VISTA Issues Q4 2010 Update
Denver, CO - December 15, 2010
-- Vista International Technologies, Inc. (OTC BB: VVIT),
is pleased to give investors an update on the
company's operations for the current quarter, and provide information on the company's turnaround efforts. This update is in line with the company's policy of greater transparency and increased dialogue
with the public.
The seasonally slow time of year for the Hutchins tire facility has begun, but relatively speaking, tire volume has held up well as a percentage of October and November volume. The company is following through on its corporate restructuring plan for the
facility, making upgrades to maximize its value, and investigating additional revenue streams from the incoming tires.
With regard to the financial restructuring, the majority of the company's debt settlements have been completed as well. A good deal of this debt was settled for between 30 and 40 cents on the dollar, which was better than expected, and will benefit the company long term. Managment will now primarily focus on raising a small amount of additional capital and implementing cost control measures to keep the financial turnaround progressing as planned.
On the gasification front, Vista continues to receive interest regarding projects for the next generation Thermal Gasifier, mainly in the Northeastern US and Colorado. With the demonstration unit in Italy expected to be completed in 2011, additional emphasis has been added on establishing a project pipeline and determining the proper project rollout timeframes to maximize benefit to the company.
As the company's turnaround progresses, it is imperative that the company bring in additional personnel to manage the re-emergence of the company into the renewable energy space. To this end, the company has identified a few uniquely qualified individuals which will enhance the management team and bring additional value to the shareholders. Management hopes to be able to announce the addition of these individuals shortly.
¨C Thomas P. Pfisterer,