UPDATES: MOPN POSTS 2010 ANNUAL REPORT REVEALING 1000 percent INCREASE IN REVENUES; MOPN INTRODUCTION into SAUDI ARABIA; and THE MOP CHALLENGE to the X CHALLENGE
BATH, NH--(Marketwire – April 15, 2011) MOP Environmental Solutions, Inc. (MOPN.PK) posted its 2010 Annual Report with OTC Markets. Highlights of these financials show significant financial improvements in all areas compared to the prior year: The Company’s 2010 total revenues are increased 1000% over 2009. Cash on hand rose by more than 50%; total assets increased by 10%; and total liabilities less than 6%.
The complete financials can be viewed at: www.otcmarkets.com/stock/MOPN/financials.
CEO Charles Diamond stated: “In 2010, the 1000 percent increase in revenues is quite spectacular but needs to be put into perspective. MOP Environmental, like many small companies, continues to operate at a loss. The primary reason for the 1000 percent increase in revenues was due to involvement in the BP Horizon Gulf of Mexico Oil Spill where we anticipated an authentic and thorough cleanup effort by BP. However BP clearly abandoned this responsibility.
In response to the BP Oil Spill, our stock price went up to a high of $0.35 and we garnered worldwide media attention. This led to serious inquiries regarding our MOP Maximum Oil Pickup® product from around the globe, most notable of which was from Saudi Arabia. Our product MOP has now been observed in operation by our Saudi hosts and this has resulted in a fully paid invitation (www.togo.to/PMU) for an academic presentation of our product to representatives in the oil industry and to government officials in multiple workshops and private sessions. These sessions are further described below.
In the wake of the finished activity of the BP Oil Spill, and with the assistance of Saudi friends, we are now entering into new opportunities to service multiple oil companies and accounts in the Middle East. These oil companies are up to 40 times larger than BP with known existing large projects. MOP has already taken preliminary steps to promptly accommodate a ramp up of demand.
Without encouraging any speculation, we nevertheless do believe, we have an authentic opportunity to once again achieve successive 1000% increases in revenues over those for 2010 in the next 12 months, and the coming years. We also believe our focus on this new market will result in a much stronger company operating at a significant profit with steady growth.”
Introducing MOP in Saudi Arabia
MOPN Company President and CEO Charles Diamond stated: “We are excited by our invitation from the Prince Muhammad Bin Fahd University to present at two workshops.” For details of CEO Diamond’s workshop agenda see: (www.togo.to/PMU).
Our workshops are totally academic and will include a series of demonstrations and talks with an opportunity to personally meet with those in attendance.
In attendance at the Oil Spill Workshop will be representatives of the largest oil companies including Saudi and other Gulf Cooperation Council (GCC) Country Representatives including; Oil Spill Response Managers and Personnel, Facility and Pipeline Managers, Scientists, Engineers and Other Key Oil, Government and Industry Representatives.
In attendance at the Waste-to-Energy Workshop will be Saudi Solid Waste Managers and Personnel, Energy Production Managers, Scientists and Engineers.”
CEO Diamond further states: “I am enthusiastic that the Saudi concerns cover every aspect of our technology. Their interest includes oil-contaminated-land-reclamation, oil spill preparedness, oil spill response on land and water, and municipal waste-to-energy, (carbon negative bio-char technology).
Saudi resources can include potential funding, and includes a discussed immediate need –with applications that we have already reviewed with our Saudi friends. (Applications that are appropriate candidates include the use of our MOP Maximum Oil Pickup sorbents and our new MOP RESCUE technology, such as applicable on the 1200+ mile oil saturated Saudi Arabian Gulf coastline.) We anticipate a firsthand tour of the polluted coastline since the workshops will be held within close walking distance.
The Saudi interest appears to include the desire, the inclination and the motivation, to effectuate the best and most practical answers for resolution of these and many other problems. We intend to present an academic description to members of the government and industry including comparisons of all the known alternatives. We intend to indicate what we believe are indeed the best and most practical answers to resolve these problems and why.”
Company Issues The MOP CHALLENGE to the X-CHALLENGE
Diamond said: “MOP is issuing The MOP CHALLENGE to the X CHALLENGE—we will put our oil spill response methods and products in a head to head comparison against any other oil spill response alternative using comparable X CHALLENGE contest criteria.” The Company’s Vice President Wayne King, stressed that the X CHALLENGE is perpetuating the same mistakes as the Gulf of Mexico Oil Spill response. Mr. King stated: “The boom, skim & burn mentality, blindly pervades the United States oil spill response industry. While the influential powers give lip service to avoiding hazardous chemicals, they rely on the failed methods of the Exxon Valdez spill and then, declaring ‘no alternative’, they bring in the chemicals.” Mr. King continued: “The government's own report (follow this link to government report) illustrates what a dismal failure the skim and burn response was in the Gulf. It states that skimmers effectively removed only 3% of the oil spilled. They burned more than they skimmed at 5% and claim they were ‘forced’ to use toxic chemical dispersants for only 8%!” Mr. King concluded: “The fight to open our minds to all of the possibilities is a battle that must be waged or we will condemn ourselves to repeat the agony of the Gulf catastrophe again in the next instance and those that follow, until we do open our minds to the other viable alternatives.”
