Midwest Energy Emissions Corp. Provides Business Update as EPA's MATS Regulations Take Effect
LEWIS CENTER, OH / ACCESSWIRE / May 20, 2015 / Midwest Energy Emissions Corp. (OTCQB: MEEC) today provided a general business update for investors and shareholders, as the US Environmental Protection Agency's (EPA) long awaited Mercury and Air Toxics Standards (MATS) regulation has recently taken effect. MATS 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.
CEO Richard MacPherson stated, "As a new technology company in this rapidly emerging industry, we want to take this time to update the market on material operational developments as the regulation of MATS has come to fruition, and the US coal-power industry seeks solutions for their mercury emissions compliance. MATS is very important to the US power industry, and to our company, and our patented SEA Technology for mercury control has achieved great initial success that we are executing on every day. In 2014, we announced a total of 15 electric generating units (EGU's) that we have under long-term contracts for MATS compliance. We just completed installation of 3 of our proprietary injection systems in April 2015, and combined with product sales and consulting fees have generated revenues of just under $2 million last month. At this increased level of business, we were able to achieve operating-profitability for a calendar month for the first time in company history, a milestone accomplishment. We are on schedule for a very busy summer of installations on six additional systems, and two sorbent injection systems. In total, we estimate that we will generate over $110 million in aggregate revenues from the product, equipment, and consulting services that are part of the long-term, three-plus year contracts that we have been awarded to date."
Concluded MacPherson, "Our team is presently executing on continuous technology demonstrations, sales presentations and in-field operations. I am proud of our accomplishments to date, and excited for our future prospects. We are seeing a ramp up in revenues starting this quarter, and look to a substantial 2016 where we estimate over $30 million in revenues on these initial contracts alone, with significant business development efforts underway with other utilities across North America. Our R&D team continues to innovate and expand our reach into the coal-power industry for their mercury emissions needs. We will provide constant updates on our performance as we continue our growth throughout the year ahead."
About Midwest Energy Emissions Corp. (ME2C)? Midwest Energy Emissions Corp. delivers patented and proprietary solutions to the global coal-power industry to remove mercury from their power plant emissions, providing performance guarantees and leading edge emissions services. 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 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.
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.
Keith R. McGee
Sr. Vice President
Business Development & Investor Relations
Midwest Energy Emissions Corp.
SOURCE: Midwest Energy Emissions Corp.
Released May 20, 2015