SOURCE: Totally Green, Inc.
TORONTO, ON--(Marketwired - Mar 31, 2014) - Totally Green, Inc. (PINKSHEETS: TLGN) ("Totally Green" or the "Company"), an innovator in organic food waste processing and diversion, reported results for the full year ended December 31, 2013.
Total revenue was $879,997 for the year ended December 31, 2013, compared to $461,774 for the year ended December 31, 2012. ORCA service fees increased from $26,800 in Fiscal 2012 to $452,103 for Fiscal 2013. The Company also reported a gross profit of $297,985 in Fiscal 2013 compared to $101,691 in Fiscal 2012.
A copy of the complete audited financial statements is available for download at http://www.otcmarkets.com/stock/TLGN/filings.
2013 Operational Highlights
2013 represented the first full year since the adoption of the "Service as a Solution Model," a significant change from the previous business model which saw the machines being sold outright to customers all across North America. The adoption of the new service model required a significant investment of time and resources in order for management to ensure that the Company is well positioned to build off the foundation established in Fiscal 2013. Customers have responded positively to the change and the Company ended 2013 with 51 machines installed on a service basis as at December 31, 2013, which includes 4 machines installed on a trial basis.
The majority of the activity and revenues to date have been generated from the Toronto area; however, the Company continues to deploy and shift resources to better support our launch into the U.S. market and is reviewing other possible U.S. locations for expansion. Initial results continue to be positive, and we remain confident that this business model will be replicable in many other markets.
"Fiscal 2013 represented a significant year for our business," said Shawn Dym, CEO of Totally Green. "We developed significant relationships with current and prospective customers nationally in the United States and Canada, with the aim of securing contracts to roll out the ORCA solution across their respective platforms in North America. These, as well as other sales efforts, have been very promising and continue to reinforce the Company's decision to adopt the Service as a Solution Model. We've also made a number of improvements to the ORCA system, as well as our overall service offering which will be rolled out in Fiscal 2014 which should further boost our sales efforts to date. We remain committed to the business model and look forward to executing on the foundation built in Fiscal 2013."
About Totally Green
Totally Green, Inc. develops and markets the company's ORCA Green™ Machine. The ORCA (Organic Refuse Conversion Alternative) machine allows for rapid composting of most organic material in institutional and commercial end-user applications, after which the liquid compost is disposed of through the ordinary sewer system. The machine creates meaningful cost savings for customers while diverting food waste from landfills and reducing methane gas production. For more information, please visit www.totallygreen.com.
Important Cautions Regarding Forward-Looking Statements
This press release contains "forward-looking statements." Forward-looking statements are statements concerning plans, objectives, goals, strategies, expectations, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. These forward-looking statements are only predictions. No assurances can be given that such predictions will prove correct. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, our comparatively limited financial resources, the uncertainty of market trends, the competition faced from other current and future technologies and the uncertainties of competitive pressures we face. These or other risks could cause actual results to differ materially from the future results indicated or implied in such forward-looking statements. We undertake no obligation to update or revise such statements.