Umbra Applied Technologies' Energy Subsidiary to Reach Profitability
(firmenpresse) - SHORT HILLS, NJ -- (Marketwired) -- 06/29/15 -- Umbra Applied Technologies Group (OTC: UATG) announced today the launch of Umbra Exploration as the new entity that will house existing oil & gas operations previously branded under Intrepid Energy. Chairman and Chief Executive Officer Alex Umbra states, "Over the past 4 months we have been focusing on efficiencies. We have streamlined our operations throughout the company and have made some tough choices. As everyone knows, the Oil and Gas industry has had a challenging year and the challenges presented by the marketplace forced us to improve on functional items with direct results. We have reduced our expenditures and for the first time since this division's inception, UATG's Oil and Gas business is going to be revenue positive."
The choices by management seem to have paid off as the division exceeded previous projections and is now projected to show a profit. Alex Umbra stated, "The profitability should commence early in the third quarter." Umbra also explained that, "Reaching this milestone would allow the company to further its goal at establishing an 'Energy Farm' that would showcase UAT's GreenTech initiatives integrated with Umbra Exploration"
Alex Umbra further commented that, "When we started this company three years ago, we told everyone that we would not be cash flow positive nor would we launch our first product until 2017. Six months ago we realized that we were ahead of schedule by almost 18 months. We decided to utilize the time surplus to become more efficient, ensuring a more profitable company before we launched our first product. We have and continue to become more efficient, profitable, and with the launch of the UBR-16, we expect revenue to increase many times over by year end".
The company has alluded to many changes that have been made and even hinted at exciting news in the future. The announcement of future products on the horizon, the hiring of a new CFO and many other employees, the release of the much anticipated UBR-16 around the corner and the build out of a new secured UAT ARMS office to be launched in July, it would appear that UATG is gaining momentum and building real value. This exciting new company would seem to be in the early stages of growth with a lot of potential for long term shareholder value.
This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
Investor and Media Contact
Steffan Dalsgaard
CEO - Everest Corporate Advisors, Inc.
(702) 902-2361
(702) 982-1339
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Datum: 29.06.2015 - 13:15 Uhr
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News-ID 403574
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