Company Reiterates Full Year 2017 Revenue Guidance of $60 Million to $70 Million
LEWIS CENTER, OH–MEEC, (Marketwired – March 07, 2017) – Midwest Energy Emissions Corp. (OTCQB: MEEC) (“ME2C” or the “Company”), a leader in mercury emissions control in North America, has provided a corporate update and announced it has secured an order in excess of $1,000,000 for a new injection system for a large fleet owner of electric generating units (EGU’s) which uses ME2C’s proprietary Sorbent Enhancement Additive (SEA™) Technology.
- ME2C currently has over 20 potential customer EGU’s under consideration in varying stages of testing, demonstration and contract negotiation.
- ME2C’s efforts to expand into the Canadian market continue to progress, with testing to commence in the near term on two EGU’s. This testing of ME2C’s SEA™ Technology will demonstrate how our technologies improve both the cost of compliance and efficiency of the ME2C approach for the entire fleet.
- The Company’s recently announced mercury control product for preventing scrubber reemission events is moving forward aggressively, with over 150 opportunities across the nation being targeted. ME2C’s first, full-scale demonstration is expected to take place in April with a large fleet opportunity. The addition of the scrubber reemission product to the Total Mercury Control product line complements existing, patented technologies and further improves the effectiveness and cost savings of the ME2C Mercury Capture Programs.
- In February, ME2C reported preliminary fourth quarter and FY 2016 revenues, expecting total revenues for the fourth quarter of 2016 to be in excess of $7.8 million, an increase of at least 29% when compared to revenue of $6.1 million in the fourth quarter of 2015. The Company expects total revenues for 2016 to be in excess of $32.3 million, an increase of at least 156% when compared to revenue of $12.6 million in 2015. The Company will release its year end results in late March, and reiterates expected 2017 revenues of between $60 million to $70 million.
“Our recent injection system order is for a redundant, robust, long term application of our patented SEA Technology system,” said Richard MacPherson, President and CEO of ME2C. “Although this one contract is small in nature, we are confident that it will lead to several other opportunities throughout this customer’s fleet. We currently have the most robust pipeline in the Company’s history, with over 20 units in varying stages of the sales process. We have not experienced any slowdown in the testing at EGUs and expect this to continue for the foreseeable future. Given our significant pipeline, we hope to announce additional contract wins in the near future, which will lead to long-term revenue that is essentially, recurring in nature.”
“We are very pleased with our significant progress to-date, which is evidenced by our record 2016 revenues, significant pipeline of opportunities, new products and international expansion. Looking ahead, we will continue to drive recurring revenue and shareholder value by continuing to execute on our current client base while securing additional long-term agreements. In summary, we look forward to another record year for ME2C,” concluded MacPherson.
About Midwest Energy Emissions Corp. (ME2C)
Midwest Energy Emissions Corp. (OTCQB: MEEC) delivers patented and proprietary solutions to the global coal-power industry to remove mercury from power plant emissions, providing performance guarantees, and leading-edge emissions services. The U.S. Environmental Protection Agency (EPA) MATS rule, which has been subject to legal challenges, requires that all coal- and oil-fired power plants in the U.S., larger than 25 mega-watts, must remove roughly 90% of mercury from their emissions starting April 15, 2015. ME2C has developed patented technology and proprietary products that have been shown to achieve mercury removal levels compliant with MATS at a significantly lower cost and with less operational impact than currently used methods, while preserving the marketability of fly-ash for beneficial use. For more information, please visit www.midwestemissions.com.
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With the exception of historical information contained in this press release, content herein may contain “forward-looking statements” that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by using words such as “anticipate,” “believe,” “plan,” “expect,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. Matters that may cause actual results to differ materially from those in the forward-looking statements include, among other factors, the gain or loss of a major customer, change in environmental regulations, disruption in supply of materials, capacity factor fluctuations of power plant operations and power demands, a significant change in general economic conditions in any of the regions where our customer utilities might experience significant changes in electric demand, a significant disruption in the supply of coal to our customer units, the loss of key management personnel, availability of capital and any major litigation regarding the Company. In addition, this release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. The Company does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance related to forward-looking statements contained in this release can be found in the Company’s periodic filings with the Securities and Exchange Commission.
Chief Executive Officer
Midwest Energy Emissions Corp.