SEER ANNOUNCES THE SALE OF ITS TEXAS-BASED PARAGON SOUTHWEST MEDICAL WASTE AFFILIATE TO PART OF THE AMLON GROUP
SEER APPROVES THE SALE OF ITS TEXAS AFFILIATE AND WILL NOW FOCUS ON INTERNATIONAL OPPORTUNITIES FOR ITS MEDICAL WASTE DESTRUCTION TECHNOLOGY
BROOMFIELD, CO, July 27, 2023 (GLOBE NEWSWIRE) -- Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), a provider of environmental, renewable fuels and industrial waste stream management services, announced today that the sale of its Texas affiliate, Paragon Southwest Medical Waste (“PSMW”) formally closed June 30th, 2023. SEER’s majority-owned subsidiary, Paragon Waste Management (“Paragon”) continues to be SEER’s waste treatment entity and will continue to market its CoronaLux™ technology internationally.
PSMW was initially founded November 2017 and commissioned in February of 2018 as a joint venture between SEER’s, Paragon, and a group of Texas investors. It has operated consistently and without incident in Texas since its opening. Following the consolidation of business activities between PSMW and Paragon in June 2022, a private equity firm, an entity associated with The Amlon Group (www.amlongroup.com), began acquisition discussions with PSMW and purchased the Texas operation and its consolidated business.
The acquisition was a stock transaction whereby PSMW will own a portion of the equity of the acquiring entity, Amlon Holdings, LLC, a Delaware LLC (“Amlon Holdings”). Amlon Holdings was valued at approximately
Utilizing Paragon’s superior medical waste treatment technology, Amlon Holdings now plans to continue the national rollout of medical waste treatment facilities thereby enhancing the overall value of Amlon Holdings. Neither Paragon nor PSWM will retain any management positions in the new entity.
The driver for the transaction was the result of the need to consolidate the North American market and the continued desire of customers to transition away from incineration as part of their sustainability programs, coupled with the advanced destruction technology process and operating package, including IP, developed by SEER and Paragon. “Being part of Amlon Holdings will now allow the entity to fund and implement the expansion plans Paragon had developed to grow the business nationally and, ultimately, SEER and its shareholders will benefit,” said Dr. Villamagna, former CEO of PSMW and former CEO of PWS.
“Our unprecedented environmental performance and unparalleled value of our service to our customers has distinguished PSMW as the most effective alternative for thermal destruction of medical waste and this is why it became the target of Amlon Holdings,” said John Combs III, CEO of SEER. “The transition teams have been working for a few months to seamlessly move existing customers as well as begin the business development process for the additional capacity that will be added to the Baytown facility. With Amlon Holding’s track record in waste handling and treatment, together with their financial strength, we are all confident Amlon Holding’s management will be able to effectively leverage the proven superiority and operating history of the underlying Paragon technology for the benefit of all the equity holders, including SEER,” added Combs.
“As the transition to new management is fully completed, SEER will work with its Texas JV partners to assess options and opportunities as equity holders in the new entity. In the meantime, SEER will continue its ongoing efforts to market and place the Paragon technology in international markets. It will work with new management to create a mutually beneficial scenario for all parties as Paragon seeks to expand internationally,” Combs concluded.
About Strategic Environmental & Energy Resources, Inc.
Strategic Environmental & Energy Resources, Inc. (SEER) (OTCQB: SENR), identifies, secures, and commercializes patented and proprietary environmental clean technologies in several multibillion-dollar sectors (including oil & gas, renewable fuels, and all types of waste management, both solid and gaseous) for the purpose of either destroying/minimizing hazardous waste streams more safely and at lower cost than any competitive alternative, and/or processing the waste for use as a renewable fuel for the benefit of the customers and the environment. SEER has two wholly-owned operating subsidiaries: MV Technologies, LLC and SEER Environmental Materials, LLC; and two majority-owned subsidiaries: Paragon Waste Solutions, LLC; and PelleChar, LLC. For more information about the Company visit: www.seer-corp.com.
Forward-Looking Statements
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