SOURCE: Vista International Technologies, Inc.
DENVER, CO--(Marketwire - Mar 20, 2013) - Vista International Technologies, Inc. (OTCBB: VVIT), a pioneer in efficient Waste-to-Energy technology, is pleased to give investors an update on revenue generated by the Company in its most recent fiscal year as well as a report on interest generated by the company's ultra-portable, mobile gasification unit.
For the fiscal year ending December 31, 2012 the Company saw revenues increase by roughly 45% over the previous fiscal year, topping $680,000. These increases were mainly due to increased sales of processed tire material at the Company's tire processing facility in Hutchins, Texas. This trend continued in 2013, as revenues for the first two months of the year rose roughly 50% year over year, and 15% sequentially. These revenue increases are particularly impressive since the winter months are traditionally a weaker time of year in the tire processing business. Although financial figures for 2012 have not been finalized, the Company expects that these strong revenue numbers, coupled with a decrease of over 40% in total operating expenses from recent cost-cutting measures, will cause the Company's net loss for 2012 to decrease by over 65% as compared with 2011.
The Company recently began construction of an ultra-portable, mobile gasification unit designed to showcase the Company's gasification technology at any road accessible location. Although the unit is still under construction and has not yet been publicized, the Company has already received letters of interest from four separating entities requesting more information and a demonstration of the technology, once the unit has been completed. CEO Tim Ruddy was encouraged by this early interest. "We feel that our Thermal Gasifier technology is a best-in-class technology that is ideal for use in today's Waste-to-Energy systems, which place a much greater weighting on efficiency and meeting current and future environmental standards. These letters confirm our sentiments, and set the stage for a faster rollout of our technology."
Vista International Technologies, Inc. has been producing Waste-to-Energy gasification systems for over twenty years, with installations across three continents. The Company's technology has low costs of installation and operation, and allows for the processing of virtually any hydrocarbon-based waste product, including municipal solid waste, waste tires, waste coal, sewage waste, and biomass, among others. The company's Waste-to-Energy systems are emission friendly and extremely efficient, and can be used to produce heat, steam, and/or electricity.