Palm Beach, FL – February 3, 2022 – FinancialNewsMedia.com News Commentary – The Medical Waste management market has been growing significantly over the past few years and is projected to continue into the future. The global medical waste management market is growing at a remarkable rate from the past late years. High investment in the initial setup coupled with lack of industrial recycling facilities, especially in developing countries are some of the underlying factors restraining the growth of the medical waste treatment industry. A report published by Market Watch projected that the global medical waste management market anticipated to reach USD $8,681 Million with a significant CAGR of 5.3% through 2025. The report said that the U.S. currently dominates the global medical waste management market. It said: “Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The medical waste management market is dominated by North America driven by its policy & reforms for medical waste management, rising prevalence of infectious and chronic diseases, that require advanced medical & surgical aids, which generate a vast number of by-products and residues to drive the medical waste management market globally in the coming years. Active companies in the markets today include: Viking Energy Group, Inc. (OTCQB: VKIN), Heritage-Crystal Clean, Inc. (NASDAQ: HCCI), Casella Waste Systems, Inc. (NASDAQ: CWST), CECO Environmental Corp. (NASDAQ: CECE), Aris Water Solutions, Inc. (NYSE: ARIS).
Incineration segment is estimated to dominate the medical waste management market. Incineration is the most widely and highly preferred method used for medical waste management. Incineration converts the waste material into the flue gas, heat and ash. The ash contains inorganic waste component can be in the shape of solid lumps, and the heat produced is used for electricity production, which is one of the lucrative advantages of incineration method. Additionally, the expansion in technological advancements and the rising generation of excess medical waste over the globe are anticipated to propel the growth of the medical waste management market through 2025.
Viking Energy Group, Inc. (OTCQB: VKIN) BREAKING NEWS: Viking Energy’s Majority-Owned Subsidiary, Simson-Maxwell Ltd., Appointed Exclusive anufacturer and Vendor of Medical & Bio-Hazard Waste Treatment System – Viking Energy Group, Inc. (“Viking” or the “Company”) announced on January 24th, 2022, the closing of a joint venture regarding the acquisition of 51% of Viking Ozone Technology, LLC (“VOT”), which owns the intellectual property rights to a fully developed, patent pending, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system, using Ozone Technology (the “Ozone System”).
Viking is pleased to further announce that on January 28, 2022 VOT entered into a Manufacturing and License Agreement with Simson-Maxwell Ltd. (“Simson-Maxwell”), Viking’s majority-owned subsidiary, pursuant to which Simson-Maxwell was granted exclusive worldwide rights to manufacture, market and sell the Ozone System.
Daryl Kruper, Chairman of Simon-Maxwell, commented “Entering into this license arrangement provides Simson-Maxwell with a significant, high-margin revenue opportunity. We will be able to manufacture the Ozone System using existing infrastructure and personnel, with nominal, if any, capex investment. Simson-Maxwell has been in business for over 80 years and is a respected designer and manufacturer of custom energy systems. Manufacturing the Ozone System is a perfect fit for our experienced team of engineers and other professionals, and this venture will be prioritized to meet anticipated demand. We are grateful for the opportunities our relationship with Viking has provided thus far, and are excited to enter this market.”
Simson-Maxwell has already been approved as a vendor for the purpose of selling the Ozone System within the National Health Service (NHS) foundation trust in the United Kingdom which manages hundreds of hospitals.
James A. Doris, President and Chief Executive Officer of Viking, commented “We are extremely pleased to be able to leverage the expertise within Simson-Maxwell to introduce this industry-leading Medical and Bio-hazard waste-treatment technology to the market. This initiative is an integral part of our overall strategy to pursue proven, innovative, sustainable and environmentally-friendly products and technologies.” CONTINUED… Read the Viking Energy full press release by going to: https://www.vikingenergygroup.com/news-media/press-releases
In other news and developments of note in the markets this week:
Heritage-Crystal Clean, Inc. (NASDAQ: HCCI), a leading provider of parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services primarily focused on small and mid-sized customers, recently announced results for the third quarter which ended September 11, 2021.
Revenue for the third quarter of 2021 was $123.2 million compared to $87.1 million for the same quarter of 2020, an increase of 41.4%. Overall Operating Margin jumped to 31.7%, driven primarily by the Oil Business segment, compared to 2020 third quarter operating margin which was 17.8%. Our third quarter corporate SG&A expense was $13.3 million, or 10.8% of revenue, compared to $9.4 million, or 10.8% of revenue, for the third quarter of 2020.
Net income for the third quarter was $18.5 million compared to net income of $4.0 million in the year-ago quarter. Basic earnings per share was $0.79 compared $0.17 in the year-ago quarter. President and CEO Brian Recatto commented, “We are very excited with our overall results for the third quarter. We are also pleased that both segments again made positive contributions to help achieve record-setting results for the fourth straight quarter.”
Casella Waste Systems, Inc. (NASDAQ: CWST), a regional solid waste, recycling and resource management services company, recently announced that on December 22, 2021, it entered into a $650 million Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent and swing line lender, Bank of America, N.A., Citizens Bank, N.A., JPMorgan Chase Bank N.A. and Comerica Bank as joint lead arrangers and joint bookrunners, and certain other agents and lenders (the “Credit Facility”). The Credit Facility matures on December 22, 2026 and replaces Casella’s prior $550 million credit facility.
The Credit Facility provides for a term loan A facility in the amount of $350 million and a revolving credit facility in the principal amount of up to $300 million, with a $75 million sublimit for letters of credit. The interest rate margin applicable to LIBOR based borrowings has been reduced, in the case of term loans, to 1.125% to 2.125% (from the previous range of 1.25% to 2.25%) based on consolidated net leverage ratio, and in the case of revolving loans, to a range of 1.125% to 2.125% (from the previous range of 1.25% to 2.25%) based on consolidated net leverage ratio. The Credit Facility contains customary provisions related to replacing the LIBOR benchmark with a SOFR based benchmark for calculating interest.
CECO Environmental Corp. (NASDAQ: CECE), a leading environmentally focused, diversified industrial company whose solutions protect people, the environment, and industrial equipment, recently announced it has agreed to acquire industrial flow control leader GRC. The acquisition will be integrated into the company’s Effox-Flextor-Mader, Inc. (“EFM”) joint venture with Chartwell Investments Entrepreneur & Founder Capital, LLC (“Chief Capital”). The transaction is expected to close by April 2022, subject to customary closing conditions, and will be financed with a mix of cash, debt, and equity from the joint venture.
GRC is a worldwide leader in the engineering and manufacturing of non-metallic (rubber) expansion joints and flow control products with a highly diversified industrial customer base. With the acquisition, CECO expands its existing offering of EFM dampers and metallic expansion joints to include rubber expansion joints, ducting expansion joints, and industrial pinch and duck bill valves. The addition of GRC expands the addressable market size for CECO from $200 million to $500 million.
Aris Water Solutions, Inc. (NYSE: ARIS) recently announced financial and operating results for the third quarter ended September 30, 2021.
THIRD QUARTER 2021 HIGHLIGHTS WERE: Record total water volumes and recycled water volumes of 961,000 barrels of water per day and 130,000 barrels of water per day respectively; Executed four new acreage dedications, increasing dedicated acres by 20,000 acres with a weighted-average contract length of ten years; Exceeded Aris’s 2022 Sustainability Performance Target; Consolidated revenue of $59.5 million; Net loss of $20.7 million which includes a non-cash charge of $27.4 million associated with the abandonment of an asset; Consolidated Adjusted EBITDA1 of $30.8 million; Cash flow from Operating Activities of $26.5 million; and Free cash flow of $6.1 million.
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