Hollund Industrial Marine Increases Equity & Revenue Share in Bayano Lake Timber Project
Approximately 100% Increase in BLWP Equity and Project Revenues Strengthen HIMR Financial Outlook
BLAINE, WA--(Marketwired - Jan 22, 2014) - Hollund Industrial Marine, Inc. (PINKSHEETS: HIMR) ("Hollund" or the "Company"), an underwater forest management company, today announced that it has significantly increased its ownership in Bayano Lake Wood Products -- swelling its revenue share in the underwater timber recovery project in Panama by nearly 100%.
"This dramatic increase in equity and revenue was part of a broader agreement with our senior partner at Bayano Lake Wood Products," said Peter Meier, President of Hollund. "We are pleased to have been in a suitable financial position to be able to execute on our agreement and substantially increase our stake in this exciting project."
The Company was required to make a final payment to the senior partner of Bayano Lake Wood Products on December 31 st , 2013, in order to increase Hollund's equity stake and revenue share. With initial operations slated to begin in the next few weeks, management believes that the Bayano Lake Timber Recovery Project should see profitability well into seven figures based on estimated recovery values.
Mr. Meier concluded, "The Bayano Lake Timber Recovery Project establishes Hollund's first significant revenue stream. As we focus on the startup at Bayano, we are targeting three potential, new projects that are significantly greater in terms of resource development potential. Based on the current outlook, we can project overall revenues for the next three years growing exponentially."
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