UPLAND, CA--(Marketwire - Jul 5, 2012) - Sustainable Environmental Technologies (SET Corp.) (OTCQB: SETS) (PINKSHEETS: SETS), announced financial results for the year ended March 31, 2012 with net profits of $2.25 million -- a turnaround from the loss of $355,439 for the year ended March 31, 2011. SET Corp. expects increased profits in the current fiscal year ending March 2013 from revenues generated from its Blue Bench saltwater disposal well (SWD) and its new SWD in Cartwright, ND, in the booming Bakken Shale.
SET Corp.'s turn to profitability was the result of a 63% increase in revenue from the Blue Bench SWD, which is run and managed through its wholly owned Pro Water Utah LLC (PWU). The redesign and upgrade of the Company's Blue Bench SWD in Duchesne, Utah, increased capacity and efficiency for processing produced water from oil and gas wells while reducing truck wait times -- ultimately saving time and money for its customers.
The Blue Bench SWD is currently operating at or near capacity. The Company expects revenue from the SWD to remain consistent for the foreseeable future. The Cartwright SWD in the Bakken Shale is expected to begin production in approximately 90 days and will have a capacity of approximately 8,000-10,000 barrels per day.
SET Corp.'s ProWater Colorado (PWC) subsidiary is currently exploring numerous opportunities for joint ventures related to its Centerline SWD systems to further enhance the Company's pace of growth, revenue and shareholder value. SET Corp. believes that through numerous joint ventures that can maximize profits, the Company can eventually eliminate its need for equity financing.
"Our financial turnaround in the past year has been phenomenal," stated Bob Glaser, SET Corp. CEO. "We have controlled expenses, reduced debt and have posted a significant profit, with earnings per share of $ 0.17. With our financial gains and expected increases in revenue and profitability, we believe our stock price is significantly undervalued and does not reflect the true value of our company. In addition to our efforts to build the company itself, we are expanding our efforts to communicate our turnaround and growth story throughout the investment community."
SET Corp.'s complete 10-K financial results for the year ended March 31, 2012 are available at www.SEC.gov: http://www.sec.gov/Archives/edgar/data/932136/000101968712002292/0001019687-12-002292-index.htm
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About SET Corp
Sustainable Environmental Technologies Corp. (SET Corp), through subsidiaries such as ProWater, LLC, acquires, develops and markets strategic technologies that responsibly and economically solve environmental issues to bridge the gap between today's energy inefficient facilities and the sustainable development and design needs of tomorrow. SET Corp.'s technologies deliver essential resources for business operations while reducing its customers' environmental impact and conserving essential and diminishing resources. SET Corp.'s offering includes treatment, recovery, reclamation and re-injection services for produced water from oil and gas production and ultra-efficient tri-gen systems that offer combined cooling, heating, and power generation with the added capability of water production from a single energy source. www.SETCorp.us or www.ProWater.us
Safe harbor statement
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the Company's results of operation, financial position and long-term strategies. These forward-looking statements involve risks and uncertainties that include, among others, risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, and fraud. More information about factors that potentially could affect SET Corp's financial results are included in SET Corp's filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-Q or 10-K and subsequent filings.