HOUSTON, TX -- (Marketwire) -- 07/22/10 -- Freedom Environmental Services, Inc. (PINKSHEETS: FRDM) has become a statewide contender in Florida's lucrative and growing wastewater treatment sector through a merger with one of the more well known operators in the state which according to FRDM Chief Executive Officer Michael Borish will generate combined annual revenue of $5 million in 2010.
While Borish gave an outlook towards Freedom Environmental Services annualized sales, the environmental services officer implied that future revenue growth could far outpace the combined $5 million estimate through a statewide expansion of Brownies Wastewater Solutions, Inc. treatment business.
The merger includes Brownies Wastewater Solutions, Inc. and its parent company, B&P Environmental Solutions, LLC. B&P executive Mike Ciarlone will run the day-to-day operations of Brownies while Borish will continue as CEO of the parent company.
According to the Florida Public Service Commission inflationary conditions have forced state regulators to impose an annual review of rates through an application process with state utilities. Yet companies themselves that focus on wastewater treatment services within Florida are taking note of the Freedom Environmental merger with Brownies Wastewater due to the competitiveness of the combined businesses.
Brownies, which is located in Central Florida, specializes in the recycling of septic and wastewater solids and liquids, servicing its market through a fleet of 21 trucks. Its customers include utilities, commercial and residential customers.
According to a report by The McIlvaine Company, the worldwide market for wastewater treatment is forecast to reach $484 billion in 2010.
'In general, the water and wastewater market is growing faster than the process markets with the exception of biotechnology,' McIlvaine's report noted. That kind of growth makes the Florida Public Service Commission's monitoring of wastewater rates a must.
McIlvaine pegs the total wastewater market equal to 1% of GDP worldwide, or $740 billion. According to Enterprise Florida, Inc., a public-private partnership serving as Florida's primary organization devoted to statewide economic development, Florida's Gross Domestic Product in 2008 alone was $7.44 billion, placing FRDM's current market share at 6.75%, based on McIlvaine's estimate.
If Borish's forecast of statewide growth rings true, Freedom Environmental Services, Inc. could become a regional contender in states bordering Florida in years to come.
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