Trip to Panama Solidifies HIMR’s Position – Transitioning the Lake Bayano LOI to Formal Contract
BLAINE, WA, August 14, 2013(Accesswire – Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) (“Hollund” or the “Company”) announced today that the Company’s executives have returned from a successful trip to Panama, whereby the transition from an LOI to a formal finalized agreement, for its first underwater tree harvesting contract took place.
“This has certainly been a journey, but we have achieved our primary goal,” stated Peter Meier,” President of Hollund. “Finalizing this agreement has absolutely solidified our viability. Moreover, as we move in to the extraction part of our operations, we will begin to prove our revenue model. To this end, we are extremely excited and satisfied with our accomplishments.”
The company is now officially slated to begin ‘low-tech’ revenue generating underwater tree harvesting [tree extraction] operations within 90 days where first revenues are expected to be booked. Pursuant to the terms of the agreement, Hollund is required to make one final payment to the concession operator. The Company will tap into the $350,000 funding facility guaranteed by Santa Fe private equity firm, Vera Group to complete this transaction.
Mr. Meier concluded, “By completing this transaction, Hollund Industrial Marine has now surpassed ‘concept,’ crossing over to ‘reality’, and we are very excited to start our prep work on the Lake Bayano project. We do expect to see considerable and sustainable growth from here on forward.”
About Hollund Industrial Marine, Inc.
Headquartered in Blaine, WA, Hollund Industrial Marine Inc. (Pink Sheets: HIMR) seeks to align the interests of businesses, communities, utilities and governments by offering an integrated business model for underwater forest management. Hollund’s model – including resource and needs assessment, permitting, environmental and project planning, logging, milling, product branding and sales adds value for our shareholders, our partners and reservoir based communities.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "ACT"). In particular, when used in the preceding discussion, the words "estimated," "believe," "optimistic," "expect," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the ACT and are subject to risks and uncertainties, and actual results could differ materially from those expressed in forward-looking statements. Such risks and uncertainties include, but are not limited to, unfavorable market conditions, increased competition, limited working capital, and failure to implement business strategies, actions by regulatory agencies, and other risks.
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Hollund Industrial Marine, Inc.
SOURCE: Hollund Industrial Marine, Inc.
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