CoreCo is an environmental and geotechnical exploration company which collects data on soil, rock, and groundwater conditions for environmental and geotechnical assessments. These assessments can help identify potential contamination sources, assess site stability for construction, and monitor subsurface conditions.
Because this company's critical resources are people and equipment, exploratory specialists to conduct and coordinate the services, and the equipment required to accomplish those services, our focus is on making sure that we solidify both of these areas. We are doing that in two ways:
1. We’re creating the first environmental and geotechnical drilling trade school with one of the biggest community colleges in the U.S. We’ve been working on this for the past 15 months and we will have our first students in the Fall of 2023. This will give awareness and opportunity for young people to build a career in this industry. This will help to replenish people in the industry that have been lost to retirement. Graduates will be able to start their career making $50 - $60K per year with a career path to make 6-figures within 5 years. The other significance is the awareness it will bring to this industry as it isn't well known, although critical. This trade school will help bring the next generation of exploratory specialists to the industry.
2. We have the opportunity to purchase a drill-rig manufacturing company that will help solidify the equipment side of our business. This will allow us to transition to new equipment which will reduce R&M expense, increase revenue, and execute on our national expansion plan. Our plan is to put 50% of the manufactured equipment into service and to sell the remaining 50% to a 3rd party distributor who has already committed to purchasing 15 - 25 rigs per year. Putting 20 rigs into service every year will annually add over $10 million in revenue.
We firmly believe these 2 new strategies will help to positively transform the industry and our company long-term.
We are looking for $3 million to execute on debt consolidation. Once that is complete, we will work on acquisition financing between $6 and $8 million.
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