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Executives

Yvonne Zappulla – IR, Grannus Financial Advisors, Inc.

Glenn Rink – Founder and CEO

Jonathan Thatcher - COO

Bjornulf White - EVP of Business Development

Lane Castleton - CFO

Analysts

Brian O’Connell - Prosdocimi

George Santana - Ascendiant Capital Markets

Jay Harris - Axiom Capital Management

James Manfredonia - Barclays

James McIlree - Chardan Capital

Sam Sunmonu - Chesapeake Advisory Group

Abtech Holdings, Inc. (OTCQB:ABHD) Q4 2013 Earnings Conference Call March 31, 2014 4:00 PM ET

Operator

Good afternoon and welcome to the Abtech Holdings Conference Call. All participants will be in listen-only mode. (Operator Instructions) After today’s presentation, there will be an opportunity to ask questions. (Operator Instructions) Please note this event is being recorded.

I would now like to turn the conference over to Yvonne Zappulla. Please go ahead.

Yvonne Zappulla

Thank you, Gary. Good afternoon and thank you for joining us for Abtech’s Fourth Quarter and Full Year 2013 Financial Results Conference call. I’m Yvonne Zappulla of Grannus Financial Advisors, Abtech’s Investor Relations Consultant. The 2013 financial report press release was issued this morning premarket. The press release is available on the company’s website, on both the homepage and the investor tab at www.abtechindustries.com. A copy of this call will be available for review approximately one hour after its completion through the webcast link found on Abtech’s homepage, as well as in the earnings press release.

One quick note to add, Abtech is building its social medical presence and we encourage you to follow the company on Twitter and Facebook.

Before we begin, I would like to say following. During this call the management and representatives of Abtech Holdings may make comments that may deemed to be forward-looking statements which are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors.

Such factors could include risks associated with the company’s business involving the company’s products, development and distribution, economic and competitive factors and the company’s key strategic relationships and other risks detailed in the company’s filings with the Securities and Exchange Commission. Abtech assumes no obligation to update any forward-looking information with respect to the announcements described herein.

With us today is Glenn Rink, Founder and CEO of Abtech Holdings, Inc.; Jonathan Thatcher, the company’s Chief Operating Officer, Bjornulf White, Executive Vice President of Business Development; and Lane Castleton; Abtech’s Chief Financial Officer, who will review the fourth quarter and full year 2013 financial.

However, before doing so, Glenn would like to make a few opening comments. And after Lane’s financial review, Glenn will provide an overall business update.

Following these prepared remarks; Glenn will be joined by Lane, Jonathan, and Bjornulf for a question and answer period.

I’d now like to turn the call over to Abtech’s founder and CEO, Glenn Rink.

Glenn Rink

Thank you, Yvonne and thank you all for joining us today. Importantly, I really want to thank each of you for supporting us to our company’s admittedly long development stage. We are pursuing exciting markets that have high potential and yet in the second half of 2013 due to weather, economy and other delays our path to success was further protracted. However, we are moving forward and see continued positive developments in the stormwater market with significant monies being allocated more than ever by government and businesses for stormwater treatment.

The billions of dollars in mandated spending on the federal consent decrees has started to flow to municipal coffers through stormwater fees and other municipal agencies are now transitioning to execution mode. Beyond this, municipalities throughout the country especially in the North East are preemptively addressing stormwater infrastructure issues even without consent decrees. For example Maryland has mandated and albeit somewhat controversial stormwater feed at many of the counties shared started to collect from property owners in the summer of 2013. Prince George’s County to use a forward thinking example in Maryland has already planned $1.2 billion stormwater initiative. Stormwater management has transitioned from an unfunded mandate to a funded one. Abtech believe it’s well positioned to capture these flowing funds now. As announced last year we have expanded our project pipeline to exceed 10 million for the first time in the company’s history. With the funded stormwater market expanding by multiple annually at this point, we can only expect to continue to see strong growth.

In the fourth quarter of last year, we initiated work on our first marquee contract that we expect to yield approximately $11 million in revenues to the company in 2014. We also see abundant new tangible opportunities developing in the near future. However, it's critical to state what to many may be very obvious. The company has been able to identify what it believes to be tremendous opportunities for revenue growth but has not been able to accurately predict the timing of when these opportunities will come to fruition in terms of earned revenues. It has, without a doubt, taken longer than ever anticipated. That being said, we believe we are on the cusp of greatness and are diligently striving to prove that with significant revenue growth in 2014. We are very thankful for everyone’s patience and support and truly look forward to what we expect to be an amazing year and an even better 2015.

Briefly at the start of 2013, Abtech with the support of our Board determined that our best strategic path forward was to focus our resources on very large opportunities, game changing opportunities, in which we believe had relatively high level of achieving success within a relatively short period of time. As stormwater infrastructure improvements trends increased in the U.S. North East for a variety of market reasons that Abtech had predicted and further bolstered by public awareness and funding allocations related to Hurricane Sandy’s impact, the company was well positioned in 2013 to provide a comprehensive stormwater management offering to municipalities. Abtech has the technology to address what for some is newly identified stormwater problem experience by the affected municipalities with a quick, effective, inexpensive turnkey solution. However it took months longer to achieve our first breakthrough award and on October 10, 2013, we finally began work on the Nassau County New York project, one of the country’s first design build operate stormwater retrofit projects. We believe this model will be replicated throughout the country starting in the North East.

With the Nassau County project in the early design phase, we generated only $55,000 revenue from this project during the last 2.5 months of 2013. In 2014, however, we began the year with contracted backlog revenues of $11 million were on this contract which is expected to be completed in 2014. Activity on this project in the first quarter of 2014 is primarily engineering work conducted in cooperation with the municipal agency to determine proper site selection, best management practice assessment and selection and the completion of other preliminary design engineering, permitting and logistics. This portion of the contract should equate to several $100,000 of revenue recognized in the second and third quarters of 2014, still relatively small portion of the contracted revenue, again still a relatively small portion of the contracted revenue. By the third quarter, however, we expect to begin installation phase with revenue in some months exceeding $1 million. With the base of revenue as we move into the second half of the year we expect to achieve additional revenues from the possible expansion of the work scope for the Nassau project and opportunities for new business in stormwater, oil and gas, industrial and international markets. I will discuss each of these opportunities later in the call.

