HOUSTON, TX / ACCESSWIRE / March 26, 2020 / Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality hydrocarbon products, today provided an update on its recent performance and outlook, including recent actions taken to mitigate the impact of the coronavirus ("COVID-19").
FIRST QUARTER 2020 PERFORMANCE
COVID-19 MITIGATION ACTIONS
FULL-YEAR 2020 OUTLOOK
"While COVID-19 represents a clear and present headwind for our business, we have taken actions to mitigate virus-related risks to our organization, while positioning the business for growth, once conditions improve. The majority of our production is guaranteed for purchase under multi-year supply-offtake agreements at fair market values, creating a stable base of demand for our products. Given current market conditions, we see an opportunity for Vertex to differentiate itself as one of the leading producers of tomorrow's energy through the processing of alternative feedstocks, while producing equivalent or better finished products than those generated from conventional crude oil. In the interim, we remain focused on ensuring the continued safety and welfare of our employees and customers, while remaining operationally agile in what appears to be a very fluid environment," stated Benjamin P. Cowart, Chairman, President and CEO of Vertex.
ABOUT VERTEX ENERGY
Houston-based Vertex Energy, Inc. (NASDAQ:VTNR) is a specialty refiner of alternative feedstocks and marketer of high-purity petroleum products. Vertex is one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), Marrero (LA) and Heartland (OH)(co-owned). Vertex also co-owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydro-processing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of Group II+ and Group III base oils to the lubricant manufacturing industry throughout North America.
FORWARD-LOOKING STATEMENTS
This press release may contain forward-looking statements, including information about management's view of Vertex Energy's future expectations, plans and prospects, within the safe harbor provisions under The Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "hopes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of Vertex Energy, its divisions and concepts to be materially different than those expressed or implied in such statements. These risk factors and others are included from time to time in documents Vertex Energy files with the Securities and Exchange Commission, including, but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other unknown or unpredictable factors also could have material adverse effects on Vertex Energy's future results and/or could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements which include, among others, the following: the continued spread of COVID-19, including the speed, depth, geographic reach and duration of the spread; actions taken by the Company in response to COVID-19; the legal, regulatory and administrative developments that occur at the federal, state and local levels in response to COVID-19, including quarantines and ‘stay-at-home' orders affecting our operations; uncertainties of the impact of COVID-19 throughout our operations, including our ability to execute business operations, strategies, and initiatives in the expected time frame; and the demand for the Company's services and products, including based on downturns in the economy caused by COVID-19 and/or responses thereto. The forward-looking statements included in this press release are made only as of the date hereof. Vertex Energy cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex Energy undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex Energy.
CONTACT:
Noel Ryan, IRC
720.778.2415
[email protected]
SOURCE: Vertex Energy, Inc.