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Umbra Applied Technologies Group Restructures Subsidiaries
Umbra Applied Technologies Group Restructures Subsidiaries.
About this update from Umbra Applied Technologies Group, Inc.
[{"type":"text","content":"\n \n \n Umbra Applied Technologies Group Restructures Subsidiaries\n \n \nUmbra Applied Technologies Group Restructures Subsidiaries\n \n SHORT HILLS, NJ--(Marketwired - Mar 30, 2016) - Umbra Applied Technologies Group, Inc. (OTC: UATG), a Defense and Intelligence firm, today announced the launch of Umbra Exploration as the new entity that will house existing oil operations previously branded under Intrepid Innovations to include its subsidiaries Intrepid Resources, LLC; Intrepid Wood Products Corporation; Intrepid Medical Technologies Corporation and Intrepid Energy. Chairman and Chief Executive Officer, Alex Umbra, announced, \"As everyone knows, the Oil and Gas industry has had a tumultuous year and the challenges presented by the marketplace forced us to improve. Over the past 6 months we have focused on efficiencies. We have streamlined operations throughout the company and have made strategic organizational choices. The truth is that we had some areas that we needed to improve. We are consolidating Intrepid's subsidiaries, focusing more on necessity and what is functionally more results directed by reducing expenditures and, for the first time since its inception, UATG's Oil and Gas business as a cost center has been neutralized thus mitigating differential risk factors for next quarters WACC.\" \n The choices by management seem to have paid off as the division/subsidiary exceeded previous expectations with a business segment that has not produced direct profit but now will no longer be a cost center. When questioned about this move and why it was necessary Alex Umbra replied, \"When we started this company four years ago we told everyone that we would not be cash flow positive nor would we launch our first product until 2017. Six months ago we realized that we were ahead of schedule by almost 6 months and decided to utilize the time surplus to become more efficient ensuring a more solvent company before we launched our first product. We have and continue to become more efficient and with the launch of the UBR-16 we expect revenue to increase many times over by year end.\" Umbra further stated, \"Reaching this milestone allows the company to further its goal at establishing an 'Energy Farm' that would showcase UAT's GreenTech initiatives integrated with Umbra Exploration's futu...