BATH, NH, July 28, 2010 (MARKET WIRE) – MOP Environmental Solutions, Inc. (MOPN). In an effort to provide financial disclosure to the investing public the Company has posted its June 30th, 2010 financial statements. The statements can be viewed at www.otcmarkets.com. Pink Sheets has already upgraded the Company from a “Stop” to a “Limited Information” status. The Company is now moving forward to bring the Company to “Current Information” status and hopes to do so in the coming months.
Highlights of the financial statements show that the Company had over $90,000 in cash on hand and total assets of nearly $250,000 for the period ending June 30th, 2010. In addition the Company reported that subsequent to June 30th, 2010 the Company has approximately $200,000 in available cash and accounts receivables of over $165,000.
The Company also disclosed they had entered into an agreement with Bibby Financial for receivables financing at a rate of 1.25%. The contractual minimum commitment is $300,000 in monthly receivables with a current maximum of $750,000 a month. Allowing the Company to offer highly competitive terms such as net 60 days to strengthen proposals to large accounts.
Charles Diamond, President and CEO stated, “We very highly value our shareholders and understand that full financial transparency is needed to achieve and maintain their trust and respect. Publishing current financials is an important step toward building the loyalty and confidence that is needed to help support and secure our shareholder’s investment.” Mr. Diamond continued by saying, “We are very pleased with the agreement we have entered into with Bibby Financial. This agreement will provide us with the capital we need to meet the growing demand for MOP Environmental’s Maximum Oil Pickup products. Our research and subsequent discussions with Bibby Financial indicate they are the ideal funding source to accommodate our anticipated rapid expansion and growth into both domestic and international markets.”
ABOUT MOP ENVIRONMENTAL SOLUTIONS, INC.
MOP Environmental Solutions, Inc. (MOPN) is a publicly traded company. MOP Maximum Oil Pickup is a "cradle-to-cradle" green product that is arguably the most effective oil spill recovery system on the market. For information see www.mopenvironmental.com.
Brief Description of The MOP Technology:
MOP Maximum Oil Pickup is an aggressive oleophyllic and hydrophobic (oil attracting and water repelling) sorbent made from recycled and fully biodegradable materials, manufactured using small-scale hydroelectric green energy. MOP’s properties are such that it can effectively deal with an oil spill the size of the Exxon Valdez, but is equally effective at cleaning up the oil spill off a garage floor.
Regarding the Gulf Oil Spill; MOP Environmental’s patented product MOP Maximum Oil Pickup has the ability to capture and contain oil spills such as the Gulf Oil Spill at its source and at all locations out to its furthest perimeter including the marshlands and beaches. Where the oil has landed on beaches or land it will separate and remove the oil from the soil, or sand on site quickly. MOP Environmental’s oil-only pickup product is called MOP Maximum Oil Pickup. MOP floats, is all natural, it is safe to the environment including birds, animals, and aquatic life. It is rapidly deployed at over 150 mph using MOP Environmental’s MOP-Cannon and removed using their MOP-Vac. MOP is applied above water or below water where it floats up and locks in oil, completely neutralizing all potential harmful effects of the spilled oil. It is the only known oil recovery method that will work under all weather conditions. The oil can be retrieved for re-use where the resulting profit is greater than the expense of cleanup.
MOP Environmental Solutions, Inc. manufactures and distributes MOP® Maximum Oil Pickup . MOP picks up and recovers oil spilled on land and/or water. This revolutionary, 100% Recyclable, new absorbent material picks up to 30 times its own weight in oil, without absorbing water, restores traction on slippery surfaces, and safely restores a clean, natural environment.
Forward-looking statements in this news release are pursuant to safe harbor provisions of Section 21E of Securities Exchange Act of 1934. Investors are cautioned that statements in this release are not strictly historical statements, including without limitation, management's plans and objectives for future operations, assessment of market factors, statements regarding strategy, company plans and its strategic partners. These constitute forward-looking statements, are not guarantees of the company's future performance and are subject to risks and uncertainties, such as funding for machinery and materials, success in acquiring customers, maintaining needed government relationships, and successfully executing a business plan, which could cause the company's actual future results to differ materially from the forward-looking statements. For all such forward-looking statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. MOP Environmental Solutions, Inc. disclaims any obligation to update any forward-looking statement made herein.
SOURCE: MOP Environmental Solutions, Inc.
Wayne D. King
MOP Environmental Solutions, Inc.