For those that may be new to the thread here is an excerpt from the last PR on May 16:
"This first quarter was difficult as the swift downward swing in oil prices was met with an immediate response from producers, which had a hard impact on their suppliers such as IET. We were affected during this period; however, it was brief and has left our Company in a better position going forward. We are continuing to scrutinize our internal costs, which will permit us to achieve profitability sooner, and are experiencing a new industry-wide openness and receptivity to cost-effective solutions," commented David LaVance, President and Chief Executive Officer of Integrated Environmental Technologies, Ltd.
Mr. LaVance continued, "We are witnessing a revenue reversal in the current second quarter and are at pace to catch up and possibly surpass our average quarterly revenue for 2015. We clearly are operating in an industry where a new product must either reduce costs or enhance production. IET products do both, consistently and under highly variable conditions. Excelyte® has been rigorously tested in the field and achieved EPA validation. Importantly, we have turned the corner – over the last few weeks, new customers have indicated that they are prepared to bypass the pilot stage, opting to proceed directly to purchase order and/or contract once a master service agreement is in hand. At our current trajectory and modest cash burn, we believe that exiting 2016 with breakeven cash flow on a monthly basis is a realistic goal."
