BioSafe reports profit in third quarter.CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 7, 1996-- BioSafe International Inc. ("BioSafe") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BSFE BSFE Bureau of Surveillance and Field Epidemiology ), an innovative solid waste management company, announced today a net profit of $225,000 or $.01 per share for the third quarter ended Sept. 30, 1996, as compared with a net loss of ($746,000) or ($.06) per share for the third quarter ended Sept. 30, 1995. The third quarter profit of $225,000 compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to the first and second quarters of 1996, which reported net losses of ($3,343,000) or ($.28) per share and ($1,221,000) or ($.10) per share respectively. "We're very pleased with our third-quarter financial results, as they show that BioSafe, since the management change on March 27, 1996, has succeeded in implementing its business strategy to focus on its core technologies and to reduce costs," said Philip Strauss, BioSafe's chairman, president and chief executive officer. During the third quarter, BioSafe achieved several important milestones. Firstly, the company received a critical permit from the Commonwealth of Massachusetts to begin accepting waste in the remodeled area at the company's landfill remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling project in Fairhaven, Mass. This permit represents the first permit ever issued for accepting waste at a remodeled landfill. Secondly, at the end of the third quarter, BioSafe also received the necessary permits from the State of Vermont to begin accepting waste at the company's landfill in Moretown, Vt. At the start of the fourth quarter, BioSafe received its first tipping fees at the Moretown facility, which is permitted to receive an average of 350 tons of waste per day. In addition to BioSafe's recent achievements with its solid waste operations, the company has been successful in commercializing its patented technology for treating medical waste. BioSafe awarded a license to ScotSafe Ltd., a Glasgow, Scotland company, to use its medical waste treatment technology in the British Isles British Isles: see Great Britain; Ireland. , and the company has worked with ScotSafe to complete treatment facilities in the cities of Arbroath and Newcastle in Scotland, and Cork, Ireland Cork, Ireland is a term which may refer to the following places in southern Ireland, depending on context.
Strauss also added "BioSafe is now strategically positioned, and is in the initial stages of investigating several potential acquisitions of waste collection and transfer operations to develop fully integrated solid waste management operations in markets where the company believes it can maximize utilization of company owned or operated landfills through such integration." BioSafe has already signed agreements with the Massachusetts towns of Buckland and South Hadley South Hadley, residential town (1990 pop. 16,685), Hampshire co., W Mass., on the Connecticut River near the Holyoke Range; settled 1684, inc. 1775. Its paper industry dates from the early 19th cent. to undertake landfill remodeling projects at their municipal landfills. BioSafe has received a U.S. patent for its landfill remodeling process, which involves recycling recycling, the process of recovering and reusing waste products—from household use, manufacturing, agriculture, and business—and thereby reducing their burden on the environment. landfills. Through landfill remodeling, BioSafe processes the waste in an existing landfill, separating out the recyclable re·cy·cle tr.v. re·cy·cled, re·cy·cling, re·cy·cles 1. To put or pass through a cycle again, as for further treatment. 2. To start a different cycle in. 3. a. materials such as soil and ferrous ferrous (fĕr`əs), iron in the +2 valence state. Containing or having to do with iron. The difference between ferrous and ferric is the number of valence electrons they contain (ferrous contains two and ferric contains three), which metals, compacting the remaining waste and returning it to a new lined area of the landfill. In the process, BioSafe recovers approximately 50 to 70 percent of the original disposal capacity at the landfill. This press release contains forward looking statements which are based upon current expectations and involve a number of risks and uncertainties. There are a number of important factors that could cause actual results to differ materially from those expressed in any forward looking statements by the company. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly release the result of any revisions to these forward looking statements which may be made to reflect events or circumstances after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events. CONTACT: BioSafe International Inc. Bob Rivkin, 617/497-4500 |
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