BBJ Environmental Technologies Reports Expanded Outlook for HVAC/R Market
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Tampa, July 23, 2002
BBJ Environmental Technologies, Inc. (OTCBB: BBJE.OB - news) today announced that its highly favorable current revenue growth through the end of the second quarter reflects a combination of factors. "These results reflect the continued focus on our long term strategy to provide the most comprehensive range of products and services," said Bob Baker, Chairman & CEO. "Our second quarter performance was in line with our expectations and recent product innovations should improve sales significantly in the near future. Our focus on new product development is relentless. It is key to our success and has been a major factor in placing us ahead of the competition. With our wholesale distribution network, BBJ can bring new products to market in record time.
Also, as reported in Cleaning & Maintenance Management ("C&M"), the marketplace for IAQ will grow substantially in the coming years. C&M reported "Market research business, the Freedonia Group, projects worldwide sales of heating, ventilation and air-conditioning ("HVAC") equipment to jump 5% annually over the next five years. That would bring sales up to $110 billion. The report should be good news to makers of chemical treatments that seek to reduce or kill growth of mold and other bacteria in the systems. HVAC systems are a particular problem when it comes to mold growth indoors."
"With all we have accomplished so far this year, this is an ideal time for us to investigate all of our strategic alternatives," Baker added. Key accomplishments for BBJ, so far, in 2002 included:
- Consecutive Quarterly Revenue Increases
- Named as one of top 10 IAQ Products by Chelsea Group, Ltd.
- Four new Manufacturing Representatives
- Nearly 300 Distributor locations carrying the BBJ line
- Recent completion of our Automated Clean-In-Place technology for air handlers
Management is projecting that by the end of the third quarter of 2002, the Company will be approaching profitability.
Jerry Schinella, President, stated that, "Our recent 2nd quarter financial announcement is further evidence of BBJ's continued improvement. This definitely underscores the strength and resilience of the Company's business model of focusing our sales effort on distributing our products through established national and regional wholesale distributors in the HVAC industry. The hard work and dedication of our employees, coupled with the success of our relationships with our customers has led to a dramatic improvement in the Company's performance. This marks a trend toward long-term, sustainable sales growth. The Company is no longer hindered by its lack of distribution of our products, and with the recent addition of two more manufacturing representatives, BBJ has the opportunity to direct our efforts toward the business at hand and our future sales strategies. I am pleased to report that the momentum evident in the first two quarters is continuing and that the Company anticipates continued improvements in business performance."
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BBJ Environmental Solutions, Inc. develops, manufactures and markets products that eliminate air contamination in heating, ventilating, air-conditioning and refrigeration systems anywhere they are used (health care facilities, office buildings, residential homes, schools, governmental facilities, transportation vehicles, food plants, etc.). BBJ products are distributed and sold through private label partners and HVAC wholesalers and contractors across the U.S. All BBJ products are environmentally friendly, easy to use and biodegradable; and are registered with the Environmental Protection Agency, NSF International and/or the United States Patent Office. To learn more on how you can improve the healthfulness of your environment, safeguard yourself and your family from the hazards of indoor air pollution and enjoy the benefits from reduced energy bills, please find additional information at www.bbjenviro.com.
The statements contained in this press release that are not historical may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current views with respect to future events, but are subject to many risks and uncertainties, which could cause the actual results to differ materially. These risks and uncertainties include: the Company's ability to market its products; the Company's ability to obtain additional funding; and the Company's ability to obtain regulatory approvals on new products. More information about these and other risks and uncertainties can be found in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2000 and the Company's Form 10-QSB for the quarter ended September 30, 2001, which is filed with the Securities Exchange Commission. The Company does not undertake to update forward-looking statements.
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