ORLANDO, Fla., Oct. 18, 2011 /PRNewswire/ -- Freedom Environmental Services (OTC QB: FRDM) announces that the 1st quarter 10-Q quarterly filing is complete and expects to release the 2nd quarter 10-Q within the next two weeks.
Freedom Environmental Services showed 1250% in revenues compared to Q1 of 2010, with the acquisitions of both Brownies Wastewater Solutions and Grease Recovery in 2010. Freedom also reduced the loss for the quarter by 82% with a substantial portion of the loss created by one time stock issuances in-lieu of cash.
Michael Ciarlone, Freedom COO stated, "We are excited to finally release our 1st quarter 10-Q showing the remarkable progress we have made compared to the first quarter of last year. The acquisitions completed last year and execution of our business plan will lead to substantial growth in 2011 and full year profitability." Mr. Ciarlone went on to say, "We expect to release Q2 within two weeks and have been told by our accounting firm that Q3 will be on time and we intend to stay current with all future filings."
"While the economic climate is challenging for many businesses today, we expect to have a record year of both revenue growth and profitability," stated Mr. Ciarlone, "and we look for an even better year in 2012 with increased profitability. We firmly believe our business is recession proof because the services we provide to major companies are required regardless of the economic environment."
Mr. Ciarlone added, "We would also like to take the opportunity to thank our shareholders for their patience with the delayed release of the first and second quarter 10-Q's. Our accountants had a tremendous amount of clean-up work to do in relation to the companies acquired and we wanted to make sure everything was done correctly and we were in full compliance with the many new government regulations now required."
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.
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SOURCE Freedom Environmental Services