OTCBB : GEVI ) announced that it has filed its 10Q Report for the quarter ended September 30 , 2009 . The Form 10Q can be found at http://www.sec.gov . Below is a brief update on the previously announced closing of the acquisition by GEM of Santa Clara Waste Water Company , as well as the progress made on the sale of GEM 's field services business . According to Tim Koziol , GEM Chief Executive Officer , GEM has taken major actions to eliminate debt , improve GEM 's balance sheet and free up resources to focus on new , profitable markets . Those actions include : 1 ) the sale of GEM Mobile Treatment Services , Inc . ; 2 ) the acquisition of Santa Clara Waste Water Company ( SCWW ) , a profitable , 50 year old wastewater treatment business ; and , most recently 3 ) the execution of a definitive agreement to sell our field services business unit for $ 14 million in cash plus the assumption of $ 1.1 million of long term lease obligations . The net cash proceeds from the transaction will be used by GEM to retire senior debt and to pursue its strategy in the water treatment and waste - to - energy markets . Total reduction in indebtedness to GEM 's senior lender could amount to more than $ 9 million . " Taken together , these strategic moves have created a foundation for GEM to take advantage of opportunities that we believe will lead to profitability and positive cash flow in the coming year " , said Koziol . " Our shareholders should look at the current quarterly report as a reflection of a work in progress . Our intention is to continue to focus on higher margin business opportunities in the water treatment and waste - to - energy markets in order to maximize shareholder value of our company 's stock . We are very pleased with the progress and advancements the company has made the past few months , especially when considering the difficult economic environment " . Koziol added , " In regards to the sale of our field services business , we have reached an agreement with Luntz Acquisition ( Delaware ) , LLC , a subsidiary of PSC Environmental Services , LLC , to sell General Environmental Management , Inc . ( DE ) and its subsidiaries , which include five service centers , the TSDF of GEM Rancho Cordova LLC , and the Island Environmental Services business . The final purchase price will be subject to an adjustment based on the computation of net working capital at closing . We have agreed upon a closing date on or prior to March 1 st , 2010 , subject to the approval of GEM 's shareholders . " He further stated " Concluding the sale of our field services business will result in a dramatic improvement of our balance sheet and will result in a lean business that will put profitability and cash generation as the top priorities . We firmly believe our hard work will pay off once we ' ve fully transitioned to the faster - growing water treatment and waste - to - energy markets . After the foundation is laid , we will focus our efforts on building a regional and then national presence " . General Environmental Management Inc . ( OTCBB : GEVI ) also reminds the investment community that it will be hosting its first - ever investor conference call December 2 nd at 4 : 30 EST / 1 : 30 PST . After prepared remarks and presentation of the operating results , the call will be open to questions and answers . During the earnings call General Environmental Management , Inc . will provide detailed information on the acquisition of Santa Clara Waste Water ( SCWW ) . GEM Management will also discuss the company 's efforts to acquire , license or partner with waste - to - energy technologies and companies . The participant dial - in number is : 1 - 480 - 629 - 9712 . 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 . About Santa Clara Waste Water Company Santa Clara Waste Water Company ( SCWW ) ( http://www.scww.com ) is a 50 year old non - hazardous waste water treatment and environmental services company . Headquartered in Santa Paula , CA , SCWW services industrial , oil and gas generators , and domestic waste generators . 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 . Contact : Astra Thomas QualityStocks Scottsdale , Arizona www.QualityStocks.net 480 . 374 . 1336 Office Editor@QualityStocks.net