Realignment Will Save Approximately $1M in Direct and Indirect Costs and Expenses for 2020
BROOMFIELD, CO / ACCESSWIRE / January 23, 2020 / Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB:SENR), a provider of environmental, renewable fuels and industrial waste stream management services, has, as of December 31, 2019, ceased its oil field and mobile industrial cleaning services in order to improve operational income and focus on its imminent technology and product opportunities.
"Looking at the current market demand for our products and pipeline of technology opportunities, management decided to redirect resources and operational focus on several higher-margin and growth-oriented technology opportunities for 2020 and onwards," said Mr. John Combs, CEO of SEER. "Due to a number of recent environmental regulations and political developments, Colorado and the front range have experienced a remarkable downturn in the oil & gas and energy sectors during the past few years. This has made it difficult to secure reliable local revenue streams for Resource Environmental Group Services ("REGS") in the oil & gas sector and necessitated mobilizing to other US regions. Mobilization increases costs and impacts profitability. Conversely, Paragon, MV and Pellechar are capitalizing on multiple growth opportunities in 2020 that fall directly within SEER's core objectives: bring to market economic environmental solutions. This decision will result in direct and indirect savings of approximately $1M and better enable us to accelerate our roll-out efforts of both Paragon and Pellechar, better support the continuing success of MV, and create product inventory to meet the growing demand for our in-house media and our organic fertilizer, Pellechar. We are committed to returning SEER to profitability in 2020," said Combs.
"REGS will continue to fulfill its manufacturing contracts for existing customers like Biochar Now," said Cardillo, President of REGS. "These contracts are profitable and much more predictable than oil field and industrial cleaning services. REGS remains capable and prepared to support SEER in any way the company needs us," said Cardillo.
"There are other new opportunities for REGS. SEER is currently working with a large California-based construction company to secure contracts that would require the deployment and operation of the patented Biochar Now ("BCN") (www.biocharnow.com) technology, where REGS would play an essential role in delivering services under these contracts. Additionally, the Company is evaluating opportunities to develop a Texas BCN facility that would be operated and managed by REGS. The realignment of REGS, together with the imminent technology opportunities will make 2020 a pivotal year for SEER," concluded Combs.
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) (SENR), identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has three wholly-owned operating subsidiaries: REGS, LLC; MV Technologies, LLC and SEER Environmental Materials, LLC; and three majority-owned subsidiaries: Paragon Waste Solutions, LLC; PelleChar, LLC and ReaCH4biogas, LLC. For more information about the Company visit: www.seer-corp.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates," and other terms with similar meaning. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. Statements in this press release regarding future performance or fiscal projections, the cost effectiveness, impact and ability of the Company's products to handle the future needs of customers are forward-looking statements. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
SOURCE: Strategic Environmental & Energy Resources, Inc.