Casella Waste Systems, Inc. is Awarded $7.0 Million Grant From State of Pennsylvania to Build Rail Transfer Facility at Its M...
March 05 2014 - 4:16PM
Casella Waste Systems, Inc. (Nasdaq:CWST), a regional solid waste,
recycling and resource management services company, announced today
that it has been awarded a $7.0 million grant from the State of
Pennsylvania to construct a rail siding and transfer station at its
McKean County, Pa. landfill.
The grant, awarded by the Pennsylvania Department of
Transportation's Bureau of Rail Freight, Ports & Waterways,
will go toward funding a project undertaken by the company to
construct new track and unloading facilities at the landfill, which
is currently permitted to accept 5,000 tons per day by rail. The
landfill's permit also allows disposal of 1,000 tons per day by
truck. Our property abuts an existing rail line.
"This is great news on several fronts," John W. Casella,
chairman and CEO of Casella Waste Systems, Inc., said. "First, it
allows us to use rail transportation to more fully utilize this
strategic asset's permitted capacity. We have a number of
opportunities to pursue additional volumes, and rail transportation
is a key advantage.
"Second, it is an economic win for Pennsylvania," Casella said.
"This project will result in new jobs, and helps strengthen
existing jobs at the facility. And, third, there are significant
environmental and safety benefits as well, including potentially
reduced truck traffic, diesel fuel consumption, and carbon monoxide
and other emissions."
The grant provides for 70 percent of the total costs of the
project, the company said. Casella will invest about $3.0 million,
or 30 percent of the total costs as the project is built out.
"We're grateful for the strong support we received from McKean
County and Sergeant Township officials, state Sen. Joe Scarnati,
and state Rep. Martin Causer for our application," Casella said.
"These elected officials, along with officials from the
Pennsylvania DEP and the DOT, deeply appreciate the economic and
environmental benefits of this project."
Casella Waste Systems bought the roughly 230-acre landfill out
of bankruptcy proceedings in February 2011 for $0.5 million in cash
and the assumption of certain contractual obligations.
About Casella Waste Systems, Inc.
Casella Waste Systems, Inc., headquartered in Rutland, Vermont,
provides solid waste management services consisting of collection,
transfer, disposal, and recycling services in the northeastern
United States. For further information, contact Ned Coletta, chief
financial officer at (802) 772-2239, or Joe Fusco, vice president,
at (802) 772-2247, or visit the company's website at
http://www.casella.com.
Safe Harbor Statement
Certain matters discussed in this press release are
"forward-looking statements" intended to qualify for the safe
harbors from liability established by the Private Securities
Litigation Reform Act of 1995. These forward-looking statements can
generally be identified as such by the context of the statements,
including words such as we "believe," "expect," "anticipate,"
"plan," "may," "will," "would," "intend," "estimate" and other
similar expressions, whether in the negative or affirmative. These
forward-looking statements are based on current expectations,
estimates, forecasts and projections about the disposition and the
industry and markets in which we operate and management's beliefs
and assumptions. We cannot guarantee that we actually will achieve
the plans, intentions or expectations disclosed in the
forward-looking statements made. Such forward-looking statements,
and all phases of our operations, involve a number of risks and
uncertainties, any one or more of which could cause actual results
to differ materially from those described in our forward-looking
statements. Such risks and uncertainties include or relate to,
among other things: we may be unable to access all of the grant
money or the development of the rail siding and transfer
infrastructure might require us to invest more than anticipated; we
may be unable to increase the landfill volumes at appropriate
pricing to fully utilize this new infrastructure; or other factors
beyond the company's control. There are a number of other
important risks and uncertainties that could cause our actual
results to differ materially from those indicated by such
forward-looking statements. These additional risks and
uncertainties include, without limitation, those detailed in Item
1A, "Risk Factors" in our Form 10-K for the year ended April 30,
2013.
We undertake no obligation to update publicly any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
CONTACT: Ned Coletta
Chief Financial Officer
(802) 772-2239
Joe Fusco
Vice President
(802) 772-2247
http://www.casella.com
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