Midwest Energy Emissions Corp. Announces Preliminary Fourth Quarter and FY 2016 Revenues; Reiterates 2017 Revenue Guidance
FY 2016 Revenues to Increase at Least 156% to Record $32.4 Million
LEWIS CENTER, OH -- (Marketwired) -- 02/13/17 -- Midwest Energy Emissions Corp. (OTCQB: MEEC) ("ME2C" or the "Company"), a leader in mercury emissions control in North America, has provided preliminary revenue results for the fourth quarter and full year that ended December 31, 2016. The Company reiterated its previously issued full year 2017 revenue guidance of between $60 to $70 million.
Preliminary Q4 2016 and FY 2016 Results
The Company expects total revenues for the fourth quarter of 2016 to be in excess of $7.8 million, an increase of at least 29% when compared to revenue of $6.1 million in the fourth quarter of 2015.
The Company expects total revenues for 2016 to be in excess of $32.3 million, an increase of at least 156% when compared to revenue of $12.6 million in 2015.
This substantial growth is primarily attributed to the Company operating 20 of its Mercury and Air Toxics Standard (MATS)-compliant systems under contract throughout the majority of the year, compared to four operational systems at the outset of 2016. Final recognized revenue is subject to change upon finalization of the Company's year-end audit review process and will be released with the Company's audited financial statements and related 2016 annual report.
Full Year 2017 Revenue Guidance
For the full year ending December 31, 2017, the Company reiterates expected revenues of between $60 to $70 million, based on current power demand forecasts and plant projections.
"2016 was a pivotal year for the Company as we achieved both record revenues and positive cash flow due to the increasing demand for our proprietary SEA™ Technology," said Richard MacPherson, President and CEO of ME2C. "These strong financial results were further highlighted by several successful initiatives we've executed upon. Most importantly, we exited 2016 with a much improved balance sheet due to a $13.5 million private placement and debt restructuring, which collectively reduced our total outstanding shares on a fully diluted basis by over 15.6 million."
MacPherson, continued: "We also continued to build out our core infrastructure in anticipation of future growth, introduce new products to open new markets and better serve our customers, and most recently, exercised our option to acquire all of the IP from the Energy & Environmental Research Center Foundation, which serves as the backbone for our commercial mercury emissions control technology. Looking ahead, our long-term agreements with the 20 contracted fully operational EGUs provides us with significant recurring revenues as we move into 2017, which taken in tandem with our robust sales pipeline, will drive shareholder value in 2017 and beyond."
About Midwest Energy Emissions Corp. (ME2C)
Midwest Energy Emissions Corp. (OTCQB: MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. The U.S. Environmental Protection Agency (EPA) MATS rule, which has been subject to legal challenges, requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, must remove roughly 90% of mercury from their emissions starting April 15, 2015. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com.
Safe Harbor Statement
With the exception of historical information contained in this press release, content herein may contain "forward-looking statements" that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management's best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company's periodic filings with the Securities and Exchange Commission.
Chief Executive Officer
Midwest Energy Emissions Corp.
Investor Relations Contact:
MZ Group - MZ North America
Source: Midwest Energy Emissions Corp.
Released February 13, 2017