LOS ANGELES, May 15, 2003 (PRIMEZONE) -- ManageSource Research, RIA announced today that it has initiated coverage of Environmental Solutions Worldwide, Inc. (OTCBB:ESWW) with a Buy rating and a twelve-month target of $1.02 -- $1.13. ESW recently reported stronger than expected Q1 '03 results. Revenue of $547,446 was up 39.19% Y-Y and Net Income of ($114,916) represented a 76.32% rise from the same period one year prior. ManageSource is citing the strong fundamentals, liquidity and recent product certifications in Mexico and Canada as the primary basis for their recommendation.
ManageSource President, Douglas Rogers, commented: "We actually revised our targets upward just prior to release due to the Company's strong numbers and product certifications in both Mexico and Canada during Q1 '03. In addition, market support for shares of ESWW has been exceptionally strong recently despite substantial pressure from short positions that haven't been covered yet. The investment community is clearly demonstrating its support for the issue."
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