MOPN Experiences Growing Global Interest, Posts 3rd Quarter Financials and discusses measured steps toward long-term success as Progress and Pace Quickens
BATH, NH, November 15, 2010 (MARKET WIRE) – MOP Environmental Solutions, Inc. (Pinksheets: MOPN) is posting its Third Quarter Financial Statements with the Pink Sheets today. Highlights of the financials show significant financial improvements in all areas, with cash on hand six times greater than the end of 2009, total assets three times greater and total liabilities less than one fourth the previous year-end, while also achieving the Company’s first positive balance in shareholder equity.
Growing Global Interest:
MOPN Company President and CEO Charles Diamond stated: “We are entering a new phase of activity, driven by the after-effects of our participation in the BP Gulf of Mexico Oil Spill clean-up, followed by our Case for “MOP Maximum Oil Pickup™” as the Ultimate First Response for Oil Spills in testimony before the United States Senate. The pace has recently quickened with solicitations from Saudi Arabia and testing to take place by the world’s largest oil company, Saudi Aramco.”
Diamond elaborated, “Within the past week MOP received additional inquiries from Brazil, Kuwait and the Netherlands (who inquired regarding a real life test, referencing its ongoing oil spill of 15,000 tons as a result of a collision between an oil laden tanker and another vessel at high seas, some 40 miles west of Rotterdam and additionally mentioned an area called Wadden Zee, as a challenging area for pollution response).”
“MOPN’s deliberate pace has passed through its development stage and is moving ahead toward its objective of achieving world wide recognition with a growing awareness of MOPN’s advantages and its best of class performance, due to the patented oil spill recovery product MOP Maximum Oil Pickup as arguably The Ultimate First Response To Oil Spills™,” stated Diamond.”
Diamond continued, “In most every instance the fulfillment of any forthcoming orders from these large accounts would each be in the millions of dollars of product, requiring assistance by third party manufacturing partners, one of which has 15 manufacturing plants worldwide who under confidential disclosure is aware of our progress and is equally enthusiastic regarding the manufacture of MOP on a contractual basis. This company would have the manufacturing capacity to meet our fulfillment needs. Although sufficient manufacturing capacity and capability has been confirmed, in plant certifications and preparations remain before full scale production. We are preparing to source materials from nearby to the plant for their first full scale production run anticipated possibly as early as December.”
The Company’s Third Quarter Financials:
There are dramatic changes in the 3rd quarter financials showing improvements across the board such as a substantially improved cash position (from $19,187 to $126,463) and shareholders’ equity changing from a deficit of $62,343 to an equity position of $154,240. Shareholders will also notice improvements in the style and clarity of the financials through the efforts of Reuven I. Rubinson, CPA, MBA, retained as our Certified Public Accountant to compile these financial statements. Moreover, Mr. Rubinson’s broad experience brings valuable guidance to the Company’s management with a wealth of skills in many areas. Reuven’s prior experience as controller of a software technology company was instrumental in raising over $15 million in funding for that company. The financials as now presented will provide for deeper insight into the Company’s current statements and help shareholders to better track the company’s progress going forward. Mr. Rubinson will also be compiling our financial statements for calendar years 2008 and 2009 in the same format and correcting some errors discovered in his analysis of our books. This preparatory work should also allow our statements to be ready for auditing.
Additional anticipated developments for the 4th Quarter of 2010 through the 1st Quarter 2011 and subsequent Quarters will embrace the expenses associated with the necessity to obtain broader capitalization to fully implement the Company’s Strategic Plans. These expenses will also include regulatory and legal approvals, as well as audited financial statements. Ultimately, this will achieve a Company equipped with the tools and disclosure requirements within the financial market to match and support further expansion of needed business functions. The business functions earmarked for expansion include the following areas: Comprehensive on-site presentations to foreign clients; ongoing patent work; significantly increased purchases of raw materials for third party manufacturing; global marketing; expansion of product lines; domestic marketing in both the private sector and governmental sector; domestic and global product distribution; and energy production.
The complete financials can be viewed at:
ABOUT MOP ENVIRONMENTAL SOLUTIONS, INC.:
MOP ENVIRONMENTAL SOLUTIONS, INC. participated in the cleanup effort of the BP Horizon Gulf Oil Spill.
MOP Environmental Solutions, Inc. (Pink Sheets - 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 oleophilic 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 oil spills the size of the BP Horizon Gulf Oil Spill yet is equally effective at cleaning up oil spills off a garage floor.
MOP Environmental Solutions, Inc. addresses All Oil Spill Needs in Three Multi-Billion Dollar Markets.
• Direct to the Consumer – Ideal for leaks and spills from Auto, RV, Motorized Home Equipment and Used Cooking Oils.
• Commercial Industrial – Every company with machinery has a need for MOP.
• International Spill Response – MOP as the First Response is The Best Option for All Oil Spills on Land or Water.
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, absorbent material, picks up to 30 times its own weight in oil, without absorbing water, restores traction on slippery surfaces, yet is as safe to the environment as a leaf falling from a tree. MOP offers the fastest, safest, lowest cost way to restore a clean, natural environment from any oil spill, indoors, outdoors, on land or water in all weather conditions, and uniquely can pay for itself from the offsetting revenues of its oil recovery option.
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.