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GEVI General Enterprise Ventures Inc (PK)

0.745
-0.025 (-3.25%)
Last Updated: 16:54:14
Delayed by 15 minutes
Share Name Share Symbol Market Type
General Enterprise Ventures Inc (PK) USOTC:GEVI OTCMarkets Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.025 -3.25% 0.745 0.74 0.75 0.75 0.74 0.74 7,028 16:54:14

General Environmental Management Announces Intent to Focus All Efforts on Waste-to-Energy Project in Brazil

25/06/2010 1:00pm

Business Wire


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General Environmental Management Inc. (GEM) (OTCBB: GEVI) announced today that it has decided to focus all efforts on the Bio-Energy Solutions Group, Inc. (BESG) Brazilian waste-to-energy project. GEM will be responsible for managing BESG’s waste-to-energy operations in Pernambuco, Brazil, including the collection and processing of municipal solid waste and subsequent conversion to alternative energy. The management agreement will have a term of 15 years.

“When we announced this decision yesterday, we did so with the clear vision of taking the years of management expertise and execution in the waste management field, and deploying those capabilities on the BESG project,” said GEM CEO Tim Koziol. “This partnership with BESG has the potential to bring considerable revenue into GEM. The size and scope of this project should lead to strong, predictable and profitable revenue streams. We project that we will be managing more than 4,900,000 tons per year of feedstock from over 368 municipalities just in the initial facility in Brazil, with upside potential to add many more municipalities throughout the country. With estimated revenue of $25 and $30 per ton of waste, the potential is enormous.

“It became clear to our management team that this relationship with BESG will occupy all of our time, effort and energy and is the best way to create shareholder value in our company. We will be updating shareholders regularly on this new strategic direction. I want to emphasize, however, that we had made the decision to move into the waste-to-energy market several months ago. The BESG opportunity came from our announced intent to be in that market. Being able to deploy our knowledge and waste management skills to not only generate substantial revenue, but to solve a deepening waste management and energy problem in Brazil, is very satisfying. We hope to reward shareholders through our decision to move in this direction,” concluded Koziol.

About General Environmental Management, Inc.

General Environmental Management, Inc. (www.go-gem.com) provides environmental services and solutions. GEM is headquartered in Pomona, California.

FORWARD-LOOKING STATEMENTS

This press release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this press release that address activities, events or development that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause the Company's actual results to differ materially from those implied or expressed by the forward-looking statements. The Company assumes no duty whatsoever to update these forward-looking statements or to conform them to future events or developments.

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