National Storm Recovery (OTC: NSRI) a provider of tree services, debris hauling, removal and bio-mass recycling, manufacturing, packaging and sales of next-generation mulch products, on Thursday issued a corporate update on first-quarter sales and company management’s strategies to support employees and shareholders amid the coronavirus pandemic. As a result of the company’s long-standing, strong relationships with its customers, including big box retailers that are considered essential businesses, revenues from its recently acquired Mulch Manufacturing subsidiary were $7.3 million for the first quarter of 2020. Though cash flow remains strong, its Mulch Manufacturing subsidiary has been approved to receive $1,458,200 in funding under the Payroll Protection Program recently enacted by Congress. NSRI and its subsidiaries have not laid off any of its employees and plans to use the funding primarily for payroll. The entire loan will therefore be forgiven by the federal government. “As our country and the rest of the world faces the effects COVID-19, we remain 100% committed to our customers, shareholders and vendors,” NSRI CEO Anthony “Tony” Raynor stated in the news release. “We will continue to provide the market with high quality products and services that continue to drive growth for our employees and shareholders.”
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About National Storm Recovery, Inc.
National Storm Recovery, through its subsidiaries, provides tree services, debris hauling and removal, biomass recycling, mulch manufacturing, packaging and sales. The company was established with the objective of providing a solution for the treatment and handling of tree debris that has historically been disposed of in landfills, creating an environmental burden and pressure on disposal sites around the nation. The company and its Sustainable Green Team’s solutions are founded in sustainability, based on vertically integrated operations that begin with collecting of tree debris through its tree services division and collection sites, then through processing, recycling and using that tree debris as feedstock that is manufactured into a variety of organic, attractive, next-generation mulch products that are packaged and sold to landscapers, installers and garden centers. The company plans to expand its operations through a combination of organic-growth and strategic acquisitions that are both accretive to earnings and positioned for rapid growth from the resulting synergistic opportunities identified. NSRI serves governmental, residential and commercial customers. For more information, visit the company’s website at www.NationalArborCare.com.
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