Secured Lengthy-Time period Provide & License Settlement Valued at Over $7.5M with a Tier-1 Energy Plant
CORSICANA, TX, Nov. 24, 2020 (GLOBE NEWSWIRE) — Midwest Power Emissions Corp. (OTCQB: MEEC) (“ME2C” or the “Firm”), a number one environmental applied sciences agency, has reported monetary outcomes for the third quarter ended September 30, 2020.
- Acquired recognition of the Firm’s patent place for mercury emissions seize from coal-fired energy crops by one of many nation’s largest energy producers via the signing of strategic agreements, which the Firm believes will result in a ‘domino impact’ with different defendants in 2021. The agreements with this buyer have a minimal anticipated worth of $7.5 million over a four-year time period.
- Engaged investor relations specialists MZ Group to guide a complete strategic investor relations and monetary communications program throughout all key markets.
- Entered into settlement with one other massive home energy producer which grants such celebration and its affiliated entities a non-exclusive license to sure Firm patents to be used in reference to their coal-fired energy crops
“With the latest new enterprise agreements at the moment underway this 12 months, we’re assured in our skill to develop our enterprise with utilities throughout the U.S. fleet additional monetizing of our patented applied sciences,” mentioned Richard MacPherson, Chief Govt Officer. “As we transfer ahead, we anticipate that utilities utilizing these efficient applied sciences will acknowledge our mental property place and grow to be enterprise companions. We’re in energetic discussions with a number of massive energy producers providing enterprise provide agreements and different industrial choices. We are going to proceed to announce the outcomes of those negotiations as we transfer ahead.
“Operationally, we’re prepared for important progress with a totally paid for brand spanking new mixing facility to satisfy the anticipated enhance in demand. Finally, we’re higher positioned than ever to create sustainable worth for our shareholders as we monetize our know-how’s huge adoption throughout the fleet.
“We anticipate to see a big turnaround within the near-term resulting from our patent safety tailwinds and 2021 guarantees to be an thrilling and profitable 12 months for the Firm, its clients, and our shareholders,” concluded MacPherson.
Third Quarter 2020 Monetary Outcomes
Complete income within the third quarter of 2020 was roughly $2.8 million in comparison with roughly $3.6 million within the year-ago quarter. The lower from the prior-year interval is primarily resulting from decreased era within the coal fired energy sector principally resulting from renewables and low pure gasoline costs.
Complete prices and bills had been roughly $3.9 million through the three months ended September 30, 2020, in comparison with roughly $4.4 million in the identical prior 12 months quarter. The lower in prices and bills for the three months ended September 30, 2020 is primarily attributable to the lower in price of gross sales principally as a result of lower in gross sales, in addition to a lower within the loss on change in honest worth of revenue share. This was partially offset by will increase in promoting, basic and administrative expense and curiosity expense.
Internet loss within the third quarter of 2020 was roughly $1.1 million, or $(0.01) per diluted share, in comparison with a web lack of roughly $0.8 million, or $(0.01) per diluted share, within the third quarter of 2019.
Adjusted EBITDA within the third quarter of 2020 was roughly $24,000 in comparison with $49,000 in the identical year-ago interval.
About Midwest Power Emissions Corp. (ME2C®)
Midwest Power Emissions Corp. (OTCQB: MEEC) delivers patented and proprietary options to the worldwide coal-power trade to take away energy plant emissions, offering efficiency ensures and modern emissions companies. ME2C has developed patented know-how and proprietary merchandise which have been proven to realize emissions elimination at a considerably decrease price and with much less operational affect than at the moment used strategies, whereas sustaining and/or growing unit output and preserving the marketability of fly-ash for useful use. For extra info, please go to www.midwestemissions.com.
Use of Non-GAAP Monetary Measures
To offer traders with further info relating to our monetary outcomes, this press launch consists of references to Adjusted EBITDA, a Non-GAAP monetary measure. We view Adjusted EBITDA as an working efficiency measure and, as such, we imagine that the GAAP monetary measure most instantly corresponding to it’s web earnings (loss). We outline Adjusted EBITDA as web earnings adjusted for curiosity and financing charges, earnings taxes, depreciation, amortization, stock-based compensation, and different non-cash earnings and bills. We imagine that Adjusted EBITDA supplies us an vital measure of working efficiency. Our use of Adjusted EBITDA has limitations as an analytical device, and this measure shouldn’t be thought-about in isolation or as an alternative choice to an evaluation of our outcomes as reported beneath GAAP, because the excluded gadgets could have important results on our working outcomes and monetary situation. Moreover, our measure of Adjusted EBITDA could differ from different corporations’ measure of Adjusted EBITDA. When evaluating our efficiency, Adjusted EBITDA must be thought-about with different monetary efficiency measures, together with varied money stream metrics, web earnings and different GAAP outcomes. Sooner or later, we could disclose totally different non-GAAP monetary measures to assist our traders and others extra meaningfully consider and evaluate our future outcomes of operations to our beforehand reported outcomes of operations.
Secure Harbor Assertion
Apart from historic info contained on this press launch, content material herein could include “forward-looking statements” which might be made pursuant to the Secure Harbor Provisions of the Non-public Securities Litigation Reform Act of 1995. Ahead-looking statements are typically recognized by utilizing phrases reminiscent of “anticipate,” “imagine,” “plan,” “anticipate,” “intend,” “will,” and related expressions, however these phrases are usually not the unique technique of figuring out forward-looking statements. These statements are primarily based on administration’s present expectations and are topic to uncertainty and adjustments in circumstances. Buyers are cautioned that forward-looking statements contain dangers and uncertainties that might trigger precise outcomes to vary materially from the statements made. Issues that will trigger precise outcomes to vary materially from these within the forward-looking statements embody, amongst different elements, the achieve or lack of a significant buyer, change in environmental rules, disruption in provide of supplies, capability issue fluctuations of energy plant operations and energy calls for, a big change normally financial circumstances in any of the areas the place our buyer utilities would possibly expertise important adjustments in electrical demand, a big disruption within the provide of coal to our buyer models, the lack of key administration personnel, availability of capital and any main litigation relating to the Firm. As well as, this launch incorporates time-sensitive info that displays administration’s finest evaluation solely as of the date of this launch. The Firm doesn’t undertake any obligation to publicly replace or revise any forward-looking statements to mirror future occasions, info or circumstances that come up after the date of this launch. Additional info regarding points that might materially have an effect on monetary efficiency associated to forward-looking statements contained on this launch will be discovered within the Firm’s periodic filings with the Securities and Alternate Fee.
Midwest Power Emissions Corp.
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