With that I would now like to turn the call over to Lane Castleton, Chief Financial Officer and Treasurer of Abtech Holdings, for a review of the company’s financials.

Lane Castleton

Thank you, Glenn. Good afternoon. As you’re probably aware, Abtech’s revenues to-date have been insignificant. As Glenn mentioned, our performance on the Nassau contract in 2014 is expected to dwarf 2013 revenues and provide a solid revenue base from which we can win additional contracts and develop business in the other markets we are pursuing. Therefore, I am reviewing the company’s financials for 2013; I will focus on margins, expenses and the balance sheet. On minimal revenue, Abtech reported a loss from operations of $5.8 million for the year ended December 31, 2013 versus a loss from operations of $5.5 million during the prior year. The company’s gross margin in 2013 was only $54,000, reflecting the cost of excess capacity caused by the company operating in only 2% of capacity in 2013. While we expect gross margins to improve on product sales as the quantity of products sold increases, our entry into contracts like the contract with Nassau County that involve services, construction and product sales will have a significant impact on the gross margins that we achieved. I would like to offer some insight of our margin expectations as our business expand into these new revenue generating activities.

For pure product sales of Smart Sponge products, we anticipate gross margins of approximately 50% as we approach full manufacturing capacity. These margins vary somewhat depending on the products sold and the type of Smart Sponge used in the product as we add capabilities to the Smart Sponge platform such as the antimicrobial coating, margins improved. An evolution to our basic business model which carries its own separate and unique margin dynamics is our program management and total solutions approach that will allow us to capture a greater portion of the value chain. For large projects such as Nassau County where we act as prime on a design, build, operate level, we will recognize the full revenue of the project, however gross margins will vary based on the various tasks included in the project. At the low-end is the pass through of subcontracted portions of the contract where we may receive only nominal markup.

Better margins will be realized for fees charged for services related to engineering, procurement and construction management. These fees are expected to be based generally on a multiple of our base labor rates or outsourced labor cost. And we expect the gross margins on these services to vary from high single-digits to low double-digits. At the high end of the margin spectrum, our sales of our proprietary products used in the project where we can double or triple such margin levels depending on the quantity of Abtech’s technology incorporated into the project. Because Abtech’s business model have strategically evolved to offer comprehensive system solutions to its customer base, we will likely generate greater revenue and gross margin dollars with the overall gross margin percentage will be lower than with traditional product sales alone.

I would like to make just a quick note specifically on 2014 gross margin. The majority of our revenues over the next two quarters will be impacted by the design, build, operate model as we continue to work on the project to Nassau County. As it relates to specific Smart Sponge sales, we do not have plans to reduce excess manufacturing capacity as a result we anticipate the excess capacity will continue to adversely affect gross margins for at least a portion of 2014. In fact we are also exploring alternative manufacturing procedures that could significantly increase the production capacity of our existing facility. Clearly, we believe our future holds great opportunity for us to both improve the dollar amount of gross margins through significant revenue growth and also to improve the gross margin percentage by achieving production efficiencies, economies of scale with higher levels of production and more experience with design, build, operate contracts.

Now, let me comment on our operating expenses. The company’s operating expenses in 2013 totaled $5.8 million, a small increase of 5% over the prior year mainly due to incorporating a full year of expenses of the newly formed subsidiary AEWS Engineering. This amounts to average monthly operating expenses of approximately $490,000 during 2013. Certainly, we could substantially lower our operating cost if that was the only goal. However, in order to position the company to be competitive in the markets we are pursuing, we must make the financial commitment to develop the technologies that are needed and pursue the business development activities that we believe have the greatest potential to generate significant revenues. While we make certain efforts to control cost, we recognized that we cannot save our way to success. Going forward, we intent to keep our operating cost at about the current level until additional material order flow becomes tangible and additional cost become necessary to adequately complete business we have won and leverage successes to expand revenue opportunities.

As we map out our internal budget, we anticipate that about two-thirds of any increase in cost will probably come in the form of personnel particularly business development and engineering. In addition depending on activity we’re contemplating adding an office in the tri-state region of New Jersey, New York and Connecticut in order to effectively address this growing market. We may also consider additional manufacturing on the East Coast instead we’re in conjunction with outsourcing, which has long been an option. Regardless of the direction we take we’re intend to match any increase in expenses with revenue increases that would justify such spending.

I just want to take few moments on interest expense before I move on to the balance sheet. Interest expense in 2013 totaled $144,000, a sharp reduction compared to $4.2 million in 2012 of which only 270,000 was paid in cash with the balance of almost $4 million of interest expense attributable to non-cash amortization of note discounts and impeded and accrued interest. This mark drop in interest expense is due primarily to the elimination of all that approximately $27,000 of note discount amortization impeded interest expense in 2013.

In addition debt conversions of approximately 1.9 million in April of 2013 and 6.8 million of 12% convertible promissory notes during the second half of 2012 contributed to the lower interest expense in 2013. In June 2013 Abtech specifically focused on sourcing debt financing to prepare for the potential working capital needs of the stormwater contract. First we entered into a $500,000 6.5% bridge loan promissory note. During August and September 2013 upon the notification awarded this first marketing contract in Nassau County for which the company would need additional working capital. Abtech issued 1.2 million of 6.5% secured convertible promissory notes. In December 2013 the company raised 3.5 million in a private offering of secured convertible promissory notes. From these proceeds the company repaid 1.5 million of various notes and accrued interest. All of these activities resulted in net cash provided by financing activities in 2013 of $3.8 million.

As of today, Abtech has immediate access to an untapped $2 million equity line of credit and a bank line of credit of $100,000. In March of 2014, we raised $875,000 in a private offering of short-term secured promissory notes which are non-convertible with warrants. And we’re authorized to raise an aggregate of $2 million in this offering. Also the company has approximately 18 million shares subject to outstanding options and warrants, with an average exercise price of approximately $0.62 per share. If all of these options and warrants were exercised an additional $11.2 million of capital could be available to the company.

