Budget Waste Inc. (PINKSHEETS: BDGW) today released information regarding the current financial situation of Broadband Communication Services Inc., the assets of which Budget intends to purchase in the near future.
BBCS has been in business over 15 years and its customer base is comprised of large, corporate entities such as Sprint, Windstream, Verizon, AT&T and Lincoln Electric. Management of BBCS has disclosed to Budget that approximate gross revenues in 2007 were $7,300,000, with asset value of approximately $3,200,000 as of December 31, 2007.
BBCS has a number of current and long-term contracts that help to ensure continued revenue growth and profitability. Some of the contracts BBCS is working on are for the placement of a large ethanol pipeline and a water distribution system in the USA. BBCS has represented that these contracts could provide up to an additional $15-20 million in annual revenues for the following 3 years or so. Additionally, BBCS has advised that it plans to complete negotiations for placing utility infrastructure for a large corporate client in South America.
“We see great potential for synergies between these two companies,” stated Jim Can, CEO of Budget. “We believe both businesses can cross market their services in new territories and add revenue and profits in new ways.”
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