Envipco Holding N.V.
Innovative Recycling Systems for a cleaner environment
Interim Management Statement
Envipco Holding N.V, a public listed company on the Brussels Euronext NYSE "ENV" and a leading provider of recycling systems and solutions to the beverage and retail industries, announces its interim management statement for the period from 1 January 2011 through 30 April 2011.
The following are the main events/activities which occurred during the interim period:
- The Management Board issued a press release on 16 April 2011 announcing the group's 2010 annual audited results. This release along with the 2010 Annual Report is available at: www.envipco.com
- The Company's annual shareholders' meeting is scheduled for 27 June 2011. The meeting notice, agenda and other documents are available at http://www.envipco.com/investors-media/investor-relations.php
- The Reverse Vending Machine (RVM) business is relatively stable year over year. We expect increased RVM sales activity in the latter half of 2011 coincidental with introduction of new RVM models.
- We have successfully completed pilot tests on our innovative compaction technology in a major German retailer. We are negotiating initial orders for the sale on an OEM basis. These compactors have been approved by DPG Deutsche Pfandsystem GmbH for incorporation into Tomra's T-710 and T-820 RVMs. DPG is an organisation set up by all stakeholders affected, including bottlers and retailers, to implement the German Packaging Ordinance for its deposit system. Applications are also under consideration for approval in other RVM manufacturer's machines.
- As previously published, Envipco is engaged in a pilot joint venture program in collaboration with Coca-Cola Recycling LLC, for an automated recovery system for beverage containers in non-deposit markets. The results of the first 3 centers in Dallas, Texas are encouraging and give us confidence in the viability of an economically sustainable non-deposit program. We expect to place additional centers during the summer as we progress against the 10 pilot center program. It is expected that expansion evaluation and commitment will occur within the fourth quarter.
- The previously announced Phase I of our plastic recycling expansion plan to include approved food grade recycled flakes is now completed. The final phase of this project is expected to be completed by end of September 2011. Total investment upon completion shall be about €5.5 m.
- The plastics recycling business is continuing to show strong operational and margin improvements from the last half of 2010. These improvements are in line with management expectations.
- The US subsidiary, Environmental Products Corporation successfully raised US \$7,500,000 as bank credit facilities from TD Bank. This facility provides adequate funding to expand our US business under the different initiatives already started.
- There are no other significant events which may have a material impact on the financial position of the group.
The Board of Directors of Envipco Holding N.V 18 May 2011
For further information please contact Gool Santchurn:
By phone: +1 203 720 4059
By e-mail: [email protected]
Website: www.envipco.com
About Envipco:
Envipco Holding N.V (Envipco), www.envipco.com, is a Netherlands-based holding company listed on NYSE Euronext Brussels (Symbol ENV). Envipco, with operations in several countries around the globe, is a recognised leader in the development and operation of reverse vending machines (RVMs), automated technological systems for the recovery of used beverage containers. Envipco's turnkey solutions cover all aspects of beverage container recycling - from recovery, validation, compaction, sorting, transportation and logistics, to accounting for every container, to recycling and processing used beverage containers to ready for conversion into new containers and consumer products. Known for its innovative technology and market leadership, Envipco holds several intellectual property rights for RVM systems, including but not limited to beverage refund deposit markings, material type identification, compaction and accounting. It also owns and operates the largest independent bottle to bottle PET recycling plant in Europe.