I would like to point out that the interest rate on all that tax and debt is currently under 8%. At the end of 2013 we had short-term debt outstanding of approximately $759,000 and long-term debt of approximately $3.6 million excluding the note discount of approximately 504,000 that is being amortized over the term of the debt. At year-end our cash totaled $1.2 million. We expect to have additional capital needs in 2014 to fund operations until revenues increase, to provide a working capital to fulfill orders and contracts such as the Nassau County project and to build equipment that we hope to be able to deploy in the oil and gas and other industrial markets. We’re currently primarily focused income securing a traditional bank credit line of no more than 5 million to provide this needed capital as our business materializes.

To further discuss our business opportunities I would now like to turn the call back over to Glenn. Glenn.

Glenn Rink

Thank you Lane. My objective today is to provide the folks on the phone an update on the state of our market opportunity and our current position to achieve revenue growth beyond our initial Nassau contract, which I believe is of most importance to everyone. Beginning with stormwater and the Nassau contract is the Nassau contract expansion opportunities as discussed we’re expected to complete the installation of the initial 10 stormwater outfall pipes, which constitute our $12 million or I should say not to exceed $12 million contract by the fall of 2014 if not sooner. Of course the sooner the outfall pipe discharge is being treated especially if it’s B season the sooner everyone sees the benefits and the more leverageable it is and the sooner it’s leverageable. The contract also makes note of operation maintenance, slide and water quality monitoring equating to approximately $575,000 in 2015 and again in 2016. Under the terms of the contract operations maintenance is also extendable. It is important to note that this project is viewed as the first stage in the larger effort to address stormwater management problems across the hundreds of stormwater outflow pipes in Nassau County but also in Long Island. The county has initially identified 60 outflow pipes to be addressed with over $70 million opportunity value of which just 10 sites have been chosen as the first priority under the current contract. We have hopes to hear upon completion of the first complete pipe installations in mid-year, that our opportunity has expanded to address the portion if not all of the remaining identified types.

I would like to reiterate a very important point; stormwater market is very-very large and very real. 18-24 months ago we discussed this being a multibillion-dollar market commented by consent decrees, new stormwater permits and proactive measures by municipalities. And believe that, Abtech was very well positioned. As I mentioned, in the start of our call, stormwater management has transitioned to a funded mandate. First is what is often known as an unfunded mandate. Well, most stormwater fees have been initiated at the local government level, the concept behind Maryland State mandated stormwater management team collected actually own-property owners, collected the local government level, is expanding.

Earlier this month, for just one example, the Delaware Governor proposed a similar program, where $45 to $85 per property lot will be collected as a stormwater fee. Similar to Maryland, this is an enormous economic benefit tied to building stormwater management infrastructure and treatment. In so much of the economy supported by beach tourism, water recreation and other water-based activities; the quality of that water is critical. For years, Abtech has been ahead of the curve on the technology side, and I’m pleased to say we’re finally rounding the corner now with the stars aligning for the deployment side.

Now let’s discuss additional tangible opportunities. LOIs or municipality opportunities. Abtech Nassau County project has served as an arch type program and solution model that can be replicated throughout municipalities that are seeking cost-effective stormwater solutions, through leadership. One month ago, we received letters of attempt from two municipalities in the North East and are in discussions with a number of others. We anticipate that several RPs (Ph) in the North East would be issued by midyear, the size of which will likely be several million dollars for municipality.

In the major metropolitan areas in other states we have Philadelphia, which has instituted a green infrastructure program to reduce their cost from more than an expected $8 billion for heavy gray infrastructure, the traditional option. Two $2 billion or a decentralized green infrastructure, stormwater management practices, more would be distributed to extend versatility in that big gray infrastructure. Philadelphia stormwater fee structure is particularly interesting because it directly supports the design, build, operates, finance, or DBOF model building stormwater infrastructure.

The majority of the fees is collected from commercial and industrial properties, but amazingly those property owners can offset the majority of their fees by deploying stormwater green infrastructure on their own sites. Since the fee is segregated as the utility fee and mandated for 25 years, this has created an opportunity for the DBOF model directly with private, commercial and industrial property owners. They want to mitigate as much as of those fees as possible and if they can do it, by providing the solutions themselves, it’s to their advantage. However, in addition to that the city still has above a1000 outflow pipes which still needs treatment solutions at the discharge points, another opportunity for Abtech for which it already has deployed a conceptual plant and is in actual discussions to develop her first demonstration site to serve as a template.

I should also point out these 1000 outflow pipes, staying very consistent with the types of outflow pipes we have seen on Long Island as well. Alcosan, the sewer authority in the greater Pittsburg area is another large opportunity and it is under a consent decree for more than $3 billion of improvements, as it relates to stormwater. They are currently developing a green infrastructure plant that would bring the cost down by several hundred million and it is in line with the niche chance away from, again having traditional gray infrastructure solution. They too are at the point of demonstration projects which Abtech is highly qualified to participate, and is becoming known because of the Nassau contract. We suspect this opportunity like Philadelphia will become far more active during this year, 2014.

Some additional background for hiring and office plans, two years contracts, one additional man power will be required. We have mapped out a plan to cost-effect to support these North East opportunities, which include establishing a modest office in the Tri-State areas, staff with regional stormwater municipal business development sales managers, while two to three senior and two to three junior, mid-level personnel for engineering. There is a detailed timing sequence in a multilevel budget, which takes into account when the time is appropriate. We all have our, inactive, including more now.

Oil and gas; or opportunity and brief business update. With the new emphasis and scrutiny on water treatment imposed by government and non-governmental portions is increasing focus on recycling and reuse as a vital long-term sustainable solution for the industries massive water needs in order to support continued growth and energy independence. The trend to have water recycling and water reuse is particularly visible in three large oil formations, the Permian, the Eagleford in the bay area in northeast and eastern Colorado. These regions of the fracking industry are becoming aware of the environmental and operational benefits of water recycling and more importantly for the economic advantages and drought affected areas.

During 2013, we completed the development and validation of our technology in 10 different shale plays in the U.S. We’ve developed the suite of produce water treatment systems ranging from mobile systems to the previously fixed tested fixed installations in the field combining third party off the shelf technologies, innovative systems, engineering and specialty technology such as the Smart Sponge de-oiling technology, which I might add that has 17 issued patent signed.

