Midwest Energy Emissions Corp. (OTC:MEEC) Stock Continues to Trend Higher: Soars 145% in a Month
There are certain sectors that generate considerable interest from investors nowadays, and one of those is the environmental technology space. Investors who are looking into the sector could do well to consider taking a closer look at the environmental technology leader, Midwest Energy Emissions Corp. (OTC:MEEC). The company was in the news yesterday following a key announcement, and it could be a good idea to keep an eye on the stock today.
On Monday, Midwest Energy Emissions Corp. announced that it had entered into a confidential, binding term sheet agreement with Arthur J. Gallagher & Co., DTE Energy Resources LLC, and many of the affiliates of both firms. The term sheet in question is meant to bring about a resolution to the on-going patent litigation that had been put forward by the company in July 2019 against the parties and others at the United States District Court for the District of Delaware.
It was also noted in the news release that the term sheet did not affect any other claim that might have been brought by any other party. As per the terms of the latest term sheet signed by the company, the parties agreed to dismiss all claims and counterclaims asserted by the two parties with prejudice. However, the financial details of the aforementioned term sheet remain confidential, and that was in line with its terms.
Additionally, it was also announced by Midwest Energy Emissions Corp. that the trial with regards to the claims against the remaining defendants, namely CERT, would be rescheduled. It was supposed to begin on November 13, 2023, but would be rescheduled to a later date through a court order. It was revealed yesterday that one of the CERT defendants, Alistair Enterprises LLC, had also reached a settlement with the company. However, that was subject to approval from the court. As usual, the financial terms of the settlement remained confidential.
On August 17, the company announced its financial results for the second fiscal quarter, which ended on June 30, 2023. At the end of the quarter, the company reported a cash balance of $1.9 million and working capital to the tune of $1.7 million. The revenue generated during the quarter stood at $4.1 million, and the adjusted EBITDA for the quarter was positive at $25,1000. The Chief Executive Officer of the company, Richard MacPherson, spoke about the performance.
He noted that the company’s solid base of customers, which included a strong base of utilities, had been responsible for helping with the maintenance of a stable revenue base. However, he was quick to note that the second quarter had historically been the lowest quarter in the fiscal year for Midwest Energy Emissions Corp. due to lower demands for coal and the shutdown of plants scheduled for every spring. The lower product supply revenues for the company had, however, been balanced out by a rise in licensing revenues from its core technologies over the six-month period that ended on June 30, 2023.