Make yourself familiar with:
Eastern Environment Solutions Corp.
No.165 DongDaZhi Street
NanGang District, Harbin, PRC 150001
Tel: +86 451-53948666
Fax: +86 451-53990366
David K. Waldman or Vivian Huo
Crescendo Communications, LLC
Telephone: (212) 671-1020
Eastern Environment Solutions is the largest municipal solid waste (MSW) disposal company in the city of Harbin, capital of Heilongjiang province in Northeast China, handling approximately 42% of the total municipal waste generated by the 10 million people that live there and in the surrounding areas.
The company is the first non-government owned regional environmental engineering company in China that operates under a Build-Operate-Transfer (BOT) contract at its 135 acre landfill. The landfill currently handles 1,500 tons of MSW per day and is the basis of other potentially lucrative environmental initiatives.
HARBIN, China, Apr 04, 2011 (BUSINESS WIRE) — Eastern Environment Solutions, Corp. (OTCQB: EESC), a leading provider of municipal solid waste (MSW) processing and disposal services in northeast China, today announced its financial results for the year ended December 31, 2010. The complete financial statements of the Company are contained in its Annual Report on Form 10-K, which was filed with the SEC on March 30, 2011.
The Company reported annual revenues of $16,822,022 in 2010, including $12,054,911 in revenues from the resale of PET bottles and caps. The Company initiated the recycled PET bottle and cap business in 2010, extracting the plastic waste from the landfill it operates and also purchasing discarded PET bottles from independent sources. The Company’s business yielded a gross profit of $8,242,572, including $4,972,306 from the resale of PET bottles and caps. Net income after taxes for 2010 was $6,576,604, representing $.54 per share – basic and $.44 per share – fully diluted.
Feng Yan, Chairman of Eastern Environment Solutions, said:
“We are pleased to report our financial success in 2010. In particular, the profitability of our PET recycling operations is evidence of the viability of our business plan, which is to extract and monetize the assets that are buried in our nation’s landfills. We are excited for the future, as the strength of our balance sheet should enable us to finance growth and expansion. At December 31, 2010 we had $10,629,580 in working capital and only $1,087,416 in bank debt, which will be satisfied during 2011.”