MIDLAND, Texas, Sept. 18, 2014 /PRNewswire/ -- STW Resources Holding Corp. (OTC QB: STWS) announced today that its financial results for the three months ended March 31, 2014 have been filed on its Form 10-Q Quarterly Report with the Securities and Exchange Commission (SEC). A detailed Form 10-Q is available on the company web site.
STWS revenues increased to $3,600,779 in the first quarter of 2014 from $541,000 in revenues in the first quarter of 2013, an increase of 566%. Gross profit during the first quarter of 2014 increased from by $338,171 or 416% over the same quarter of 2013.
During the quarter ended March 31, 2014, we also reduced our long term debt and accrued interest by approximately $1.2 million by converting the debt to common stock. In connection with this debt reduction, we also reduced our derivative liability by approximately $1.0 million from December 31, 2013. Since March 31, 2014, we have further reduced our long term debt and accrued interest by approximately $1.0 million due to the conversion of debt to common stock.
Our continuing rapid growth during the first quarter of 2014 resulted in increased operating expenses of approximately $1.8 million during the first quarter of 2014 over the first quarter of 2013, which contributed to our reported net loss of $2,413,174 for the quarter ended March 31, 2014. The net loss for the quarter ended March 31, 2014, was $634,655 lower than the net loss of $3,047,829 reported for the same quarter last year, and improvement of 21% in 2014.
Robert Miranda, STW Resources' CFO stated "We are pleased to have filed our first quarter 2014 quarterly report with the SEC. We plan to file our second quarter 2014 report on our Form 10-Q with the SEC by October 6, 2014, to bring us back to current filer status. The rapid growth of STWS and the addition of several new operating subsidiaries has added a layer of complexity to the accounting and financial reporting process which has contributed to delays in the timely filing of our quarterly reports. During the past few months we have hired new accounting personnel in Midland and have instituted improved internal controls over financial reporting that we believe will enable STWS to file its quarterly and annual reports on a timely basis."
Stanley Weiner, STW Resources' CEO stated "We are pleased with our operating results for the first quarter of 2014 and look forward to reporting our financial results for the second quarter of 2014. Upon filing of our Form 10_Q for the quarter ended June 30, 2014, we will begin the process of moving from OTCPink® marketplace platform to the OTCQB® marketplace, home of the top 334 companies listed on the OTC marketplace exchange."
About STW Resources Holding Corp.
STW Resources Holdings Corp. consults and provides customized water analysis, reclamation and remediation services to a variety of complex oil and gas produced and flowback water, brackish water, industrial, and municipal applications throughout several geographic locations. As an independent solutions provider, STW utilizes proven technologies from various well-known manufacturers. These technologies are available as fixed or mobile units with varying capabilities. STW's process ensures that the most effective and efficient technologies are implemented. Current potential project locations include the Eagle Ford Shale (TX), the west Texas Delaware and Permian Basins (TX), and eastern New Mexico. STW is also involved in the oilfield dirt construction business providing roads, pits, locations, and water pond construction. It also offers evaporation covers for the elimination of evaporation on frac ponds used throughout the oilfield. Evaporation causes the operators millions of dollars in losses annually. Covering the ponds is a conservational and economic method of preserving one of our natural resources and can be floated on to existing ponds or installed during construction. It also eliminates algae growth, doubles as a bird net, and reduces erosion of pond infrastructure. High quality liners with fusion-welded seams, quality control testing including air tests of seams and destruction testing are also standard. STW Energy, a subsidiary of STW Holding Corp, offers a turnkey rig washing service and STW Holdings offers the ability and technology to process drilling waste fluids, tank bottoms, and oil based cuttings that will completely eliminate any potential future liabilities (Cradle-to-Grave) to the operators after they dispose of them. STW services include roustabout services for several major oil and gas producers too. STW's Pipeline Maintenance & Construction division aids oil & gas companies in connecting new wells so the oil & gas can be sold to market and helps maintain the integrity of their existing pipeline infrastructure.
Forward-Looking Statements
This news release contains forward-looking statements about our business, or financial condition and prospects that reflect our assumptions and beliefs based on information currently available. We can give no assurance that the expectations indicated by such forward-looking statements will be realized. There may be other risks and circumstances that we are unable to predict. When used in this news release, words such as "believes," "expects," "intends," "plans," "anticipates," "estimates" and similar expressions are intended to identify forward-looking statements, although there may be certain forward-looking statements not accompanied by such expressions. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including risks discussed in the company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (www.sec.gov). All forward-looking statements attributable to the Company or to persons acting on its behalf are expressly qualified in their entirety by these factors other than as required under the securities laws. The Company does not assume a duty to update these forward-looking statements.
SOURCE STW Resources Holding Corp.
