VANCOUVER, British Columbia, Nov. 18, 2004 (PRIMEZONE) -- ManageIR.com, an online community of growth investors, today announced the growth plans of Veridium Corporation (OTCBB:VRDM), which were discussed by Veridium's chairman and chief executive officer during an interview on The Big Business Show on www.worldtalkradio.com October 18.
Veridium is a unique environmental services provider that uses its patented and proprietary green technologies to recycle and mine commodities from industrial hazardous wastes.
Kevin Kreisler, Veridium's chairman and chief executive officer, discussed Veridium's acquisition and growth plans during the recent interview, stating "Our focus is now shifting from the now-complete integration of the acquisitions we completed in 2003 to accelerated growth through organic sales and acquisitions. Our model is based on scale -- the profitability of our proprietary hazardous waste recycling operations increases with volume. Acquisitions are inevitable for us and we are currently looking at a number of qualified targets that are accretive to our operations."
Veridium recently reported second-quarter revenues of $3.7 million for the quarter, up $3.1 million over the three month period ended June 30, 2003. The revenues during the second quarter also corresponded to a sequential revenue increase of 19 percent over the first quarter of this year. The increased revenues during the second quarter 2004 were due to Veridium's expanded operations resulting from the acquisitions completed during 2003.
Revenues for the six months ended June 30, 2004, were $6.8 million, compared with $4.1 million for the same period last year. Net loss for the first six months of 2004 was $112,000 compared with a net loss of $1.2 million for the six months ended June 30, 2003.
"We continued our improvements from the first quarter this year into the second quarter 2004," said Kreisler in Veridium's second quarter earnings announcement. "We surpassed our revenue guidance and successfully increased cost-efficiencies for increased margins. We expect to realize even further efficiencies in line with continued increases in sales, and we project continued increases in revenue and earnings as we move into the seasonally stronger third and fourth quarters of the year."
About Veridium Corporation
Founded on the premise that environmentally superior results can be cost-effective, Veridium is setting a new standard for environmental service with its focus on the use of state-of-the-art green technologies to recycle, reuse and mine commodities from industrial hazardous wastes. Veridium's patented and proprietary technologies allow it to offer a uniquely broad array of competitively priced industrial hazardous waste recycling services. Veridium's mission is to minimize and eliminate the need for disposal and reduce the burden on natural resources by recycling, reusing and mining all reusable resources from industrial hazardous wastes in a safe, compliant and profitable manner. Additional information on Veridium and its business model is available online at www.veridium.com.
About ManageIR.com Inc.
ManageIR.com is not a registered investment advisor or broker-dealer. This news release is provided as an information service only, and the statements and opinions in this report should not be construed as an offer or solicitation to buy or sell any security. ManageIR.com accepts no liability for any loss arising from an investor's reliance on or use of this report. An investment in VRDM is considered to be highly speculative and should not be considered unless a person can afford a complete loss of investment.
Safe Harbor Statement
The foregoing discussion contains forward-looking statements that are based on current expectations. Actual results, including the timing and amount of anticipated revenues, any implications with respect to shareholder wealth, or Veridium's ability to scale its operations, may differ due to such factors as: regulatory delays; dealings with governmental and foreign entities; economic and other conditions affecting the financial ability of actual and prospective clients; and other risks generally affecting the financing of projects. Additional risks associated with Veridium's business can be found in Veridium's Annual Report on Form 10-KSB for the year ended December 31, 2003, and other periodic filings with the SEC. Veridium trades on the over-the-counter bulletin board maintained by the NASD under the symbol VRDM.
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