ORLANDO, Fla., April 16, 2020 (GLOBE NEWSWIRE) -- via NetworkWire - National Storm Recovery Inc. (OTC: NSRI), a provider of tree services, debris hauling, removal and bio-mass recycling, manufacturing, packaging and sales of next-generation mulch products, today provides a corporate update on first-quarter sales and management’s strategies to support employees and shareholders amid the coronavirus pandemic.
First-Quarter Revenue, Anticipated Demand
Management enjoys long-standing, strong relationships with the Company’s customers, including big box retailers that are considered "essential businesses." As a result, revenues from the Company’s recently acquired Mulch Manufacturing subsidiary were $7.3 million for the first quarter of 2020.
“At a time when many businesses are struggling, we are fortunate to announce that our sales remain strong; for the week of April 6-April 10, 2020, alone we achieved sales exceeding $920,000,” stated NSRI CEO Anthony “Tony” Raynor.
“Of considerable importance is that with many states issuing ‘stay at home orders,’ many people are focused on improving or maintaining the state of their yards and buying mulch. We are prepared to meet consistent and even increased demand for our mulch products with approximately $10.2 million in inventory as of March 31, 2020, the end of our first quarter,” added Raynor.
Activation of Payroll Protection Program
Though cash flow remains strong, its Mulch Manufacturing subsidiary has applied for and has been approved to receive $1,458,200 in funding under the Payroll Protection Program recently enacted by Congress.
Despite layoffs and furloughs across the country, NSRI and its subsidiaries have not laid off any of its 175+ employees. The Company plans to use the funding primarily for payroll; as such, the loan of $1,458,200 will be forgiven in entirety, by the federal government.
This will effectively decrease the Company's expenses, thereby increasing margins and resulting in a direct increase of $1,458,200 to earnings, when the loan is forgiven.
“As our country and the rest of the world faces the effects COVID-19, we remain 100% committed to our customers, shareholders and vendors,” stated Raynor. “We will continue to provide the market with high quality products and services that continue to drive growth for our employees and shareholders.
“Ultimately, it is our family of employees and the support of their families, as well as their tireless commitment during these difficult times, that are responsible for our ability to continue serving our customers, communities and our shareholders. They are the ones that have made it possible for the Company to thrive and grow when so many others are struggling to stay afloat. For that, I remain proud of and grateful for their hard work and unwavering dedication."
About National Storm Recovery
National Storm Recovery, Inc. through our subsidiaries, including Mulch Manufacturing, provide, mulch manufacturing, packaging and sales of organic, next-generation mulch products. These products are produced using feedstock secured using recycled tree debris collected from our tree services, debris hauling and removal subsidiary, National Storm Recovery, LLC, as well as through sustainable environmentally responsible harvesting methods. The Company was established with the objective of providing a solution for the treatment and handling of tree debris that has historically been disposed of in landfills, creating an environmental burden and pressure on disposal sites around the nation. The Company and its Sustainable Green Team’s solutions are founded in sustainability, based on vertically integrated operations that begin with collecting tree debris through its tree services subsidiary, and collection sites, then through its processing sites, recycling and using that tree debris as a feedstock that is manufactured in to a variety of organic, attractive, next-generation mulch products that are packaged and sold to big box retailers, landscapers, installers and garden centers. The Company plans to expand its operations through a combination of organic growth, its strategic partnership with a large national waste disposal company and strategic acquisitions that are both accretive to earnings and are positioned for rapid growth from the resulting synergistic opportunities identified. The Company’s customers include governmental, residential and commercial customers and now big box retailers. To learn more about National Storm Recovery, visit www.nationalarborcare.com.
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Safe Harbor Statement
This news release may include forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended. No information in this press release should be construed as any indication whatsoever of the Company's future financial results, revenues or stock price. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein.
NSRI Contact:
Tony Raynor, CEO
info@nationalarborcare.com
Corporate Communications:
InvestorBrandNetwork (IBN)
Los Angeles, California
www.InvestorBrandNetwork.com
310.299.1717 Office
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