TREVOSE, Pa., Nov. 17 PA-PureEarth-refin
TREVOSE, Pa., Nov. 17 /PRNewswire-FirstCall/ -- Pure Earth, Inc.
(Pink Sheets: PREA.PK) announced today that it closed on an $8.0 million term
loan with Susquehanna Bank on November 12, 2008, which was used to refinance
$5.4 million of existing debt at the Casie Group, a major subsidiary of Pure
Earth, Inc. The remaining $2.6 million in proceeds will be used for working
capital and will provide the company with additional liquidity for both its
ongoing operations and for the expansion of its refinery waste recycling and
its alternative fuel manufacturing programs. The refinanced term loan
improves the company's working capital position by approximately $4.6 million.
The new term loan is payable over a 7-year term, maturing on November 15,
2015, and bears interest at 6.10% for the entire term of the loan.
Mark Alsentzer, President and CEO of Pure Earth, Inc. stated, "The closing
of this loan signifies a major step in improving our working capital position
and is expected to provide increased liquidity in an uncertain economic
environment. We also believe that with the additional cash proceeds available
to us, we will be able to continue working towards growing our existing
businesses along with expanding into other areas, such as alternative fuel
manufacturing." Brent Kopenhaver, Chairman of the Board and CFO of Pure Earth,
Inc added, "The Susquehanna Bank term loan indicates the Bank's confidence in
Pure Earth, Inc. in uncertain financial times and provides for previously
encumbered account receivable collateral of approximately $3 million to become
available for refinancing by our existing senior lender."
Pure Earth, Inc. is publicly-traded (PREA.PK) and headquartered in
Trevose, PA. Pure Earth, Inc. is a diversified environmental company that
specializes in delivering innovative, green solutions, including specialized
waste treatment, handling of contaminated soils and conversion of waste
materials into usable products. In addition to its Trevose, Pennsylvania
headquarters, Pure Earth has operations in New York, New Jersey, Rhode Island
and Connecticut. For more information, the web site is "www.pureearthinc.com."
Disclosures regarding forward looking statements:
Statements included in this press release that do not relate to present or
historical conditions are called "forward-looking statements."
Forward-looking statements may include, without limitation, statements
relating to our plans, strategies, objectives, expectations and intentions.
Words such as "believes," "forecasts," "intends," "possible," "estimates,"
"anticipates," "expects," "plans," "should," "could," "will," and similar
expressions are intended to identify forward-looking statements.
Such forward-looking statements involve known and unknown risks and
uncertainties and other factors that could cause actual results or outcomes to
differ materially from those expressed in, or implied by, the forward-looking
statements. Our ability to predict or project future results or the effect of
events on our operating results is inherently uncertain. Many risks and
uncertainties are inherent in the environmental services industry generally.
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, but many of which
are not in our control. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by which, such performance or results
will be achieved. Important factors that could cause actual performance or
results to differ materially from those expressed in or implied by,
forward-looking statements include, are outlined in the Form 10 submitted on
November 4, 2008.
Forward-looking statements contained herein speak only as of the date of
this press release. The Company assumes no obligation to update
forward-looking statements to reflect actual results, changes in assumptions
or changes in other factors affecting forward-looking information except to
the extent required by applicable securities laws. If the Company updates one
or more forward-looking statements, no inference should be drawn that the
Company will make additional updates with respect thereto or with respect to
other forward-looking statements.
SOURCE Pure Earth, Inc.
