HOUSTON, Sept. 05, 2017 (GLOBE NEWSWIRE) -- Vertex Energy, Inc. (NASDAQ:VTNR), a refiner and marketer of high-quality specialty hydrocarbon products, announced today that some of its business operations were affected by the recent tropical storm Harvey and the resulting flooding conditions throughout Texas.
Benjamin Cowart, CEO of Vertex Energy, Inc., stated, "We continue to assess the current facility status to determine the impact of the tropical storm. Our first concern is that our employees are safe. They are secure and have been resilient during this very difficult time. They are taking steps to ensure their families are protected."
Cowart commented, "Secondly, we have experienced some damage to our facilities and we will continue to assess over the next few weeks, along with the impact of the interruptions to the business operations. Due to the storm and floods, we were unable to mobilize our collection operations other than on a very limited basis from August 25 to September 1 in the Houston and Corpus Christi, Texas, and Louisiana markets. In addition, we were unable to receive third party supply in our Houston market during this period. Despite this set-back, our Marrero and Heartland facilities are running at normal capacities."
Cowart added, "Our team continues to evaluate our plants, routes, and business operations. However, with the disruptions we have experienced over the last week, we believe that our financial results in the third quarter will be impacted. Based on delays in supply and logistical challenges, such as the Houston ship-channel being shut-down during this period and additional logistical challenges during the upcoming days, we anticipate having to lower rates at our Marrero facility because of feedstock availability."
Cowart concluded, "Despite this tropical storm disaster, we continue to work diligently and are committed to strengthen our business operations and financial results. In addition, we are grateful to our employees for their continued service, along with our shareholders who contacted and wished us well."
ABOUT VERTEX ENERGY, INC.
Vertex Energy, Inc. (VTNR) is a specialty refiner and marketer of high-quality hydrocarbon products. Our business divisions include aggregation and transportation of refinery feedstocks such as used motor oil and other petroleum and chemical co-products to produce and commercialize a broad range of high purity intermediate and finished products such as fuel oils, marine grade distillates and high purity base oils used for lubrication. Vertex operates on a regional model with strategic hubs located in key geographic areas in the United States. With its headquarters in Houston, Texas, Vertex Energy's processing operations are located in Houston and Port Arthur (TX), Marrero (LA), and Columbus (OH). For more information on Vertex Energy please contact Porter, LeVay & Rose, Inc.'s investor relations representative Marlon Nurse, D.M. at 212-564-4700 or visit our website at www.vertexenergy.com.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management’s view of Vertex Energy’s future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “hopes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.