National Storm Recovery (OTC: NSRI) a provider of tree
services, debris hauling, removal and bio-mass recycling, manufacturing,
packaging and sales of next-generation mulch products, on Thursday issued a
corporate update on first-quarter sales and company management’s strategies to
support employees and shareholders amid the coronavirus pandemic. As a result
of the company’s long-standing, strong relationships with its customers,
including big box retailers that are considered essential businesses, revenues
from its recently acquired Mulch Manufacturing subsidiary were $7.3 million for
the first quarter of 2020. Though cash flow remains strong, its Mulch
Manufacturing subsidiary has been approved to receive $1,458,200 in funding
under the Payroll Protection Program recently enacted by Congress. NSRI and its
subsidiaries have not laid off any of its employees and plans to use the
funding primarily for payroll. The entire loan will therefore be forgiven by
the federal government. “As our country and the rest of the world faces the
effects COVID-19, we remain 100% committed to our customers, shareholders and
vendors,” NSRI CEO Anthony “Tony” Raynor stated in the news release. “We will
continue to provide the market with high quality products and services that
continue to drive growth for our employees and shareholders.”
To view the full press release, visit http://ibn.fm/c0KED
About National Storm Recovery, Inc.
National Storm Recovery, through its subsidiaries, provides
tree services, debris hauling and removal, biomass recycling, mulch
manufacturing, packaging and sales. The company was established with the
objective of providing a solution for the treatment and handling of tree debris
that has historically been disposed of in landfills, creating an environmental
burden and pressure on disposal sites around the nation. The company and its
Sustainable Green Team’s solutions are founded in sustainability, based on
vertically integrated operations that begin with collecting of tree debris
through its tree services division and collection sites, then through
processing, recycling and using that tree debris as feedstock that is
manufactured into a variety of organic, attractive, next-generation mulch
products that are packaged and sold to landscapers, installers and garden
centers. The company plans to expand its operations through a combination of
organic-growth and strategic acquisitions that are both accretive to earnings
and positioned for rapid growth from the resulting synergistic opportunities
identified. NSRI serves governmental, residential and commercial customers. For
more information, visit the company’s website at www.NationalArborCare.com.
NOTE TO INVESTORS: The latest news and updates
relating to NSRI are available in the company’s newsroom at http://ibn.fm/NSRI
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