CORRECTION: Freedom Environmental Closes Conventional Funding With Reunion Bank of Florida to Complete Grease Tec Acquisition
ORLANDO, Fla., Feb. 23, 2011 /PRNewswire/ -- Freedom Environmental Services (Pink Sheets: FRDM) announces today that it completed a $550,000 5 year loan with Reunion Bank of Florida. The funds will be used to complete the final payment for the acquisition of Grease Tec a/k/a Clean Fuel LLC., which was previously announced on January 13, 2011.
President and CEO Michael Borish stated, "We made the decision to use conventional financing to complete the acquisition of Grease Tec in lieu of using our shares at these levels because it was in the best interest of the shareholders." CEO Borish continued, "We believe that our stock is hugely undervalued at these levels by the market and we are now in the early stages of making Wall Street and our shareholders aware of the growth and profitability of the company and our future potential. "
Reunion Bank is a local community bank, lending to strong local companies with good earnings and growth potential. Mr. Jocques Couillard, President of Reunion Bank- Osceola County stated, "We have developed a very good relationship with Freedom Environmental and we believe in their business model and growth strategy." Mr. Couillard toured the grease recycling facility and went on to say, "We believe that Freedom's business is not only good for the environment but recession proof due to the continuing need for the company's services."
About Freedom Environmental Service
Freedom Environmental Services (FES) is one of Florida's only 100% "Green" grease and wastewater collection, processing, and recycling companies headquartered in Orlando, Florida. FES provides the most comprehensive, cost-effective and reliable treatment systems and services. FES provides full capture and processing of organics and grease from both commercial and residential accounts. FES processes all wastewater and grease, normally sent to a dump site and produces a reusable bio-fuel feedstock. Working in conjunction with the Department of Environmental Protection, major utility providers, and local health departments, FES provides Wastewater and Storm-water System Management, Grease and Organics Collection, Processing, and Disposition, Commercial Plumbing and Water System Management, Septic service and maintenance, lift station maintenance, line jetting and excavations.
About Reunion Bank
The Reunion Bank of Florida board is comprised of an impressive group of community leaders and bankers who are committed to creating the bank of choice for the communities they serve. They believe that giving back is key to being successful in the neighborhoods where they work and live. They know customers will benefit from a bank that emphasizes outstanding customer service and local decision-making delivered by an experienced team of associates with a heart for their community. Reunion Bank of Florida has two full service locations; one in Tavares and one in Port Orange, Florida, as well as the loan production offices in Osceola County.
This media release contains forward-looking statements regarding the business operations and prospects of Freedom Environmental and industry factors affecting it. These statements are identified by words such as "may," "will," " begin," " look forward," "expect," "believe," "intend," "anticipate," "should," "potential," "estimate," "continue," "momentum" and other words referring to events to occur in the future. These statements reflect Freedom Environmental's current view of future events and are based on its assessment of, and are subject to, a variety of risks and uncertainties beyond its control, including the continued disturbances in world financial, credit, commodities and stock markets, a decline in consumer confidence and discretionary spending, the general performance of the U.S. economy, global demands for bio-fuels and grain and oilseed commodities, which have exhibited volatility, and risks related to the construction and completion of any Freedom Environmental facility which could cause actual results to differ materially from those projected in the forward-looking statements. Other risks and uncertainties regarding Freedom Environmental, its business and the industry in which it operates are referenced from time to time in the Company's filings with the Securities and Exchange Commission. Freedom Environmental is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise.
SOURCE Freedom Environmental Services
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