Our first onsite opportunity in the oil patch as a pretreatment system is the Eagleford, which suffered a difficult Texas cold winter plus sited verification contracting process, pushed out the current plan by 4 to 5 months for our mobile unit. The good news is we’re back on track. We have secured our first pilot project, our first mobile trailer base system arrived inside a couple of weeks ago, has been hooked up and has been began processing water nonstop over a week ago. We expect to be in pilot mode at this site for several weeks.

Since our technology and systems have been extensively tested and validated, we anticipate a high-degree of success. If we are successful with these demonstration runs, we expect significant sale traction as we’ll have showcased commercial operation of an integrated turnkey system. I again say we will off showcase. We attain to bring guest and visitors to the sites to be able to showcase the technology. As we’ve achieved success at our first site, we have plans to hire additional business development professionals with longstanding relationship in the industry certainly with success comes you need to secure additional mobile units.

From the industrial side of our business the third market segment our most notable business opportunity this segment is with our signed agreement with DieselPure, which we signed in September 2013. DieselPure is currently the only certified filtration process that can effectively remove free water and emulsify water from ultra-low sulfur diesel also known as ULSD and biodiesel blends.

As all DieselPures are moving towards biodiesel blends, the problem of water buildup represents a critical issue. Governments are mandating increasing the amounts of biodiesel be added to diesel fuel, hiding the risk mission critical engines failure due to the water.

Our relationship with DieselPure is twofold. One, Abtech’s Smart Sponge technology is now embedded into all DieselPure filtration systems to safely remove any hydrocarbon, some of the extracted emulsified water for simple disposable. And two, we have agreed to act as a distributor of the DieselPure system for the Western half of the United States. During the first quarter in addition to a commission-based sales person, we also hired our first full-time sales manager to join some renewable energy industry. Direct sale activity to hospitals and emergency generators facilitates has already begun.

Internationally, we see both stormwater and industrial opportunity in the international markets. 2015 is fast approaching, that is the year the European Union Water Framework directive requiring all inland and coastal waters within defined areas to achieve what’s called good status water quality standards. This is going to impact every aspect of water usage, domestic, industrial, agricultural, leisure, environmental and conservation. We’re seeing an escalation of business opportunities internationally and consequently during the last quarter 2013, we actually formed a new subsidiary Abtech U.K., through which we intend to handle operations related to various projects the company is pursuing in the UK and potentially other European countries.

Let me drill down on another exciting opportunity there we have mentioned in the past and are still pursuing an evaporator technology to treat landfill leachate. We have been discussing for just about a year now the enormous opportunity to address landfill leachate with an evaporative technology using Smart Sponge where needed or indicated. That opportunity incidentally exist both here and aboard and we have opportunities in both markets.

In UK, daily review with landfill leachate represents a significant cost of landfill operators. Many landfills pipe leachate to holding tanks and then truck leachate for offsite disposal, some travelling great distances at significant expense. These costs continue rising each year even if operations of landfills have discontinued. The responsibility to maintain regulated standards rests with the operator for an amazingly additional 60 years. Our proposed evaporator technology could immediately save landfill operators 40% of the cost of their current disposal process.

In the EU there are approximately 2,000 landfills that have been targeted. A large FTSE 250 company has received the approval of its Board to proceed and commit the funds to significantly offset installation cost for one of our evaporator units and work with us to collect all the required verification data required. We expect to dispatch two full scale units by third quarter 2014. During this verification installation and data collection process, it is important to state we will be paid on a per metric ton basis per leachate process.

In the UK, we will then file the Best Available Technology also known as BAT Certification from the environment agency and apply for local council permitting. We anticipate 3 to 6 months of data collection again during which we will be paid for that leachate. In the UK for the placement of subsequent units the only local accounts when permitting only local accounts we’ll be permitting using existing data would be required. So the results of these sites would be leveragable.

The economics are worth waiting for and the UK evaporating units are expected to be leased under commercial service agreement for 10 years of charge based on a fee per metric ton processed. This will equate to approximately $200,000 per unit per year on average of two evaporatives will be required at each landfill. In the United States, units are anticipated to be equipment sales versus the treatment process at which approximately cost per unit would be $600,000 per unit. Currently, our total project pipeline interest is per 20 of these units.

One final note, I want to thank Steve Kohlhagen who has been an invaluable member of our Board of Directors at what has been a pivotal stage for our company. Steve was extremely generous with his time which I know was in very high demand as he suites on several large market cap company’s boards and continues as a well published inactive novelist. Steve will however continue to advise the company as he will now transition and join the ranks of our prominent and highly helpful advisory board members.

In his place, on the Board of Directors, we have appointed Bill Brennan who has participated as an advisory board member for the last 18 months to join our Board of Directors Bill’s Wall Street career spans more than 27 years since 2000 has focused on overseeing several firms specifically targeting investments in water related companies. Mr. Brennan’s water expertise has particular focus on new water technologies with a particular interest water activity related to shale gas extraction. Bill is active in regulatory environmental and technology issues with an emphasis on frac water, transportation, disposal and treatment technologies for flow back and produce water, especially in the Marcellus Shale region, all really good for Abtech.

Bill holds the Masters in Mechanical Engineering and MDA and health securities license in Series 63 and 65. Bill serves on the board of the water initiative as well as a dean to Advisory Council of School of Engineering, Colorado State and serves as an advisor to Jabil Circuit regarding their manufacturing activity in the global water sector. Bill has dedicated his career to the water industry and we believe his insight and his relationships in the industry will prove a great asset to Abtech as we expand and develop applications to serve all fascists of the environmental and water industry, both here and overseas.

With that I would like to open the conference call up for questions. Operator, could you assist please.

Question-and-Answer Session

Operator

We will now begin the question and answer session. (Operator Instructions) The first question comes from Brian O’Connell with Prosdocimi. Please go ahead.

Brian O’Connell - Prosdocimi

Thank you. Glenn, thanks for your time and the update, it seems really an exciting time for Abtech, given all the opportunities appears to be ahead of Abtech that’s here I was wondering would you be surprised if you reached the end of this year 2014 what generating just the $11 million in revenue that was discussed.

