Company's Goal Is to Achieve Fully Reporting Status in Fourth Quarter This Year
COMMERCE CITY, CO -- (MARKET WIRE) -- 06/12/08 -- Strategic Environmental & Energy Resources, Inc. (SEER) (PINKSHEETS: SENR), a leading provider of technology-based industrial services in the environmental, energy and rail transportation sectors, today announced significant progress toward finalizing in the current third quarter its 2007 and 2006 audited financial statements and becoming a fully reporting company late in 2008.
J John Combs III, president and CEO of SEER, said, "We are committed to concluding our audits in a timely manner and transitioning to fully reporting status late this year as a means of providing investors with complete information and qualifying the Company's stock for listing on a national securities exchange. Accordingly, we have engaged GHP Horwath, P.C., a prominent Colorado-based accounting firm as SEER's PCAOB registered independent accounting firm. We have also retained Dieterich & Mazarei, a Los Angeles-based law firm that specializes in securities law and will oversee the SEC filing process in conjunction with our internal accounting team."
On January 22, 2008, SEER announced the acquisition of REGS, LLC, a leading provider of technology-based industrial services, and Tactical Cleaning Company, LLC, a dedicated fixed and mobile railcar and tanker truck cleaning company. Because both were privately held Colorado limited liability companies, SEER is required to complete two years of audited financial statements for each company in order to achieve fully reporting status under guidelines established by the SEC.
Combs said the Company intends to release its audited financial statements once both years are completed and thereafter begin reporting quarterly and year-to-date financial results in conformance with standard public company reporting practices and deadlines.
"We are very pleased with our progress toward these important reporting milestones and look forward to informing our stockholders regarding our financial and operating results, as well as the progress we have made toward our organic growth objectives since we completed our acquisitions in January of this year," Combs said. "Both the domestic and international environmental and energy industries offer tremendous growth opportunities and we believe we are well positioned both in terms of our expanding geographic footprint and services portfolio to take advantage of these opportunities."
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. is a leading provider of technology-based industrial services in the environmental, energy, and rail transportation sectors. The Company has two operating subsidiaries: REGS, LLC (d/b/a Resource Environmental Group Services), which provide industrial services to companies in the petroleum, industrial, manufacturing, and medical industries as well as to university, government and environmental consulting sectors; and Tactical Cleaning Company, LLC, a dedicated fixed and mobile railcar and tanker truck cleaning company with operations in Colorado, Nebraska, Pennsylvania and Oklahoma, with immediate plans to expand into additional states. Together, REGS and Tactical Cleaning provide industrial and tank cleaning services, hydroblasting services, environmental construction services, management and transportation of industrial wastes, railcar and tanker truck cleaning, sludge dewatering services, and general environmental and waste management services.
For more information, go to: http://www.seer-corp.com http://regsindustrial.com
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. Specifically, statements about growth objectives, meeting reporting deadlines and requirements, potential stock exchange listing, and efficacy of our services are forward-looking statements. 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. 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.
Contacts: Company Contact: J John Combs III President Strategic Environmental & Energy Resources, Inc. 303-295-6297 Investor Relations Contact: Jay Pfeiffer Pfeiffer High Investor Relations, Inc. 303-393-7044 Email Contact
Released June 12, 2008