CEO Diamond stated: “The influence of ‘Big Oil’ has unmistakably resulted in the degradation of achieving the stated goals of the X CHALLENGE. We are going public regarding the manner in which Shell Oil and other vested interests have sabotaged the stated noble goals of the X CHALLENGE. We chose to withdraw from the X CHALLENGE in protest and to go public with the inside story. A brief introduction to what actually took place can be found in Shell’s own words:” (Only excerpted below -The entire link has value to be reviewed.)
Shell Exploration and Production Company, a subsidiary of Shell Oil Company, has pledged its collaboration and support to the $1.4 million Wendy Schmidt Oil Cleanup X CHALLENGE. The competition aims to inspire entrepreneurs, engineers and scientists worldwide to develop innovative, rapidly deployable and highly efficient methods of capturing crude oil from the ocean surface. As part of this collaboration, Shell will help with direct support for the technical, operational and scientific components of this competition, and strive to ensure that breakthroughs resulting from the X CHALLENGE will make it into the marketplace.
Shell will work with the X PRIZE Foundation to bring in oil experts and other industry leaders to help promote, utilize and bring the winning technology to market. Additionally, Shell will have a representative on the competition’s Advisory Committee and Judging Panel. (emphasis added in above two paragraphs)
Diamond states: “In spite of their stated aims to inspire entrepreneurs, engineers and scientists worldwide to develop innovative, rapidly deployable and highly efficient methods of capturing crude oil from the OCEAN SURFACE the X CHALLENGE has been coached by private interests to adopt rules that perpetuate the single minded, failed, skimmer technologies of the past with narrow parameters that categorically exclude virtually all other innovative, rapidly deployable ENVIRONMENTALLY SAFE and LOW COST highly EFFICIENT methods of TRULY capturing CRUDE OIL from the OCEAN SURFACE that can operate UNDER ALL WEATHER CONDITIONS (Follow link to MOP as a FIRST RESPONSE excerpted from Congressional Testimony: www.togo.to/MOP-FIRST).
MOP presented an approach that we understood could exceed the 2,500 GPM performance requirement specified in their rules, together with verifiable measurement criteria at the request of X CHALLENGE (who claimed an exception might be allowable) by the Pre-Judging Review Team, but in a later meeting they persisted with a categorical rejection that a sorbent would not be considered. Our proposed solution was quick, thorough, above their criteria for recovery and worked irrespective of wave height or wind conditions, simulating ocean conditions on high seas as found in the real world.
I might point out, deploying MOP also offers the unique option of staying ahead of any spill with rapid MOP underwater deployment, while skimmers will only work after the oil is present and when set in oil that stacks up thick enough for a skimmer to pick it up. This requirement is unfortunately necessary for the skimmer to not-just pickup water.
Oil companies who never had an answer, are setting the rules of the X CHALLENGE and are not even allowing for a possible alternative to skinner technology. Their level of competence was demonstrated in the Gulf of Mexico. These “Oil Experts” that already failed to produce the answers in the Gulf, arrogantly ignore the far better prepared Europeans (such as Cedre of France who already recognize the importance of sorbent technology as the method of first choice for retrieving crude oil on the high seas.) The Shell “Oil Experts,” none of whom have yet to evaluate anything comparable to MOP, with closed minds have categorically disallowed what is arguably the best of its class sorbent technology. For this reason we pulled out of the X CHALLENGE in protest to independently demonstrate MOP under the same conditions, offers the ultimate answer for oil spill response to crude oil spills on the high seas.”
The rules that exist virtually guarantee an X CHALLENGE winner that will be unable to perform in the real life conditions of the ocean. In the ocean an oil spill is confronted with waves that are seldom only one foot, with winds of all levels and where oil spreads and seldom stacks up to an unrealistic depth of one inch. These are the unrealistic conditions used to compare the failed skimmer technology that are clearly inappropriate for the high seas. Unrealistically calm waters and oil stacked up to one inch, though unnatural for open seas, are typically used as a measure of performance criteria only for a basis of comparison among skimmers under the limited conditions skimmers can optimally operate in. These unrealistic conditions are not suitable for capture of oil spills from authentic high seas; maybe it’s ok for calm protected ocean bays, a pond, lagoon, stream or lake but definitely not applicable as an answer to address the failures of crude oil recovery from an off shore ocean based oil rig or an ocean based oil spill from an oil tanker which are the oft publicly stated goals of the X CHALLENGE.
This is only the tip of the iceberg! How and why this skewed rule adoption took place will likely become a matter of strong public concern, as will, understanding how the X CHALLENGE, under the influence of private interests, allowed this to happen. Over the next several days and weeks, we will go public with the inside details of this fascinating and disturbing story.”
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. (OTCPK: 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.
Wayne D. King (603)-786-9378
MOP Environmental Solutions, Inc.
1. The Cooperation Council for the Arab States of the Gulf (CCASG); also known as the Gulf Cooperation Council (GCC); is a political and economic union of the United Arab Emirates, Bahrain, Saudi Arabia, Oman