TREVOSE, Pa., Dec. 16 /PRNewswire-FirstCall/ -- Pure Earth, Inc., (OTC Bulletin Board: PREA), today announced that it has been awarded several large environmental projects to recycle approximately 275,000 tons of soil & rock in the revenue range of between $6.1 million to $6.7 million depending on the classification of the material to be recycled. These projects are located in the New York City market and represent significant projects for the company. The Company believes that these projects signal the emergence of new construction activity in the New York City area. Work is scheduled to start at the beginning of 2010. This work is in addition to the $14 million New York Nets' new arena project announced on November 4, 2009. The Company expects these projects to be completed by no later than May, 2011. Pure Earth was able to secure these projects as a result of its strategically located network of treatment and recycling facilities, leveraging its relationships with key companies in the area and because of its superior service and emphasis on recycling in an economically attractive manner.

The Company's CEO, Mark Alsentzer, stated, "These recent awards continue to build confidence that the Company is on the right track and that the New York market appears to be rebounding. The fact that these projects will start quickly and be substantially completed in 2010 will be a big boost for Pure Earth and a much better platform to begin the New Year as compared to 2009. We have continued to focus on establishing a superior network of facilities which can provide cost-effective services in the market place."

The Company expects that this trend will continue as the stimulus money begins to filter down to many public projects. The Company has seen a recent increase in newly awarded projects which had been absent for most of 2009. The Company believes that these recent awards, along with the increased bidding activity and anticipated future project awards should return its base business to levels it achieved in 2007 when the Company had revenue of $60 million with $6.9 million in EBITDA.

The Company finalized the Series C Convertible Preferred Stock raise announced on December 3, 2009 raising $1,016,000 instead of $1,266,000 as previously announced due to a change in the previously anticipated commitment amount. The Company also issued another $37,500 of Series C Convertible Preferred Stock to the former owner of Nycon, Inc. in exchange for the extinguishment of $75,000 in debt, the elimination of $600,000 in potential earn-outs and the reduction of $20,000 in salary.

Disclosure regarding forward looking statements:

This document includes "forward-looking statements" as defined by federal securities laws, with respect to our financial condition, results of operations and business, and our expectations or beliefs concerning future events. Words such as, but not limited to, "believe", "expect", "anticipate", "estimate", "intend", "plan", "targets", "likely", "will", "would", "could", and similar expressions or phrases, identify "forward-looking statements".

All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in the environmental services industry. Others are more specific to our operations. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are predictable or within our control. Actual results may differ materially from expected results.

SOURCE Pure Earth, Inc.

Back to top