Glenn Rink

Thank you for the question, thank you for joining us from UK, I appreciate it. Candidly yes I would be surprised if $11 million in revenues is all we did in 2014. As most of you probably know we have not put out guidance for 2014 and we’re being careful as we want to have these identifiable projects that are out there and we don’t want to understate or overstate we want to be as accurate as possible. So we’ve held back giving guidance. I will tell you however that beyond the $11 million it’s contracted to be completed by 2014 we did also announced within the last month or so that there were two other municipalities within the Sandy affected area that were both had signed letters of intent to proceed we’ve indicated in our presentation today that we see them being in the $3 million or $4 million range that was described already.

One could easily look at those two projects and just alone add to that what - from the 11 to those other projects but you could also handicap that, you could cut it back but regardless that doesn’t touch on the further expansion of the Nassau project it doesn’t take into consideration the oil and gas activity in the business that we are in right now that we’re live processing order today in the Eagleford. It doesn’t take any of those other projects into consideration. So in answer to your question yes I will be very surprised as I believe we will be north of those numbers for the reasons I just stated. I hope that was helpful to you Brian.

Brian O’Connell - Prosdocimi

Yes. I just have one kind of follow on question as well, in listening to you speaking about the margins in the business and understanding the variables that you shared with us regarding these margins, at what level of revenue would be safely say the company would achieve breakeven?

Glenn Rink

That is also a very good question and one we actually appreciate it allows us to highlight the fact that each area, each segment has a different margin scale. So if we’re looking to oil and gas it’s one range, if you look in stormwater and its replacement product and what I mean by that is our initial installations, we put the product in but this is razorblade concept. So, at some point down the road, they are replacing the razorblades and margins are much higher when you are just replacing the razorblade. So, and by the way I believe last year we had about 25% of reoccurring revenue that came through though it still is not a significant amount, 25% revenue. And when you are looking at that kind of combination of what was reoccurring revenue and what the margins are, the answer would vary significantly based on where the orders are coming from. So, directly answering your question, I would say to you that you could be looking at currently a burn of about $400,000 a month. Right now Lane can sort of elaborate if he would like and depending on where the margins, it would determine what our breakeven would be but you could see a bandwidth, if it’s a blend of products from being anywhere from $15 million to as high as $30 million depending on the bandwidth of which projects, what type of projects and that would give you the breakeven point. And we have specific calculations in modeling done on every segment and based on what it would generate but that would be the best, without having more details on what revenue coming in which area, I would be hard pressed to go beyond that. Lane would you like to add anything further to that?

Lane Castleton

Well, I think this is a question we addressed last year as well at our Annual Meeting and we talked about our monthly burn of $400,000 to $425,000 net that’s really the thing that we need to cover if we are going to reach breakeven. And so how do we cover that, obviously with as much revenue as we can and if the revenue is all of the design, build, operate type contracts that have a relatively low margin, it could take us $3 million to $4 million a month to cover that kind of a cost burn. On the other hand if we are talking about solely product sales with the typical 50% margin then it would only take $900,000 a month to cover that. So, what Glenn said about, really depends on what kind of products we are selling and when, that determines when we are going to be able to reach that breakeven point. But I think based on the revenues that we are anticipating now in 2014, we are probably looking at monthly revenue of $2 million to $3 million in order to get over that breakeven point.

Glenn Rink

Thanks Brian. I hope that was helpful.

Brian O’Connell - Prosdocimi

Yes, it is. Thank you and good luck for the coming quarters.

Glenn Rink

Thank you. We will be hoping to see you in the UK as it’s heating up over there. So, hopefully we will be seeing more of you over there.

Operator

The next question comes from George Santana with Ascendiant. Please go ahead.

George Santana - Ascendiant Capital Markets

Thank you. Glenn, it’s great to see the projects moving from discussions to actual contracts to now revenue such as the Nassau County. I am a bit surprised however that we haven’t heard much about Waste Management, what’s going on with that partnership?

Glenn Rink

I think that’s a great question and I am glad you asked it and I will let Bjornulf start that off, if I may then I will jump in if that’s okay.

Bjornulf White

Yes, hi George, this is Bjornulf White. Good to hear from you. In short the answer is that we continue to work with them under our marketing and distribution agreement. The majority of the work that we are doing with them is in Southern California where the market has been slow to develop due to the regulatory framework there. And by what I mean with regulatory framework is that there are real dates in planning that are occurring now and only after June of this year will you see the planning start to transition into actual execution and contract opportunities. But that said Waste Management as a company is extremely well positioned for this growing stormwater market that we have talked about, so we are excited about the opportunity with them. There are a few other companies like Waste Management that are also well positioned for this market as we described has developed very rapidly especially as these first projects like Nassau County that you mentioned, start to transition from installation to O&M that O&M opportunity right there is one that companies like Waste Management can really move into and capture. And so, we believe that as the first projects move from installation to O&M and as more projects like that come into our pipeline and move into award and execution that where you will see Waste Management or other companies in other geographies if they are better situated really rise to the occasion and take advantage of this opportunity.

Glenn Rink

Is that helpful for you George?

George Santana - Ascendiant Capital Markets

Yes, so from what I am hearing, they are focused on just one part of the U.S.?

Glenn Rink

No, right now, their initial relationship with us was based on the West Coast and that’s where their efforts have been based. We have had dialogue with them on other parts of the country but quite candidly at the end of the day it’s about performance. It’s about performance for us, it is about performance for them and my personal belief is that as a catalyst of the company moving forward as the Nassau contract where we’re actually couple of those pipes are being installed or some of the projects in Pennsylvania, some of those being installed which ever ones are happening sooner being able to bring people out for site visits and review of that, evaluation of that, because candidly Abtech is not looking to be any operation and maintenance side of the business. So we’d like to bring the appropriate parties into that, we believe that to be waste management, we believe there is a revenue stream that’s very beneficial to them. But right now we’re focused on bringing these projects through and we’ve been leading that process on the East Coast and have had them at days to a certain degree as it relates to the East Coast where they have been focused on the West Coast and at the appropriate time whether it be them, if appropriately if they’re moving forward appropriately which we hope they are than they would be brought in. At the same point as Bjornulf also mentioned we have been approached and are aware of other parties that are very much in the same frame not necessarily competitive to waste management but in the same market segment. And so we’ll give all the right things that are best for the company. And I can say to you that waste management we believe still is strategically very well positioned to be beneficial for the company and us to them. But time will tell and the company has as evaluating that each step of the way.

