News! It looks like sale of tire facility is being completed. It's a profitable line of business for them, but they are selling this to focus their efforts on their next gen gasifier. I'm assuming this will be a much more profitable line of business for them, thus the sale of their tire facility. IMO this company will start gaining more and more traction through organic growth and the pps will follow.
DENVER, CO--(Marketwired - Nov 16, 2015) - Vista International Technologies, Inc. (OTCBB: VVIT), a pioneer in efficient Waste-to-Energy (WTE) technology, is pleased to give investors an update on revenue generated by the Company's tire processing facility in its recently completed third quarter, and a timetable for the completion of its pilot WTE project. For a more complete picture of the Company's financial results, management encourages investors to review the Company's quarterly report for the third quarter of 2015, which is expected to be released in the next few weeks.
Tire facility revenue jumped roughly 24% year over year, rising to just over $229,000 for the quarter ended September 30, 2015. This figure was mainly due to higher incoming tonnage versus the year ago period. The Company continues to maximize revenue from tire operations as it prepares to close the sale of the facility. The closing of the sale is expected to take place by the end of the November.
The Company would also like to inform investors of its updated timetable for the completion and startup of its WTE pilot project. As previously stated, all major project components are on site. Vista personnel are currently coordinating their final installation work with the remaining work of the electrical and ducting contractors. Upon completion of this final installation work, the company will begin testing the unit. The company expects the installation work to be completed by the end of the year, with testing starting in January. This project represents the first commercial installation of the next generation of the Company's patented Thermal Gasifier technology. The company expects these next generation units to be a best-in-class technology and to show significant increases in efficiency as well as reduced emissions versus our previous units.
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty years, with installations across three continents. The Company's technology has low costs of installation and operation, and allows for the processing of virtually any hydrocarbon-based waste product, including municipal solid waste, waste tires, sewage waste, and biomass, among others. The company's Waste-to-Energy systems are emission friendly and extremely efficient, and can be used to produce heat, steam, and/or electricity.
