Today before the opening bell, Scorpex, Inc., an emerging leader of industrial, hazardous and toxic waste disposal services in the Baja Mexico/California region, provided current and prospective investors with an update regarding the previously announced initiatives for the current calendar year.
To date, the Company has:
1. Signed a $30 million equipment contract with International Environmental Technologies, Inc. (“IET”) for the acquisition and installation of waste gasification/thermal oxidation equipment as well as a license to use the technology.
2. Secured financial commitments for up to $35 million of non-dilutive financing; contingent on the issuance of necessary permits. The Company continues to evaluate its options as additional low-cost financing offers are anticipated.
3. Received its Use of Soil Permit from the Mexican federal government following the submission of numerous studies and compliance with every request. The permit is necessary for the issuance of certain state and local operational permits, which are anticipated to be granted to the Company in the very near future.
4. Engaged an accounting group to prepare its financials for a formal audit. Following completion, Scorpex intends to file financial reports with the U.S. Securities and Exchange Commission (“SEC”) and take the next step of listing on a senior securities exchange after meeting other criteria of the exchange.
5. Appointed an interim Chief Financial Officer to the management team and made two additions to its Board of Directors. The individuals have accumulated extensive experience and success in both the public and private sectors. Additional candidates are being evaluated to further enhance leadership of the Company.
6. Secured the investor relations services of MissionIR to communicate Scorpex’s business strategy to the investor community as well as keep investors informed of ongoing progress.
Chief Executive Officer Joseph Caywood stated, “Our progress over the last ninety days has been nothing short of remarkable. Even though we are only in the third quarter, our Company has accomplished nearly all business objectives that were set for completion this year. This is a testament not only to the competence of our team, but also the exhaustive groundwork that has been laid over the years. Our excitement continues to build as we make great strides forward in the execution of our business strategy.”
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