Operator

The next question comes from Jay Harris from Axiom Capital. Please go ahead.

Jay Harris - Axiom Capital Management

Glenn I wonder if you can give a little more color on the oil and gas water processing means for you? For instance if you were treating water out of a well at the rate of 10,000 barrels a day. What kind of revenues would that generate on an annual basis?

Glenn Rink

Hi Jay how are you? Thank you for taking the time to spend with us today and I appreciate your question what I am going to ask is Bjornulf White who is been intimately involved and our project that’s going in the field can give you some additional color. Just framing for you that each size well and each situation is going to be very different, Bjornulf will be much more effective in providing you an overview.

Bjornulf White

Sure, hi Jay. Well we think of -- I think you mentioned 10,000 barrels a day, as a water management company we think in terms of barrels of water that are produced as a byproduct of the process. So we’ve sized our system that is now in the field at 10,000 barrels of water a day. And we’re paid on a per barrel basis and that’s because the alterative process which is trucking and disposing is also paid on a per barrel of water dispose of basis. So a 10,000 barrel a day of produced water system is a size that we thought was comfortable and provided a good entry level modular size. And depending on the size of the well and how much it’s flowing and the size of the pad site, pad site might have several wells. We could see several of these systems actually being needed at a given site. So even the site that we’re on right now is exceeding 10,000 barrels of water a day, which was not even expected. So there is even opportunity where we’re now to add a second system to handle the capacity.

With that said if you take that single 10,000 barrel of water a day system, depending on the geographic region and some of the water characteristics, you would see essentially at the low end about $800,000 a year to Abtech revenue for processing that water up to the $2 million to $3 million range, and again that’s per system at the 10,000 barrel a day size annually.

Jay Harris - Axiom Capital Management

Why is there such a wide range?

Bjornulf White

Well it actually has to do a lot with market factors so a lot of the pricing has to do with the alternative which is trucking and disposing. And in some areas that is as low as $3 a barrel $3 to 5$and in some other areas like the northeast you see $8 to $14 a barrel. So it’s really just the market setting that price and us responding to that. We’re competitive and more economically efficient than the trucking and disposing.

Glenn Rink

There is also Jay just to further elaborate whether or not they are using what chemicals are using in the water, is it gel, fracking material being used and there is -- how contaminated the water is, we require more material to achieve removal levels where you have sometimes lower levels in certain parts of the country. So really depends on that inflow and outflow as well to some degree.

Bjornulf White

And I’d also like to add that the other thing that is a variable that’s critical is that we’re recovering oil which represents energy, some have liquids, some in the form of captive energy within the spent media, and depending on the pricing for resale of that oil that we captured the deals that we strike with our customers and the use of this spent media that can bring in extra revenue to which is all upside, so that would push us to that higher range.

Jay Harris - Axiom Capital Management

Are you treating clarified water? Or are you treating water that’s been cleaned through other means or solids?

Glenn Rink

We are able to fit into a number of different scenarios, so if you’re talking about in general, what is your go-to market strategy, we are complementary to other approaches because we’re focused on that hydrocarbon removal and recovery niche. Where we are right now, we strategically chose a location where we can showcase a number of different scenarios. So we are actually showcase both of the scenarios you just described, and the reason for that is we want it to have something that would be indicative of all the different scenarios that we see and that we could bring customers who are experiencing the different scenarios to see what is relevant for them. So we’re doing both, and we have just a matter of configuring the piping in our position of where we are getting the water from.

Jay Harris - Axiom Capital Management

From my pursuit this little further, how many test units will you have? You have one that you said, just got put on-stream, how many others are there?

Glenn Rink

At this point, right now there is one mobile unit in the field and the region that we went was mobile, because it’s mobile. And that could be moved around to different types of sites and different locations. And you have a situation, were we don’t want to be doing pilots in every part of the country, for every--

Jay Harris - Axiom Capital Management

I just want to -- it’s one piece of equipment, then zooming the test is successful, how long could the operator stretch out a decision to go forward with your system?

Glenn Rink

I will let Bjornulf answer that, but I will say to you, yes. The answer is one mobile unit and the intend would be awfully to really that we have one or two mobile units that of demonstration purposes, and those should be the ones to facilitate commercial agreements. But I’ll let Bjornulf answer the rest of that.

Bjornulf White

Well, we have a pipeline of customers right now that are waiting to see the results of this, and this is totally bit line offstage, in their decision making process. Some of them will move fast, some of them won’t. The current play operator would have to move very quickly on making a decision, at the conclusion of a testing process.

Jay Harris - Axiom Capital Management

Is - to find very quickly is 90 days?

Bjornulf White

Less.

Operator

The next question comes from James Manfredonia with Barclays. Please go ahead.

James Manfredonia - Barclays

How much your oil and gas is cost-to-bill, how longer it take to build?

Glenn Rink

Very good question. Jonathan, would you like to join us on that, please.

Jonathan Thatcher

I will also have a word, I mean; we plan on building this year. In terms of the unit cost for the oil and gas mobile units, they range between $400,000 and $600,000 apiece. The range there is basically, Ward the units being has to do on the field, if it is addressing items like TSS in addition to hydrocarbon removal, and/or recovery options are alternatives, how aggressive you want to get, and that is driven by the water quality and water profile. So they’re about $400,000 to $600,000 a piece for manufacturing. It takes of about three months to manufacture test and then deploy one of those units. And in terms of limitations, there aren’t tremendous limitations. They are not components there that are difficult to manufacture and so we would be able to respond to any contracted or anticipated contracted needs with those units.

James Manfredonia - Barclays

Do the bank’s fund directly against them, or are they fully capitalized.

