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Strategic Environmental & Energy Resources Announces the Formation of Paragon Southwest Medical Waste, LLC (PSMW) to Commence Large-Scale Commercial Operations with CoronaLux(TM) Technology in Southern United States
Management to Host Business Update Conference Call on Thursday, December 14, 2017 at 4:30 p.m. ET
By: Marketwired .
Dec. 7, 2017 08:31 AM
GOLDEN, CO--(Marketwired - December 07, 2017) - Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), a provider of environmental, renewable fuels and industrial waste stream management services, announced that its majority-owned subsidiary, Paragon Waste Solutions, has closed its joint venture agreement with GulfWest Waste Solutions, an owner and operator of one of the nation's few permitted medical waste incinerators located in Anahuac, Texas. The new entity will be called Paragon Southwest Medical Waste, LLC (PSMW) and will have an exclusive license to the CoronaLux™ technology in a six-state area of the Southern United States. In addition to the equity position, Paragon Waste Solutions will be the operating partner for the business and sell a number of additional systems to the joint venture over the next five years. SEER will host a business update conference call on Thursday, December 14, 2017 at 4:30 p.m. Eastern time to discuss the transaction and outlook for 2018.
Transaction Terms: PSMW is receiving its initial capitalization from a Texas-based investor group with relevant experience in the medical waste industry. PSMW will initially purchase three CoronaLux™ units from Paragon Waste Solutions which will be installed in GulfWest Waste Solutions' Anahuac, Texas permitted facility. As part of the agreement, PSMW will use cash flow from operations to purchase additional CoronaLux™ units over a five-year period. Paragon Waste Solutions will also receive $200,000 annually for providing management services to PSMW.
"This transaction validates the market demand for our superior state-of-the-art CoronaLux technology and is an exciting step in the maturation of Paragon Waste Solutions," said John Combs, SEER's CEO. "As a result of Paragon Waste Solutions' equity interest in PSMW, this agreement grants us access not only to a strong potential sales pipeline for years to come, but further demonstrates the potential for a real market disruption that brings significant economic benefits to operators using our CoronaLux™ technology."
"Our new joint venture is a monumental achievement for SEER, Paragon and the patented CoronaLux™ technology," said Dr. Fortunato Villamagna, founder and CEO of Paragon Waste Solutions. "This marks the first time this state-of-the-art technology has been implemented to replace the inefficient, negative environmental impact, traditional incineration process.
"PSMW will be headquartered in Anahuac, Texas at the original incinerator facility. Another first for the CoronaLux™ technology is that the facility will be established as a mega-site, eventually housing a large number of CoronaLux™ systems capable of destroying what is traditionally termed "incinerate only" or "bypass" medical waste in the most efficient and environmentally conscious manner in the industry. This is clearly the best available technology for this purpose, and the facility will have the capability of destroying truckloads of medical waste per day," added Dr. Villamagna.
"The development of this joint venture and replacement of the old-generation incineration process by the disruptive CoronaLux™ technology represents a milestone in the on-going and strategic roll-out program by the Paragon team, which includes George Clampitt, director of medical waste destruction systems and Michael Caruthers, operations manager," concluded Dr. Villamagna.
"GulfWest welcomes the opportunity to partner with Paragon to introduce the CoronaLux™ technology to the medical waste market in a large way," said Gregg Snyder, principal at GulfWest Waste Solutions. "We believe the CoronaLux™ units will replace medical waste incinerators over time and capture a large share of the 'incinerate only' medical waste market."
"The creation of a large regional facility capable of destroying truckloads of bypass medical waste is an incredibly important evolutionary step for the CoronaLux system that now completes a critical phase of our roll-out of the technology," said John Combs, CEO of SEER. "The Paragon systems have been shown to be many times more efficient and cleaner than old-technology incineration, by eliminating the pollution-creating mechanisms inherent in traditional incineration operations throughout the country. In fact, the ultra-clean nature of this technology allowed us to obtain our Texas air quality permits in record time, which is something we had anticipated following the previous work carried out in California and Florida.
"We welcome the opportunity to operate on a large commercial scale that will ultimately demonstrate the superiority of the CoronaLux technology. Moreover, our confidence is further supported with our new operating partners who have spent decades in and around the medical waste industry. Together with our partners, SEER and Paragon will focus all appropriate and necessary resources to accelerate the growth of the facility in order to make it the worldwide gold standard in the industry. As we conclude fiscal 2017, this partnership demonstrates our commitment to adhering to the new strategic direction we laid out in the first quarter of 2017 and we look forward to replicating this unique business model in other markets nationwide," concluded Combs.
Strategic Environmental & Energy Resources CEO John Combs, CFO Heidi Anderson and COO Richard Robertson will host the conference call, followed by a question and answer period. SEER Chairman Don Moorehead will also be joining the conference call during the question and answer period.
Date: Thursday, December 14, 2017
Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.
The conference call will be broadcast live and available for replay at http://public.viavid.com/index.php?id=127567 and via the investor relations section of the company's website at www.seer-corp.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time through February 14, 2018.
Toll-free replay number: 1-844-512-2921
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