General Environmental Management Inc. announced this morning that it will focus all efforts on the Bio-Energy Solutions Group, Inc. (BESG) Brazilian waste-to-energy project. The company intends manage BESG’s waste-to-energy operations in Pernambuco, Brazil, including the collection and processing of municipal solid waste and subsequent conversion to alternative energy. The management agreement will have a term of 15 years.
“When we announced this decision yesterday, we did so with the clear vision of taking the years of management expertise and execution in the waste management field, and deploying those capabilities on the BESG project,” stated GEM CEO Tim Koziol. “This partnership with BESG has the potential to bring considerable revenue into GEM. The size and scope of this project should lead to strong, predictable and profitable revenue streams. We project that we will be managing more than 4,900,000 tons per year of feedstock from over 368 municipalities just in the initial facility in Brazil, with upside potential to add many more municipalities throughout the country. With estimated revenue of $25 and $30 per ton of waste, the potential is enormous.
“It became clear to our management team that this relationship with BESG will occupy all of our time, effort and energy and is the best way to create shareholder value in our company. We will be updating shareholders regularly on this new strategic direction. I want to emphasize, however, that we had made the decision to move into the waste-to-energy market several months ago. The BESG opportunity came from our announced intent to be in that market. Being able to deploy our knowledge and waste management skills to not only generate substantial revenue, but to solve a deepening waste management and energy problem in Brazil, is very satisfying. We hope to reward shareholders through our decision to move in this direction,” added Koziol.
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