Jonathan Thatcher

Yes, there’s a couple of different options way the - in the case for you are talking about equipment sales, that can be managed based on deposits than any other capital, sort of traditional capital equipment, temporary financing alternatives we need to put in place. On the service, if it’s more service agreement type revenues like we’re talking about with oil and gas, there are also options to basically finance revenue streams and sub-op of that equipment is rounded.

James Manfredonia - Barclays

And Glenn, the evaporator, which is a fabulous name?

Glenn Rink

I’ll go ahead and answer that. Right now we have plans to deliver six of those and expect to go into 2015 with a backlog on those evaporators that we will report as the year progresses. We do have -- there’s two different versions of the evaporator. One of the versions has a component that has approximately four months lead time on it, so that’s one item that’s kind of -- it’s sort of a distinct item with that particular technology that has a significant lead time associated with it.

Operator

The next question comes from James McIlree with Chardan Capital, please go ahead.

James McIlree - Chardan Capital

I wish, hope you would help me understand who you are targeting in the oil and gas industry that is, are you going after the service companies, are you going to direct to the operators or is there some other entities that you’re working with in order to target that market?

Glen Rink

I would like Bjornulf answer that Jim. Thank you for joining us today and Bjornulf would you?

Bjornulf White

Sure, well, the answer is that we’re doing both services companies and operators. Ultimately, Abtech is not envisioning itself being the one who actually go out and operator this equipment. The services companies hold the relationship and have the trust and have the folks and the insurance and all that. So ultimately, we envision the services companies being the one who operator our equipment with just a little bit of training and startup support from Abtech.

But that said in the initial customer building phase that we’re in right now and when I talked about the customers that we plan to bring to see the site and that are in our pipeline, those are the operators themselves and that is really driven by the fact that our -- the incorporation of our system into a treatment train ultimately benefits the operator the most because we’re making the overall process more efficient and economical so the operator is the most motivated right off the back to move on this and then what we’ve observed is that they’ll often direct us to the services company with instructions from them to services company that they want to have us incorporated into the process.

So we started with the operators but we’ve been maintaining our relationships with the servicing companies and ultimately if I look a year two years down the road, then I really view these services companies as being our customer, once we’ve been out in the field and the operators already know about the Abtech System then we’ll just deal directly with the services companies.

James McIlree - Chardan Capital

And the test that you have underway right now or the unit that you have deployed right now. Well, the result of that unit’s performance be published in a trade journal or is that going to be proprietary information for the customer?

Bjornulf White

We expect to publish a lot of it through case studies, now some of the details on different types of water types and how we handle that and what we do, we might keep proprietary because that protects our process but ranges of performance and the things that would at least start the discussion and serve a marketing purpose in the form of a case study will certainly pursue, right now we have impendent laboratories that are receiving samples so we are collecting all that data. So we’ll make some limited announcements to the public about the general performance will pursue case studies to trade journals and then for our customers who come under confidentiality agreements, many of whom already are doing that. Then we’ll provide them the very detailed information they need to make those final decisions.

Glen Rink

The part of Jim -- the part of the delay on this project was also the logistics that working out the details on the site to be able to present case studies information on a particular site and naming the site and also having ability to bring customers on the site where you can publically imaging sometimes it’s not always easy to people to want to release data from a site they have out of concern what, how the public may or may not view something. And it’s really important that we have that flexibility to create case studies and publish that’s where the domino effect in this market and the change that we believe in recycling and reuse going to help the best.

Operator

The next question comes from Sam Sunmonu with Chesapeake Advisory Group. Please go ahead.

Sam Sunmonu - Chesapeake Advisory Group

So I have two quick questions. One on revenue recognition, based on some of the earlier statements made then and the one on financing. So the first question is on if you could please walk me through kind of other revenue recognition works for the Nassau Contract, 2014, I believe you’ve mentioned that revenue over the first two quarters would be in the several hundreds of thousands of dollars. Then starting in Q3 those revenue would jump up to about 1 million a month which would imply less than the $11 million or meeting in the contracts, so if you could just walk me through kind of how the math works on that that will be great?

Glenn Rink

I will be happy to give you an overview and I’ll let - Lane, are you there?

Lane Castleton

Yes, I’m here.

Glenn Rink

Do you want to step in first or you do like me to?

Lane Castleton

I will step in that’s fine. The initial stages of this contract in fact primarily engineering services and the design and technology selection for these various outflow pipes will be doing the installations and then this summer we begin the actual construction of those various installations. And when that construction starts, the revenue will be fairly significant in those months that’s where the bulk of the dollars in that contract are is in the actual construction and deployment of the filtration technologies that will be using. And it would not necessarily just $1 million a month that would be in the millions of dollars per months while we get to that installation phase but all of that work we would hope to have done by the fourth quarter hold that installation and done by the fourth quarter.

Glenn Rink

So Stan, thank you Lane. Stan further to that is that we wanted to be very reserved on the outlay of how this will work we’re expecting it to come and clumps where the numbers could be fairly low and then they will spike up. Whereas Lane indicated when some of these installations and the actual procurement of the raw materials or smartphones and things of that nature whatever I don’t know if you realize this but also there is title search protection movers that are going to be installed in these pipes as well as a part of the request of the RFP so there is a certain amount of resiliency. So there is going to be equipment order so you’re going to clumping this to this and so we were being conservative in how we outline the structure of that so that people in the near term in the next quarter and the quarter after know that it is going to likely to be clumpy.

Sam Sunmonu - Chesapeake Advisory Group

Got it, okay, I see that. But can you just walk me to kind of how the way the cash works so for I mean I guess June to December it’s $1 million or more months which basically will be go $6 million and then I guess then starting in Q3 I guess right?

Glenn Rink

Again it’s meant to be millions, the million is not meant to be a single million in that say because otherwise we’ll be doing this for a lot longer. It could go up to $4 million, $5 million or $6 million in a single month really depends on what’s being done. Bjornulf, do you want to add to that?

Bjornulf White

Sure. Well, when we’re actually in the construction phase as you know I think we’ve announced this in the past we bill on a monthly basis to the county. And anticipating this factor we are in an almost like an EPC contractor type role where we’re doing the P to procurement and the construction although we’re outsourcing it to a construction from all that flows through Abtech. During the construction phase we are issued progress payments that are paid anticipating a $10 million final construction cost that includes all the installation and materials and procurement. And then after the construction phase is complete if we went under or over that as reconciled in the next monthly bill but we are going to be paid progress payments on a monthly basis during the construction phase that is based on an anticipated $10 million construction cost.

