TREVOSE, Pa., Nov. 4 PA-Pure-Earth-new-prj
TREVOSE, Pa., Nov. 4 /PRNewswire-FirstCall/ -- Pure Earth, Inc., (OTC Bulletin Board: PREA), today announced that it has been awarded a large environmental project involving the construction of a new basketball arena for the New Jersey NETS basketball team in Brooklyn, New York. The estimated project value is $14 million and should be completed by late 2010. The project is slated to begin in late 2009. Pure Earth was able to secure this project as a result of its strategically located network of treatment and recycling facilities that can treat and beneficially reuse the contaminated soils that will be removed from the site. Pure Earth has previously worked with the engineering firm and general contractor to perform projects of this size in the past, and was selected because of its superior service and emphasis on recycling in an economically attractive manner.
The Company's CEO, Mark Alsentzer, stated, "This is a huge award in what has been a very challenging year for Pure Earth, Inc. We have continued to focus on establishing a superior network of facilities which can provide cost-effective services in the market place." The Company believes that this award, along with the increased bidding activity and anticipated future project awards, should return its base business to levels it achieved in 2007 when the Company had $6.9 million of positive cash flow.
Alsentzer further stated, "The return of our construction-related work is a welcome sign of good things to come." The Company has seen a recent increase in newly awarded projects which had been absent for most of 2009. It is hopeful that this trend will continue as the stimulus money begins to filter down to many public projects.
Disclosure regarding forward looking statements:
This document includes "forward-looking statements" as defined by federal securities laws, with respect to our financial condition, results of operations and business, and our expectations or beliefs concerning future events. Words such as, but not limited to, "believe", "expect", "anticipate", "estimate", "intend", "plan", "targets", "likely", "will", "would", "could", and similar expressions or phrases, identify "forward-looking statements".
All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in the environmental services industry. Others are more specific to our operations. The occurrence of the events described, and the achievement of the expected results, depend on many events, some or all of which are predictable or within our control. Actual results may differ materially from expected results.
SOURCE Pure Earth, Inc.
