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VeruTEK Technologies Inc. (OTCBB:VTKT), an international environmental technologies company, announced today its financial results for the period ending June 30, 2008 (see www.verutek.com for Form 10-Q). For the period ending June 30, 2008, revenues were approximately $264,000 and the net loss was approximately $169,000. The Company had $5.4 million in cash on hand at the end of the period.
The second quarter of 2008 was pivotal for the Company. The Company raised approximately $5.8 million from a private placement offering (net of transaction related expenses of approximately $0.5 million), which the Company expects to use to broaden market awareness and drive further adoption of its green chemistry solutions
VeruTEK has developed soil remediation technologies that enable a controlled dissolution and desorption process, eliminating the need for costly excavation. The company implements site specific remedies with designer surfactant/oxidant combinations that are environmentally safe and non-intrusive to the nearby community.
During the second quarter VeruTEK began implementing four such field projects, including remediation of subsurface coal tar at former two manufactured gas plant sites; oils at a paper company; and chlorinated solvents, and legacy MTBE from gasoline and other petroleum products from historical spills from underground tanks.
VeruTEK currently has contracts for engineering optimization studies in its laboratories for remediation of creosote for a large Superfund site in Louisiana, a landfill in the northeast, industrial surfactant sites in the Midwest, several manufactured gas plant sites, and other projects in the United States and Europe.
Subsequent to June 30, 2008, VeruTEK and FMC (www.fmc.com) signed a Cooperative Agreement for the distribution of VeruTEK solutions. Also, VeruTEK began its fifth field implementation project marking the entry into a fourth state (Florida).
In July, VeruTEK sponsored a one-day conference, Smart Environmental Remediation Technologies- Green, Sustainable, In Place and Effective, The Future is Now, which included over 200 participants from industry, government and academia (including 20 participants from Fortune 500 companies). The company expects to host its second conference, Smart Environmental Remediation Technologies II - Reducing Financial Reserves By Using New Technologies to Accelerate Cleanup, on November 12, 2008 at the Grand Hyatt in New York City.
John Collins, the CEO of VeruTEK stated, "We continue to make progress toward our goal of becoming the leader of green, sustainable and effective remedies to environmental problems. We expect the third and fourth quarters (2008) to show continued evidence of our progress."
About VeruTEK Technologies Inc.
VeruTEK (OTCBB:VTKT) provides proprietary, patent-pending, green nanotechnology solutions for cleaning up the environment.
Safe Harbor Statement
This release may be deemed to contain forward-looking statements that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about the industry and markets in which VeruTEK operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict, and do not give effect to the potential impact of any mergers, acquisitions, divestitures, or business combinations that may be announced or closed after the date hereof. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing VeruTEK's expectations or beliefs as of any future date. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include: VeruTEK's substantial indebtedness, VeruTEK's limited operating history, VeruTEK's historically variable operating results, dependence on a limited number of customers, VeruTEK's dependence on a single supplier, volatile capital spending in the environmental remediation industry, and other risk factors described in our most recent filings with the Securities and Exchange Commission. Our results of operations for the periods presented in this release are not necessarily indicative of our operating results for any future periods.
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VeruTEK Technologies Inc.
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