GOOD NEWS ON THE TAPE
LITTLE RIVER, S.C., Jan. 26, 2016 /PRNewswire/ -- Integrated Environmental Technologies, Ltd. (IEVM) today announced that as of December 31, 2015, the Company had provided Excelyte® well maintenance treatments on 235 wells, an increase of 200 wells, or 571%, since December 31, 2014. The Company performed 1,447 Excelyte® well maintenance treatments during the year ended December 31, 2015, generating $458,000 in revenue, an increase of $399,000, or 677%, from the amount of revenue generated during the year ended December 31, 2014. The Company currently is providing Excelyte® well maintenance treatments from three depots located in the Uinta Basin in Utah, the New Mexico region of the Permian Basin and the West Texas region of the Permian Basin. In response to demand from new and existing customers, the Company has hired the personnel necessary to operate its fourth facility located in the Western Gulf Basin in South Texas and expects Excelyte® well maintenance treatments to commence at that production facility by the middle of February 2016.
David R. LaVance, the Company's President and Chief Executive Officer, commented "Last year was a turbulent time for the producers in the oil and gas industry. Current oil pricing has pressured producers to become more cost efficient as margins have contracted. We found that this has created an opportunity for IET, as our customers have told us that by treating their oil wells with Excelyte® they are experiencing a significant cost savings and better results as compared to traditional biocides and hydrogen sulfide scavengers."
Mr. LaVance continued, "IET's growth over the past year was not just in revenue, but also in the infrastructure and human capital necessary to take the Company to the next level. We have seen results from the oil and gas sales team that we began to assemble in late 2015, and ]I believe that regardless of the price of oil, IET will continue to see strong revenue growth over the next 12 months. Based on the number of deliveries in the last year and the increasing interest of existing and prospective customers, I am extremely excited about 2016."[/b
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