Paragon Southwest Medical Waste, LLC announces the completion of its growth capital funding and the expansion of its Anahuac, TX facility that includes a $2M purchase order for 4 new Paragon CoronaLux™ systems to be installed at the facility Q1 2020
GOLDEN, CO / ACCESSWIRE / November 21, 2019 / Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB:SENR), a provider of environmental, renewable fuels and industrial waste stream management services, announced today that its majority-owned subsidiary, Paragon Waste Solutions (PWS), has received an order for four additional Paragon waste destruction systems to be installed at the medical waste treatment facility in Anahuac, Texas. The facility is PWS' newest venture: Paragon Southwest Medical Waste (PSMW). It was initially funded and commissioned with three Paragon systems in February of 2018 and achieved full capacity by mid-2019. A persistent marketing and promotional campaign has now resulted in a rapid and very significant increase in demand for Paragon's patented non-incineration, thermal destruction technology necessitating immediate expansion.
"The development of this joint venture and replacement of the old-generation incineration process by the disruptive CoronaLuxTM technology represents a milestone in our on-going and strategic national roll-out program by the Paragon team," said Dr. Fortunato Villamagna, CEO of PSMW and President of PWS.
With the support of GulfStar Group (a leading middle-market investment banking firm), PSMW has completed a second round of funding which will allow PSMW to more than double its capacity at the Anahuac facility by adding 4 new Paragon systems to the 3 already operating at capacity. "The expansion project has already started, and the 4 new CoronaLux™ units, totaling approximately $2M, have been ordered and are expected to be delivered and on line very early in 2020. This will more than double current throughput of the facility," said Villamagna.
"Our superior environmental performance, when compared to incineration, and unparalleled value of our service has distinguished PSMW as the most cost-effective and environmentally safe method for thermal destruction of "incinerate only" or "by pass" medical waste," said Dr. Villamagna. "Having established and proven our environmental superiority, waste streams for our new capacity have already been secured from responsible and forward-looking hospitals in the region. The manufacture and delivery of the new systems will be expedited so we can meet this demand as soon as possible. Our approach and disruptive technology are finally paying off. Our proven and reliable performance, with a distributive model that places small, regional destruction facilities close to the customer thereby minimizing transport, associated liability and costs, combined with a far cleaner and more environmentally friendly solution are and will remain the hallmarks of Paragon and its future," added Villamagna.
"There appears to be an increasing awareness within the medical industry as to the detrimental effects of incinerating medical waste using traditional methods," said John Combs III, CEO of SEER. "As a result of this industry shift, hospitals are now seeking more responsible and cleaner waste destruction methods and Paragon is the most viable and available alternative. We have been predicting and waiting for this industry shift by the hospitals and medical industry; an industry that now generates more than 5 million tons of waste each year. The market shift toward a cleaner and more responsible way to treat medical waste positions SEER's CoronaLux patented technology to create a paradigm shift in the way medical waste is destroyed. We believe this trend will become the gold standard across the nation and, eventually, abroad," said Combs.
"Beginning in California, where we have been fully permitted and operating since 2017, we are in the process of implementing our next stages of a national rollout. The significant economic benefits of the CoronaLux technology and the tangible, demonstrable environmental benefits for us all provides sustainable value to our stakeholders will ultimately lead to success for the company," concluded Combs.
About Paragon Waste Solutions
SEER's majority-owned Paragon Waste Solutions is at the technological forefront of the waste management and destruction industry. Paragon's patented CoronaLux™ system uses a low-energy, plasma-enhanced pyrolytic process to safely and reliably destroy hazardous, chemical, biological, pharmaceutical and regulated medical waste. The system also eliminates harmful emissions associated with high-temperature thermal alternative processes such as incineration and conventional hot plasma. The result is tremendous cost savings for waste producers and a much cleaner, safer environment. Initial CoronaLux™ installations have addressed the medical waste market where prevailing destruction methodologies are not available or antiquated, costly and create harmful emissions through incineration or high-energy plasma treatment. Eventually, the Company intends to deploy its CoronaLux™ technology into the oil and gas refinery sector, where the mandated destruction of volatile organic compounds, or VOCs, is currently costly and inefficient. The Company's CoronaLux™ technology is the industry's cleanest and most effective solution for most types of solid waste destruction; appropriate for on-site, mobile or centralized collection applications. For more information about PWS, please click here.
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB:SENR), identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has three wholly-owned operating subsidiaries: REGS, LLC; MV Technologies, LLC and SEER Environmental Materials, LLC; and three majority-owned subsidiaries: Paragon Waste Solutions, LLC; and ReaCH4biogas ("Reach") and Pellechar, LLC. For more information about the Company visit: www.seer-corp.com.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of various provisions of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, commonly identified by such terms as "believes," "looking ahead," "anticipates," "estimates," and other terms with similar meaning. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can give no assurance that these assumptions will prove to be correct. Such forward-looking statements should not be construed as fact. Statements in this press release regarding future performance or fiscal projections, the cost effectiveness, impact and ability of the Company's products to handle the future needs of customers are forward-looking statements. The information contained in such statements is beyond the ability of the Company to control, and in many cases the Company cannot predict what factors would cause results to differ materially from those indicated in such statements. All forward-looking statements in the press release are expressly qualified by these cautionary statements and by reference to the underlying assumptions.
SOURCE: Strategic Environmental & Energy Resources, Inc.
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Released November 21, 2019