Sam Sunmonu - Chesapeake Advisory Group

Okay, got it.

Glenn Rink

Sorry we [indiscernible] get more confusing sorry about that.

Sam Sunmonu - Chesapeake Advisory Group

All right and then I guess quickly to the second question so I guess your release you see that the 825k of the $2 million has been raised. So what are the implications of not reaching the $2 million that’s you’ve set out?

Glenn Rink

What are the implications of it, right now, we’re not in a candidly we’re not in an urgent position where we’re looking to draw upon that we’re working on the bank line the line of credit that was mentioned of up to $5 million and that’s where we’d like to go but we were positioned and the board approved up to 2 million to be raised from private parties under the arrangement described. But ideally would be to move to a more traditional bank credit line that can support our needs up and down as we flow through the ebbs and flows of cash flows and project orders and expansion and things of that nature.

So I don’t believe there are any implications to our fund that we still have the flexibility of time with the parties we may not take any additional dollars from that structure depending on the timing of the bank. Does that answer your question adequately Sam?

Sam Sunmonu - Chesapeake Advisory Group

Yes, and then I guess so for Q1 and Q2 how are you, what are your cash flow needs then for those for Q1 and Q2?

Glenn Rink

Lane do you want to how do you want to answer that Lane?

Lane Castleton

Well, Q1 is done, so we met that just fine. Going into Q2, we’ll be using largely that $875,000 and then hopefully we’ll have the next round of financing that Glenn mentioned that $5 million bank line in place by the end of the second quarter. So that would be the initial plan. Also we have the equity line of credit of $2 million that we can draw on if needed. And we’ve been reluctant to do that in the past. We will prefer to stick with the debt financing at this point but that is also available to us if we decide to draw on it to meet second quarter cash flow requirements.

Sam Sunmonu - Chesapeake Advisory Group

Got it. Okay, that makes sense. No more questions, thanks.

Glenn Rink

Thank you, Sam for your attention and for your team’s attention, we appreciate it very much.

Sam Sunmonu - Chesapeake Advisory Group

Yes, my pleasure.

Operator

The last question comes from Terry Thompson, a Private Investor. Please go ahead.

Unidentified Analyst

Yes, hello gentlemen. Thank you for so much information. I’ve got a couple of questions. Glenn, first off, do you know where and when the shareholder’s meeting is going to be?

Glenn Rink

Lane Castleton, can you assist in that matter.

Lane Castleton

Yes, it’s going to be July, just bring it up to calendar here now I guess July 7, I think.

Glenn Rink

Carrying just for a given just few moment...

Unidentified Analyst

Let me go onto one of the other questions and Yvonne first off congratulations on the Nassau County contract, I can’t think of a higher profile county to get started with. And what are the chances that you might have to go to a stock dilution for funds?

Glenn Rink

Well, I am going to say to you that it’s as for the sample of investors and dilution particularly what I consider to be a stock price which is undervalued today based on the amount of projects and activity we believe is coming to us. So, I am trying to avoid that at all cost but obviously the company has to make proper decisions that are best for all the shareholders and so we are looking at everything. But right now the $5 million debt financing we believe will carry us forward to 2014 and allow us the flexibility we need without being dilutive as a convertible mode or straight equity. So, we have avoided that pathway for the reason I am looking out for the shareholders interest and trying to avoid dilution particularly when I believe the stock price is undervalued.

Unidentified Analyst

Well, I can’t agree more. All right.

Glenn Rink

Lane, did you find that date?

Lane Castleton

Yes, the Annual Meeting will be held on July 14 and we will have the meeting here in Scottsdale, Arizona.

Unidentified Analyst

All right, great.

Glenn Rink

And this is the first time, we have always done in New York, this year we are doing it in Arizona so that people can actually see our facilities, meet to more of the team and even for those that are interested go to the manufacturing facility. So, we thought it will be nice for people to be able to feel things back and be able to get a greater depth of understanding of what this company means and what the technology means. So, that will be July 14, 2014 and we will be sending out a notice on that by when Lane?

Lane Castleton

Probably around mid-May.

Unidentified Analyst

Great. Well, I will definitely be there, might be a good idea for a person to come in a few days early if they want to, they get a tour and see everything.

Glenn Rink

Will be a pleasure to have you do that and if you would like you can contact us and either Yvonne directly or the office and I am happy to schedule that so that you can get a tour of that facility. There will be couple of other people if you want to private, well we can do that as well.

Unidentified Analyst

No, group will be and I would enjoy a group either will be fine. I have been with the company now for about two years and it looks like things are starting to, really starting to gel for. I appreciate the way things are going and again I can’t thank about better place to get started than Nassau County, everybody knows where that is.

Glenn Rink

I could not agree with you more and I appreciate your support, your loyalty and your patience. I think we are going to help change the world and it doesn’t unfortunately happen overnight and clearly timing can be longer than one would like the times. But I am excited that you are a part of it and I am appreciative of your understanding of the value of Nassau as well and I thank you for your time.

Unidentified Analyst

Look forward to meeting everyone in July and thank you again.

Glenn Rink

Thank you sir. Operator are we?

Operator

This concludes our question-and-answer session. I would like to turn the conference back over to Glenn Rink for any closing remarks.

Glenn Rink

Great. Thank you very much. We want to thank you all for taking the time and your interest in our company. We know at times it’s been a bit frustrating but we believe we are on the three yard line and closing in on the goal. Industry and regulatory trends are providing a tremendous momentum for change that will benefit Abtech. Our boards both advisory and directors, our senior management team and employees, all anticipate that 2014 will be a banner year for Abtech. And as always if you have further questions please do not hesitate to contact either myself at the office or Yvonne Zappulla who handles Investor Relations for us, her number is 212-681-4108. I look forward to our next conference call, when we will review our first quarter 2014 financial results which should be in just about five or six weeks from today. I hope that you all have a wonderful evening and thank you again for both your time today and your support of Abtech Industries.

Operator

The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.

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