DENVER, CO — (Marketwired) — 12/12/13 —
To the shareholders of Vista International Technologies, Inc. (OTCQB: VVIT)
As 2013 comes to a close, the management and board of directors of Vista International Technologies, Inc. felt it was important to update the shareholders on significant events ongoing within the company, and our expectations for the future, in both segments of our business.
Tire Processing
Our tire processing facility in Hutchins, is the only facility in the Dallas Fort Worth Metroplex that is approved to both process and store waste tires. We generate revenue at the facility through disposal (tipping) fees as well as sales of processed tire material. 2013 was a solid year at the facility. The company had steady production at the facility for the first half of the year, performed some equipment upgrades over the summer, and has ramped up production toward the close of the year. The upgrades have allowed the company to reduce utility costs by 25-35% on average, making the facility much more efficient. During 2013 the company also began providing processed tire material to a new customer, a relationship that should generate over $50,000 in additional revenue in 2014. Aside from this new customer, the company expects to see facility revenue increase by $125,000-150,000 in 2014 due to increases in disposal and TDF contract pricing, and the lack of downtime for major maintenance to the facility. In addition, the facility continues to reduce its existing tire inventory, and will continue to do so in 2014, thus reducing environmental liability expense.
Gasification
The company–s biggest achievement in 2013 was the commencement of construction on the company–s waste-to-energy pilot project in the northeastern US. This project will be the first installation of the third generation of the company–s patented Thermal Gasifier technology. The project is moving along steadily with components currently being shipped to the site, and startup of the facility expected in the first quarter of 2014. The company expects this project to contribute over $300,000 in revenue to the company in 2014, and the project will both provide critical emissions data and serve as a showcase for the Thermal Gasifier for years to come. The company is also in discussions with multiple parties in the US and Europe regarding future projects, and expects to commence development on 2-3 new projects in 2014.
Financial
Revenue growth and cost cutting measures over the past 18 months have greatly benefitted the Company–s bottom line. The company is currently operating with positive cash flow and expects to be net income positive for 2014, excluding certain one-time items. In addition, the company is currently in discussions with a funding group that is interested in an injection of $5-6 million into the company, which will allow us to more fully execute our business plan and clean up the company–s balance sheet. The investment is expected to close by the end of 2013.
Overall, the company continues to expand both segments of its business, and looks forward to continued rapid growth in 2014 and beyond. For more information please contact us at or 303 690 8300.
Sincerely,
The Management and Board of Directors of Vista International Technologies, Inc.
Contact us at
Vista International Technologies, Inc
303-690-8300