Midwest Energy Emissions Corp. Provides Business Update; August 2015 Results
LEWIS CENTER, OH--(Marketwired - September 22, 2015) - Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C" or the "Company"), an emerging leader in mercury emissions control technology for the global coal-power industry, today provided a general business update for investors and shareholders.
"We are pleased to update the marketplace with our operational results for August 2015, prior to our upcoming third quarter earnings report," said CEO Richard MacPherson.
The Company reported that monthly revenues for August 2015 exceeded $1.5 million, the second-highest revenue total for the year. "During the month, we also finished the installation and commissioning of our sixth front end-injection system and achieved product sales of approximately $900,000. We also achieved positive operating profit and earnings before interest, taxes, depreciation and amortization (EBITDA) for the month," MacPherson said.
MacPherson continued, "Our revenues and activities in the field are on an upswing as we respond to the needs of our customers. As our company continues its growth, we are seeing the expected results in our sales margins, operating profit line and cash flows, in which we achieved our second best monthly results in company history during August, and continued strengthening of our balance sheet. While one month's results are insufficient to project a trend, we look forward to announcing the upcoming quarter results which we expect will reflect these efforts more fully."
About Midwest Energy Emissions Corp. (ME2C)
Midwest Energy Emissions Corp. delivers patented and proprietary solutions to the global coal-power industry to remove mercury from their power plant emissions, providing performance guarantees and leading edge emissions services. The U.S. Environmental Protection Agency's (EPA) Mercury and Air Toxic Standards (MATS) rule requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, must remove roughly 90% of mercury from their emissions starting April 16, 2015. In June 2015, the U.S. Supreme Court remanded MATS back to the U.S. Court of Appeals for the D.C. Circuit for further review, but left the rule in place. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, additional or new EPA regulations affecting coal-burning utilities, disruption in supply of materials, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, failure to obtain adequate working capital to execute the business plan and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
Source: Marketwired (Canada)
(September 22, 2015 - 8:01 AM EDT)
News by QuoteMedia