Freedom Environmental Services releases 10-K for year-end 2011 showing a 159% increase in Revenue over 2010
ORLANDO, Fla., May 17, 2012 /PRNewswire/ -- Freedom Environmental Services (OTC QB: FRDM) announces that the 10-K quarterly filing is complete and expects to release the 1st quarter 10-Q within the next two weeks.
Freedom Environmental Services showed 159% in revenues compared to full year 2010, with the acquisitions of both Brownies Wastewater Solutions and Grease Recovery in 2010 being fully integrated throughout 2011. Freedom showed a similar increase in Gross profits topping $1.5 million. For the year Freedom had an operating loss of $1.09 million for 2011 and reduced the loss from 2010 by more than 50% with a substantial portion of the loss created by one time stock issuances in-lieu of cash, legal, and one-time expenses of integrating the two recent acquisitions.
Michael Ciarlone, Freedom COO stated, "After the short delay from changing auditors and accountants, we are excited to finally release our 2011 financials showing the remarkable progress we have made compared to the 2010. With the addition of Brownies and Grease Recovery we have the platform in place to grow this business for many years into the future." Mr. Ciarlone went on to say, "In 2011 we also completed construction of our own yellow grease (cooking grease) processing plant and are currently within a few weeks of completing our own proprietary brown grease (grease trap grease) processing plant. This will not only allow us to reduce our current disposal cost of over $200,000 per year but will give us an excellent competitive advantage over other companies by being able to reduce cost for our customers without hurting profit margins allowing us to quickly capture market share. Once complete, Freedom will be the only rendering company in Florida with both plants on site giving the company the ability to process and recycle 100% of the waste it removes from restaurants and food service businesses."
"While the economic climate is challenging for many businesses today, we expect to have a record year of both revenue growth and profits," stated Mr. Ciarlone, "and we look for an even better year in 2012 growing both top and bottom line figures. Our goal as always is to protect our shareholders and maximize shareholder value and we are always looking for avenues to grow this business and make sure that the true value is recognized for our shareholders."
About Freedom Environmental Services
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.
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SOURCE Freedom Environmental Services
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