Business
National Storm Recovery Operations Remain Strong, Issues Corporate Update Related to COVID-19
National Storm Recovery Operations Remain Strong, Issues Corporate Update Related to COVID-19.
About this update from Sustainable Green Team, Ltd.
[{"type":"text","content":"\n ORLANDO, Fla., April 16, 2020 (GLOBE NEWSWIRE) -- via NetworkWire - National Storm Recovery Inc. (OTC: NSRI), a provider of tree services, debris hauling, removal and bio-mass recycling, manufacturing, packaging and sales of next-generation mulch products, today provides a corporate update on first-quarter sales and management’s strategies to support employees and shareholders amid the coronavirus pandemic. First-Quarter Revenue, Anticipated Demand Management enjoys long-standing, strong relationships with the Company’s customers, including big box retailers that are considered \"essential businesses.\" As a result, revenues from the Company’s recently acquired Mulch Manufacturing subsidiary were $7.3 million for the first quarter of 2020. “At a time when many businesses are struggling, we are fortunate to announce that our sales remain strong; for the week of April 6-April 10, 2020, alone we achieved sales exceeding $920,000,” stated NSRI CEO Anthony “Tony” Raynor. “Of considerable importance is that with many states issuing ‘stay at home orders,’ many people are focused on improving or maintaining the state of their yards and buying mulch. We are prepared to meet consistent and even increased demand for our mulch products with approximately $10.2 million in inventory as of March 31, 2020, the end of our first quarter,” added Raynor. Activation of Payroll Protection Program Though cash flow remains strong, its Mulch Manufacturing subsidiary has applied for and has been approved to receive $1,458,200 in funding under the Payroll Protection Program recently enacted by Congress. Despite layoffs and furloughs across the country, NSRI and its subsidiaries have not laid off any of its 175+ employees. The Company plans to use the funding primarily for payroll; as such, the loan of $1,458,200 will be forgiven in entirety, by the federal government. This will effectively decrease the Company's expenses, thereby increasing margins and resulting in a direct increase of $1,458,200 to earnings, when the loan is forgiven.    “As our country and the rest of the world faces the effects COVID-19, we remain 100% committed to our customers, shareholders and vendors,” stated Raynor. “We will continue to provide the market with high quality product...