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WOODS CROSS, Utah - Sky Quarry Inc. (NASDAQ: SKYQ), a company specializing in waste asphalt shingle recycling and energy solutions, announced the addition of Todd Palin to its Board of Directors. Palin, a seasoned businessman with extensive experience in the energy sector, joins the company to support its waste-to-energy mission and strategic growth. The appointment comes as Sky Quarry faces significant challenges, with its stock trading at $0.71, down nearly 83% over the past year. According to InvestingPro analysis, the company currently has a market capitalization of approximately $13.4 million.
Todd Palin’s background includes 15 years in the energy industry, where he worked with BP (NYSE:BP) on Alaska’s North Slope. His role involved overseeing all phases of production, which included preparing crude oil before its transfer to the Trans-Alaska Pipeline System. Palin’s industry expertise and understanding of Alaska’s resource challenges are expected to benefit Sky Quarry as it seeks to harmonize traditional energy practices with green advancements.
In addition to his energy sector experience, Palin is a fourth-generation commercial fisherman and a four-time champion of the Iron Dog Race, the world’s longest snowmachine race. His deep ties to Alaska Native heritage and commitment to sustainable practices provide Sky Quarry with a unique perspective on environmental stewardship and community engagement.
Sky Quarry’s CEO David Sealock highlighted Palin’s appointment as especially timely, given current refinery disruptions in California that threaten fuel supply stability. Palin’s knowledge of energy markets and production infrastructure is seen as crucial to the company’s production increase at its Nevada refinery in 2025. The company faces significant operational challenges, with InvestingPro data showing a negative gross profit margin and rapidly declining revenues, which fell about 35% in the last twelve months. Get access to 10+ additional ProTips and comprehensive financial metrics with an InvestingPro subscription.
Palin expressed enthusiasm for joining Sky Quarry, emphasizing the company’s innovative approach to creating sustainable energy solutions that benefit both the environment and communities. He aims to apply his experience in energy production, resource management, and public service to support the company’s growth and its mission to transform waste into valuable resources.
Sky Quarry Inc. operates in oil production, refining, and environmental remediation, focusing on technologies that recycle waste asphalt shingles and remediate oil-saturated sands and soils. The company’s goal is to divert millions of tons of asphalt shingle waste from landfills, promoting resource efficiency and reducing environmental impact. Financial metrics from InvestingPro indicate the company faces significant financial challenges, with a debt-to-equity ratio of 1.47 and a current ratio of 0.31, suggesting potential liquidity concerns. The company’s overall financial health score is rated as WEAK, based on comprehensive analysis of multiple financial indicators.
The information in this article is based on a press release statement. Forward-looking statements contained in the press release are subject to risks, uncertainties, and assumptions. The company has cautioned that actual results may differ materially from those anticipated in these statements.
In other recent news, Sky Quarry Inc. has announced a strategic move to deploy modular Asphalt Shingle Recycling (ASR) units across the United States, aiming to expand its market reach and improve operational efficiency. The company plans to have these units fully operational within the year, strategically placing them near densely populated areas and high-tipping-fee regions. This initiative is part of Sky Quarry’s response to stricter landfill disposal mandates and aims to create a sustainable closed-loop system. Additionally, Sky Quarry has entered into a non-binding Letter of Intent with RB Residential, Inc. for a potential merger, intending to incorporate sustainable practices into RB Residential’s operations. This collaboration would leverage Sky Quarry’s recycling technology to reduce waste in the roofing industry. In governance news, Sky Quarry has appointed finance veteran Leo Womack to its Board of Directors, bringing his extensive expertise in corporate financial strategy and capital markets. Womack will serve on the Audit and Nominating Committee and chair the Compensation Committee. These developments reflect Sky Quarry’s commitment to sustainability and strategic growth.
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