Empire Diversified Energy, Inc.'s Subsidiary, Empire Trimodal Terminal, LLC., To Operate As 'The Port Of West Virginia'
Empire Diversified Energy, Inc. (OTCQB: MPIR) has announced that its subsidiary, Empire Trimodal Terminal, LLC, will operate as 'The Port of West Virginia' after receiving authorization from the State of West Virginia. This development is part of Empire's strategic plan to build a multifunctional inland water port terminal. The company recently secured a $26 million bond for dock and wharf development in Follansbee, WV, leveraging existing rail and truck access to enhance operations. This project aims to accommodate the increasing traffic from Post Panamax ships following the Panama Canal expansion.
- Authorization from the State of West Virginia for subsidiary operations.
- Secured $26 million bond for dock and wharf development.
- Strategic positioning to leverage Post Panamax ship traffic.
- None.
FORT LAUDERDALE, Fla., March 30, 2021 /PRNewswire/ -- Empire Diversified Energy, Inc. (OTCQB: MPIR) announced today that after an extensive feasibility process with the State of West Virginia, its wholly owned subsidiary Empire Trimodal Terminal, LLC. will be authorized to operate as "The Port of West Virginia."
Frank Rosso, the CEO of Empire Diversified, spoke to the continuing sequence of stages in Empire's plan for business development in West Virginia: "We are very excited about this opportunity to represent the great State of West Virginia. Our plan to build a multifunctional inland water port terminal is already in progress."
Empire recently completed a
Current economic conditions have created a positive environment for this type of development: "The completed expansion of the Panama Canal has seen oversize Post Panamax ships (24,000 containers) coming into the United States every day. This expansion has created a need for new inland water terminals to accommodate this increasing traffic and assist in distribution. We believe Empire, through 'The Port of West Virginia,' is perfectly positioned to take advantage of this opportunity, both in terms of inbound and outbound container movement."
About Empire Diversified Energy, Inc.
Empire Diversified Energy, Inc. is a multi-faceted energy and logistics company. Geographically situated in the heart of the energy and raw material nexus of WV/PA/OH/KY, with barge and rail capabilities on its properties on the Ohio River, Empire Diversified Energy can provide a vast array of energy services and sources to energy buyers and sellers.
Empire Diversified Energy has continued implementing the vertically integrated plan to expand its operations by developing and investing in its existing relationships and business partnerships. We are currently seeking to expand those partnerships and seek new mergers and acquisitions that enhance the Empire strategy.
Safe Harbor Statement.
Statements contained in this communication that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect current management views with respect to future events and are subject to certain risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, or expected, or described pursuant to similar expressions.
Many of these risks, uncertainties, and contingencies are beyond our control and may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that might affect such forward-looking statements include, among other things, the impact of changes in commodity prices, such as oil and copper, on product margins; general economic and business conditions existing and future adverse effects as a result of the coronavirus (COVID-19) pandemic; disruption in the U.S. and global financial markets; potential difficulties in protecting our intellectual property; the ratings on our debt and our ability to repay or refinance our outstanding indebtedness as it matures; our ability to operate within the limitations of our debt covenants; potential impairment of our goodwill and/or long-lived assets; demand for goods and services; competitive conditions; interest rate and foreign currency rate fluctuations; availability and costs of key raw materials; unfavorable resolution of claims against us, as well as those discussed more fully elsewhere in this release and in any other documents filed. Any forward-looking statements in this release speak only as of the date of this release, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after that date or to reflect the occurrence of unanticipated events.
For further information contact: Investor Relations - 954-332-2423
View original content:http://www.prnewswire.com/news-releases/empire-diversified-energy-incs-subsidiary-empire-trimodal-terminal-llc-to-operate-as-the-port-of-west-virginia-301257862.html
SOURCE Empire Diversified Energy Inc.
FAQ
What announcement did Empire Diversified Energy make on March 30, 2021?
How much funding did Empire Diversified Energy secure for its projects?
What are the operational plans for Empire's new port terminal in West Virginia?
What triggered the need for new inland water terminals according to Empire Diversified Energy?
What is Empire Diversified Energy's stock symbol?
