(MENAFN- ProactiveInvestors)
() which has a patented process to convert liquid waste into a hydrogen-based fuel and has been ramping up sales recently posted overall revenues of US$545648 in the quarter ending March 31 2015 or 185 percent higher year over year.
Revenue from its primary metal cutting segment increased 305.1 percent to US$522315 year over year thanks to the acquisition of Equipment Sales and Service Inc. (ESSI) which added new customers and offered opportunities to market 2(R) fuel to existing ESSI customers.
Operating expenses increased to $1476254 for the period ending March 31 2015 versus $971295 for the same period 2014 because of operating costs associated with the ESSI acquisition.
said in a statement that gross margins remained flat at 45% despite the introduction of the new 2(R) product line still the company can boast a cash balance of $4139699 as of March 31 2015 reflecting increasing sales:
"We are making steady progress as evidenced by our increased sales and addition of premier customers including a top five U.S. utility company one of the largest cement companies in North America the Fire Department of NY and fire departments nationwide among others. These high profile customers and early adopters validate our technology as continues to gain industry recognition as a safer and more effective alternative to acetylene" said ’s CEO Ermanno Santilli.
The company’s promising hydrogen-based fuel is looking to make waves in the industry as a greener natural gas alternative that has lower emissions than any fossil fuel currently on the market.
has also launched an aggressive sales effort for liquid waste processing pursuing international customers through social media industry events and a network of independent brokers.
In March 2015 hosted the World Water Day Summit at the United Nations Headquarters in partnership with The Jack Brewer Foundation (JBF Worldwide) and the U.S. Federation for Middle East Peace (USFMEP) to raise awareness for the company’s technology capable of sterilizing waste water and liquid manure for agricultural use in order to save potable water for other purposes.
Several developing nations have expressed interest in purchasing and using ’s technology.
The company is also making progress in the marketing of 2(R) for the co-combustion of hydro-carbon fuels with greater efficiency and the significant reduction of emissions.
"We are extremely encouraged by the outlook for this business line as it has the potential to save customers millions in costly retrofits to meet new environmental regulations. We look forward to providing further updates in the near future" said Santilli.
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