FORT LAUDERDALE, Fla., May 16, 2024 (GLOBE NEWSWIRE) -- ZEFIRO METHANE CORP. (Cboe Canada: ZEFI) (Frankfurt: Y6B) (the "Company", "Zefiro", or "ZEFI") today announced the Company's consolidated financial results for the fiscal quarter ended March 31, 2024 ("FQ3 2024"). For the quarter, the Company generated record consolidated revenues of $8.5 million USD, an approximate 10% increase from the quarter that ended on December 31, 2023, resulting in a gross profit of $2.7 million USD (approximate 31% gross profit margin). ZEFI also generated adjusted earnings before interest, taxes, depreciation, and amortization ("EBITDA") of $407,000 USD. Recent Highlights: The Company generated record consolidated quarterly revenues and Adjusted EBITDA for the quarter ended March 31, 2024. Zefiro completed its Initial Public Offering ("IPO") on April 23, 2024, trading as "ZEFI" on the Cboe Canada Inc. stock exchange. Subsequent to its IPO, ZEFI common shares were listed on the Frankfurt Stock Exchange ("FSE") under the symbol "Y6B". The Company completed the listing of its first two methane abatement projects with the ACRcarbon registry. In a video on the Company's YouTube channel, Zefiro Founder and Chief Executive Officer Talal Debs discusses key points about ZEFI's inaugural quarterly earnings report. To view the video, please click here. Readers using news aggregation services may be unable to view the media above. Please access SEDAR+ or the Investors section of the Company's website for a version of this press release containing all published media. Zefiro Founder and Chief Executive Officer Talal Debs PhD commented, "We are absolutely thrilled about Zefiro's continued outstanding performance, as reflected in the Company's first quarterly earnings report as a publicly traded Company. In just a matter of months, Zefiro's comprehensive and fully integrated business model as an environmental services company has had a measurable impact on American communities, while also driving robust and scalable value for shareholders. I believe these results signal to the market that Zefiro's operations are sustainable and profitable, aligning quite well with investors' objectives." First Quarter 2024 Business Highlights: On February 28, 2024, the Company completed the 90-day integration of its acquisition of Appalachian Well Surveys. The acquisition of the decades-old wireline company was consummated by Zefiro's consolidated subsidiary, Plants & Goodwin, and expands the Company's fully integrated asset retirement services. On February 28, 2024, the Company announced the completion of an environmental remediation project within the Cuyahoga Valley National Park near Akron, Ohio. Zefiro and its partners were tasked by the National Park Service to ensure that the unplugged sites would not develop into environmental hazards that could threaten the health of the park's staff and visitors. On March 13, 2024, the Company co-hosted the Wall Street Green Summit at the Cornell Club in New York City. The event, which featured Zefiro board member Catherine Flax as a program speaker, was organized to highlight unique opportunities throughout the energy sector that promote a more sustainable future. Events Subsequent to March 31, 2024: On April 23, 2024, the Company launched its Initial Public Offering on the Cboe Canada Inc. stock exchange. On April 29, 2024, the Company announced its first successful listing on the ACRcarbon registry. The listing represented the completion of a multi-month-long application process and served as an important milestone in Zefiro's efforts to monetize their methane reduction activities throughout the United States. On May 6, 2024, the Company announced that its common shares were listed on the Frankfurt Stock Exchange ("FSE") under the symbol "Y6B". Zefiro's shares officially began trading on the FSE on May 2, 2024. On May 7, 2024, the Company announced the opening of a new operations facility in Buckhannon, West Virginia. The facility will allow the Company to expand their abandoned oil and gas well plugging operations by strategically aligning the Company's goal of efficiently deploying portions of the $29.2 million USD Phase 1 Bipartisan Infrastructure Law funds in West Virginia. There are over 6,300 orphaned oil and gas wells in West Virginia (source: DOI.gov "Annual Report to Congress", December 2021). First Quarter 2024 Financial Highlights (in USD): For the three months ended March 31,2024 December 31,2023 March 31,2023 Revenue $8,539,165 $6,868,405 $Nil Gross profit $2,657,229 $1,798,778 $Nil Total operating expenses ($3,448,913) ($3,690,910) ($966,271)