EPA to Revise Definition of Solid Waste
The U.S. Environmental Protection Agency has proposed to modify the definition of solid waste rule to streamline regulation of hazardous secondary materials and encourage recycling of such materials as solvents, metals, and certain other chemicals. "This proposal recognizes that recycling secondary materials can both help the environment and reduce costs," said Susan Bodine, assistant administrator for EPA's Office of Solid Waste and Emergency Response. "By encouraging legitimate recycling practices that are environmentally protective, this proposal presents a win-win for the environment and for the economy."...Read More »
BFI Canada Income Fund to Raise $80.9 Million
BFI Canada Income Fund (TSX: BFC.UN) plans to sell 3.1 million units at a price of $26.1 per unit in order to raise $80.9 million (US $68.5 million). The underwriting syndicate is led by CIBC World Markets Inc. who collectively have a 30-day option to purchase up to an additional 465,000 units to cover any over-allotments. Management plans to use the proceeds for general corporate purposes and to repay revolving credit facility advances...Read More »
Bill to Stem Canadian Trash Clears House Subcommittee
Two Michigan congressmen have resurrected a bill to stem the flow of waste from Canada. The bill, which gives individual states more power to limit international waste imports until the EPA issues specific regulations, cleared a the House Energy and Commerce Committee's Subcommittee on Environment and Hazardous Materials. A similar bill was approved by the House last year but failed to advance in the Senate...Read More »
Clean Harbors Posts Record Fourth Quarter and Year-End 2006
Clean Harbors Inc. posted very strong financial results for both its fourth quarter and year ended December 31, 2006. Revenues for the quarter jumped 20% to $231.8 million while net income rose to $11.4 million ($0.56 per share) from $7.9 million ($0.43 per share) in the fourth quarter of 2005. "[It] was a strong conclusion to the best year in Clean Harbors' history," said Alan S. McKim, Chairman and CEO who cited "solid demand across our business lines and good weather", among other factors. For 2007, the company expects revenue gains of 8 or 9 percent to about $900 million despite an expected slow first quarter...Read More »
Another "No-Show" Sentenced in Danbury "Mob Tax" Scandal
More sentences have been doled out in the ongoing prosecution of the Danbury Connecticut mob garbage scandal. Two individuals were sentenced separately for so-called "no-show" employment schemes whereby they received bribes from Danbury Connecticut-based Automated Waste Disposal owned by James Galante. In December, alleged Genovese crime family boss Matthew "Matty the Horse" Ianniello, 86, acknowledged in court that he participated in a so-called property rights scheme in which trash haulers carved out routes for each other and agreed not to poach customers. Companies owned by Galante allegedly paid a quarterly "mob tax" to Ianniello in exchange for mob muscle to further stifle competition...Read More »
EPA Will Reconsider Standards for MSW Combusters
The EPA received petitions to reconsider its "Standards of Performance for New Stationary Sources and Emission Guidelines for Existing Sources: Large Municipal Waste Combustors." Its final rule was published on May 10, 2006. In response, the EPA will hear arguments on three aspects of the rule: operator stand-in provisions, data requirements for continuous monitors, and the status of operating parameters during the 2 weeks prior to mercury and dioxin/furan testing...Read More »
Avalon Holdings Corp. Reports Fourth Quarter Results
Avalon Holdings Corp. (AWX) reported that net income for the fourth quarter ended Dec. 31, 2006, rose to $343,000 from $333,000 in the year-ago period. Earnings per basic share were unchanged at $.09...Read More »
U.S. Microbics Searching for U.S. Environmental Acquisitions
U.S. Microbics (OTCBB: BUGS) hopes to make acquisitions on the order of $5-20 million in the US to diversify its revenue base that has been increasingly weighted towards Mexico via subsidiary company Sub-Surface Waste Management. Ideal candidates would be those who could use the Company's technology, provide complimentary technologies or distribution channels for its soil and groundwater remediation technologies and agricultural growth enhancement products...Read More »
Advanced Environmental Posts Drop in Net
Advanced Environmental Recycling Technologies, Inc. (Nasdaq: AERT), posted a drop in net income in both the fourth quarter and year ending December 31, 2006 despite a 12% rise in revenues for the year. Net income for the year fell to $1.8 million ($0.04 per share) from $7.8 million ($0.19 per share) last year. Revenues advanced to $97.8 million for the year. AERT has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials, including outdoor decking, fencing and window and door components...Read More »
Environmental Management Solutions Appoints New CFO
Environmental Management Solutions Inc. (EMS.TO), a Canadian environmental services company, appointed Raymond Castonguay to the post of Chief Financial Officer. Prior to joining EMS, Castonguay was Vice-President Finance and CFO for the Canadian subsidiary of a multinational pharmaceutical company. EMS specializes in the management of organic-based waste streams and contaminated soils, with an emphasis on beneficial reuse...Read More »
Converted Organics Converts Units into Stock and Warrants
Converted Organics Inc. said the Units issued in connection with its IPO have been separated into common stock and warrants. The stock and each warrant now trade individually on the Nasdaq under the symbols: COIN for the common stock, COINW for the Class A warrants and COINZ for the Class B warrants. The Units have ceased to trade. The Units had traded under the symbol COINU since the Company completed its initial public offering. Each Unit was comprised of one share of common stock, one Class A warrant and one Class B warrant...Read More »
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