Date: March 3, 2008
Source: Startech Environmental Corp.
Startech Environmental Corp. (OTC Bulletin Board: STHK), a fully reporting company and the internationally recognized, Award-winning environment and energy company announced today that its 2007 Year End Report, filed on schedule with the SEC, shows Shareholders' Equity in excess of $4.4 million with approximately $11.6 million in Cash on Hand, along with Plasma Converter Sales Bookings of approximately $25 million.
The Company also announced the Annual Shareholders Meeting in May in its recent filing with the SEC.
Startech VP and CFO, Peter Scanlon, said, "With sales in Asia, Europe and North America, and manufacturing well under way, the Company has never before been as strong as it is today, and getting stronger. We're all very optimistic about Startech's future."
About Startech -- The Environment and Energy Company
Startech is the internationally recognized, award-winning environment and energy industry company engaged in the production and sale of its innovative, proprietary plasma processing equipment known as the Plasma Converter System(TM).
The Plasma Converter System safely and economically destroys wastes, no matter how hazardous or lethal, and turns most into useful and valuable products. In doing so, the System protects the environment and helps to improve the Public Health and Safety. The System achieves closed-loop elemental recycling to safely and irreversibly destroy Municipal Solid Waste, organics and inorganics, solids, liquids and gases, hazardous and non- hazardous waste, industrial by-products and also items such as "e-waste," medical waste, chemical industry waste and other specialty wastes, while converting many of them into useful commodity products that can include metals and a synthesis-gas called Plasma Converted Gas (PCG)(TM).
Among the many commercial uses for PCG, is its use to produce "Carbonless Power," Gas-To-Liquid (GTL) fuels such as ethanol, synthetic diesel fuel and other higher alcohol "alternative" fuels. Hydrogen, for use and sale, can also be separated and recovered from the PCG synthesis gas mixture.
The Startech Plasma Converter is essentially a manufacturing system producing valuable commodity products from feedstock-materials that were previously regarded as wastes.
Startech regards all wastes, hazardous and non-hazardous, as valuable renewable resources and as feedstocks.
For further information, please visit www.startech.net or contact Steve Landa at (888) 807-9443, (203) 762-2499 EXT 7 or sales@startech.net.
Safe Harbor for Forward-Looking Statements
This news release contains forward-looking statements, including statements regarding the Company's plans and expectations regarding the development and commercialization of its Plasma Converter(TM) technology. All forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those projected. Factors that could cause such a difference include, without limitation, failure of the customer to obtain appropriate financing for the project, general risks associated with product development, manufacturing, rapid technological change and competition as well as other risks set forth in the Company's filings with the Securities and Exchange Commission. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement to reflect any change in the Company's expectations or any change in events, conditions or circumstances on which any such statement is based.
For more information, visit: www.startech.net.
Selected Financial Data
The following selected financial information should be read in connection
with, and is qualified by reference to, our consolidated financial statements
and their related notes and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Financial Statements and Supplementary
Data" included elsewhere in this Annual Report on Form 10-K, which are
incorporated herein by reference. The statement of operations data for the
fiscal years ended October 31, 2005, 2006 and 2007 and the balance sheet data as
of October 31, 2006 and 2007 are derived from audited consolidated financial
statements included elsewhere in this annual report. The statement of operations
data for the fiscal years ended October 31, 2003 and 2004 and the balance sheet
data as of October 31, 2003, 2004 and 2005 have been derived from audited
consolidated financial statements not included in this Annual Report on Form
10-K.
Statement of operations data: Years Ended October 31,
-----------------------------------------------------------
(in thousands, except per share data)
2003 2004 2005 2006 2007
---- ---- ---- ---- ----
Revenues............................. $70 $1,709 $290 $949 $746
Cost of revenues 49 629 69 307 301
------- ------- ------- ------- -------
Gross profit......................... 21 1,080 221 642 445
Operating expenses:
General and administrative expenses.. 1,999 2,460 3,073 3,141 3,543
Research and development expenses.... 310 353 338 325 261
Selling expenses..................... 789 929 871 683 728
------- ------- ------- ------- -------
Total operating expenses............. 3,098 3,742 4,282 4,149 4,532
------- ------- ------- ------- -------
Loss from operations................. (3,077) (2,662) (4,061) (3,507) (4,087)
Other expense (income):
Interest expense..................... 7 2 19 155 16
Other expense (income)............... 338 (30) (423) 2,955 (218)
------- ------- ------- ------- -------
Loss before income taxes............. (3,422) (2,634) (3,657) (6,617) (3,885)
Income tax expense................... - 12 22 3 5
------- ------- ------- ------- -------
Net (loss)........................... $(3,422) $(2,646) $(3,679) $(6,620) $(3,890)
======= ======= ======= ======= =======
Net (loss) per share - basic and
diluted.............................. $(0.29) $(0.16) $(0.21) $(0.34) $(0.18)
======= ======= ======= ======= =======
Weighted-average shares outstanding -
basic and diluted.................... 11,641 16,872 17,921 19,643 22,039
As of October 31,
--------------------------------------------------------
(in thousands, except per share data)
Balance Sheet Data: 2003 2004 2005 2006 2007
------------------ ---- ---- ---- ---- ----
Cash and cash equivalents $2,601 $2,401 $2,490 $2,280 $11,613
Working capital 1,446 1,720 (1,069) 661 2,249
Total assets 4,885 4,957 5,634 5,174 17,603
Total stockholders' equity 3,388 3,621 1,653 1,506 4,412
Long-term obligations 4 - - - -
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