SHORT HILLS, NJ--(Marketwired - Mar 30, 2016) - Umbra Applied Technologies Group, Inc. (OTC: UATG), a Defense and Intelligence firm, today announced the launch of Umbra Exploration as the new entity that will house existing oil operations previously branded under Intrepid Innovations to include its subsidiaries Intrepid Resources, LLC; Intrepid Wood Products Corporation; Intrepid Medical Technologies Corporation and Intrepid Energy. Chairman and Chief Executive Officer, Alex Umbra, announced, "As everyone knows, the Oil and Gas industry has had a tumultuous year and the challenges presented by the marketplace forced us to improve. Over the past 6 months we have focused on efficiencies. We have streamlined operations throughout the company and have made strategic organizational choices. The truth is that we had some areas that we needed to improve. We are consolidating Intrepid's subsidiaries, focusing more on necessity and what is functionally more results directed by reducing expenditures and, for the first time since its inception, UATG's Oil and Gas business as a cost center has been neutralized thus mitigating differential risk factors for next quarters WACC."
The choices by management seem to have paid off as the division/subsidiary exceeded previous expectations with a business segment that has not produced direct profit but now will no longer be a cost center. When questioned about this move and why it was necessary Alex Umbra replied, "When we started this company four years ago we told everyone that we would not be cash flow positive nor would we launch our first product until 2017. Six months ago we realized that we were ahead of schedule by almost 6 months and decided to utilize the time surplus to become more efficient ensuring a more solvent company before we launched our first product. We have and continue to become more efficient and with the launch of the UBR-16 we expect revenue to increase many times over by year end." Umbra further stated, "Reaching this milestone allows the company to further its goal at establishing an 'Energy Farm' that would showcase UAT's GreenTech initiatives integrated with Umbra Exploration's future operations."
The company has alluded to many changes that have been made and even hinted at exciting news in the future. With the announcement of future products on the horizon, the hiring of a new financial officer, the company hiring more employees, the release of the much anticipated UBR-16 around the corner and the buildout of a new secured UAT ARMS office to be fully operational by the end of this month, it would appear that UATG is gaining momentum and building real value. This exciting new company would seem to be in the early stages of burgeoning growth with a lot of potential for long term performance.
Forward-Looking and Cautionary Statements: This press release contains "forward-looking" statements that are based on present circumstances and on Umbra Applied Technologies Group predictions with respect to events that have not occurred, that may not occur, or that may occur with different consequences and timing than those now assumed or anticipated. Such forward-looking statements, including any statements regarding the plans and objectives of management for future operations or products, the market acceptance or future success of our products, and our future financial performance, are not guarantees of future performance or results and involve risks and uncertainties that could cause actual events or results to differ materially from the events or results described in the forward-looking statements. Forward-looking statements are made only as of the date of this release and Umbra Applied Technologies does not undertake and specifically declines any obligation to update any forward-looking statements. Readers should not place undue reliance on these forward-looking statements.