Midwest Energy Emissions Corp Reports Third Quarter Results
WORTHINGTON, OH -- (Marketwired) -- 11/18/14 --
- Quarterly Revenue Up 49% Year-Over-Year
- Also Announces Key Executive Appointments
Midwest Energy Emissions Corp. (OTCQB: MEEC) an emerging leader in mercury emissions control technology for the coal-power industry, today reported third quarter 2014 revenues of $1.37 million, up 49% year over year. The Company also announced the appointment of John Pavlish as Chief Technology Officer.
President and CEO Alan Kelley stated, "Our operational performance this past quarter was exceptional, as we met our critical timelines with our utility customers on equipment deliveries and enjoyed revenues for this quarter that exceeded any prior quarter in our Company's history. Our team continues to invest time and resources into execution and quality and I am very pleased with the results to date. In addition to our revenue growth and customer wins, we also made material progress in implementing other growth initiatives during the third quarter, and subsequent to quarter end, with personnel additions in Business Development, Sales, Operations and the signing of our new Chief Technology Officer."
"We are extremely pleased to announce the growth of our leadership team with the addition of John Pavlish to the position of CTO," continued Mr. Kelley. "John comes to us from the world-renowned Energy and Environmental Research Center (EERC). We have worked with John for a long time as part of the EERC where he was the key contributor to the development of the patented technology that MEEC has now commercialized for mercury control."
Prior to joining MEEC, Mr. Pavlish served as a Senior Research Advisor and the Director of the multiyear, multimillion dollar Center for Air Toxic Metals® (CATM®) Program at the EERC. He has over 28 years of experience with advanced and conventional combustion systems to solve operational and environmental problems. His principal areas of interest and expertise include air toxic issues; hazardous air pollutants (HAPs) with special emphasis on mercury; CO2 capture; and coal combustion process and power plant system performance, including economic and feasibility analyses.
Mr. Kelley concluded, "This is a great day for our Company, as we announce significant growth in revenues, timely execution for our customers, and the broadening out of our team with industry-leading talent. As we look ahead, our focus continues to be on delivering maximum value to shareholders, leading-edge execution and quality for our customers, and a material focus on innovation."
About Midwest Energy Emissions Corp. (ME2C)
Midwest Energy Emissions Corp. develops and employs patented and proprietary technologies to remove mercury from coal-power plant emissions. The U.S. Environmental Protection Agency's (EPA) Mercury and Air Toxic Standards (MATS) rule 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 16, 2015. ME2C employs patented technology that has 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, a roughly $450mm industry annually.
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. 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, additional or new EPA regulations affecting coal-burning utilities, disruption in supply of materials, 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, failure to obtain adequate working capital to execute the business plan 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.
Contact:Keith R. McGee Sr. Vice President Business Development & Investor Relations Midwest Energy Emissions Corp. 614-505-6115 firstname.lastname@example.org
Source: Midwest Energy Emissions Corp.
Released November 18, 2014