FOR IMMEDIATE RELEASE
November 18, 2022 (Houston, Texas, USA) – Drylet today announced a series of steps has been taken to immediately position the Company to achieve profitability and free cash flow.
Given prevailing challenges with raising capital in today’s volatile financial markets, Drylet’s former CEO Trevor Turbidy and Drylet’s Board of Directors determined this week that the company and its shareholders were best-served by dramatically reducing costs and tempering Drylet’s expansion plans. Going forward, the company is to focus on its existing customer base while growing in US and European markets, which have the strongest near-term growth potential and in which Drylet has achieved brand recognition.
Drylet reduced headcount in both the U.S. and Europe and streamlined reporting structures. Under the leadership of new CEO Justin Whitley, the company will focus on strengthening verticals which generate positive cash flow in both markets, while continuing to address its customers’ needs in each of the company’s existing business verticals.
“Drylet has made great strides in its Livestock and Solids Remediation verticals thanks to our suite of patented products, proven product efficacy, and demonstrable track record of creating value for our large public and private company customers,” commented Mr. Turbidy. “With the steps that we have recently implemented, and with our new CEO’s impressive agricultural experience and strong relationships, Drylet should be able to accelerate the revenue trajectory in its strongest verticals, Livestock and Solids Remediation. I couldn’t be handing the reigns over to a more qualified, energetic and enthusiastic leader than Justin.”
Swine, dairy, and beef operations are now top priority for Drylet in the US market, as the company keeps building its ManureMagic® dealers’ network. “Our ManureMagic® solution has been a reliable source of revenue for the company over the years for a reason, it works well and delivers tremendous value to our customers. Now is the time to scale up all the great testimonials and high customer retention into a winning proposition for the company,” Mr. Whitley said.
He joined Drylet in January 2021 as the National Accounts Manager for ManureMagic®, equipped with a strong and distinguished track record in swine production, research, and nutrition sales. Prior roles include developing partnerships with large swine integrators in the U.S. for Trouw Nutrition USA and Devenish Nutrition. Mr. Whitley holds a Bachelor’s and Master’s degree in Animal Science from NC State University.
Darko Lojen, Director of EMEA Operations Darko Lojen, who joined Drylet in 2019, will keep leading European projects development in biogas production and municipal wastewater treatment. “Fast-moving environmental legislation and mindsets, in addition to the renewed energy-security concerns raised by the war in Ukraine and current tensions with Russia, make Europe a ripe market for our low-carbon footprint, zero-energy biocatalyst,” he said.
Darko Lojen boasts more than 20 years of experience in public policy and governance, international development, agribusiness and food industry sectors, as well as in government-business relations, through previous roles as Special Advisor in Serbia’s Prime Minister’s Office and a senior officer at the US Embassy.
About Drylet
Drylet, headquartered in Houston, Texas, is an award-winning bioremediation technology company whose proprietary biocatalysts optimize biosolids reduction and biogas generation in livestock operations, industrial wastewater lagoons, waste-to-energy installations, and wastewater treatment facilities. Drylet offers a cost-effective and zero-CAPEX, low-carbon footprint solution for addressing biosolids accumulation, boosting mass-to-gas conversion and energy revenue, while reducing environmental impacts and aiding with regulatory compliance. For more information, visit www.drylet.com.