Freedom Environmental Services, Inc.(FESI) Agrees to Purchase Market Leading $10 million Waste Processing and Environmental Services Company
26 minutes ago - Businesswire
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FESI 0.31 -29.55%
As of 12:00 AM ET 10/17/08
Freedom Environmental Services, Inc. (Pink Sheets: FESI) confirmed it has executed a letter of intent to acquire the Central Florida market leader in waste processing and infra-structure reconstruction. The company currently generates $10 million in yearly revenues, has been in business for three generations and is positioned to grow exponentially with a recent 300% increase in permitted grease and waste processing capacity to 450,000 gallons per day. Additionally, they hold a significant number of profitable municipal and commercial infrastructure and waste hauling contracts.
Edmund F. Curtis, Chief Operating Officer, was quoted as saying "This acquisition immediately provides FESI with an incremental $10 million in profitable revenues for 2009 and processing capacity of 450,000 gallons per day allowing for strong, predictable revenue growth. FESI at closing will have a market leading grease collection platform to feed Biofuel production in excess of 20 million gallons per year. The acquisition should close in the late fourth quarter of 2008."
Freedom Environmental Services, Inc. is an operating wastewater services company servicing commercial, institutionaland municipal infrastructure customers and wastewatersystem protection programs. The Company is developing and managing high yield liquid waste to Biodiesel and nutrients conversion programs driven by strategic acquisitions and its commercial customer base. Freedom Environmental Services, Inc.'s website is: www.freedomservicesflorida.com.
DISCLAIMER: This news release may contain forward-looking statements. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. The risks and uncertainties to which forward-looking statements are subject include, but are not limited to, the effect of government regulation, competition and other material risks.
SOURCE: Freedom Environmental Services, Inc.
Freedom Environmental Services
Investor Relations:
Brett Rowland, 407-658-6100
Freedom007@bellsouth.net
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