EET Makes 1997 Inc. 500 List
October 16, 1997, Knoxville, TN - - Knoxville-based EET Corporation has been named one of the fastest growing companies in the nation by Inc. magazine, which today released its annual ranking of the Inc. 500, a guide to Americas fastest-growing, privately held companies.
EET, a provider of environmental, health, safety and information services and technology, is identified as the nations 222nd fastest growing company on the list. The companys sales grew 1,101% in 5 years, from $383 thousand to $4.6 million, from 1992 through 1996, the growth evaluation period. During this period the companys staff grew from 4 to 63 employees. EET currently employs 83, chiefly technical professionals, most based at the companys Knoxville headquarters.
"The high quality of our people are responsible for our success. We provide top-notch expertise at a fraction of our competitors prices. High quality at a low price; its a tried and proven business model," says Bob Petersen, EET CEO and company cofounder. "Everybody at EET should be proud of this prestigious accomplishment, as every employee has contributed."
"Future growth will be a result of providing services to an expanded customer base, commercialization of innovative technologies, and mergers and acquisitions," says Louie Sferrazza, EET cofounder and CEO during the Inc. 500 evaluation period. EET business development efforts have accelerated over the last eighteen months and have included the introduction of new services and products. New services include computer network support and the Integrated Loss Control Service, a comprehensive package for companies to outsource environmental, health and safety technical expertise. New products offered include the Drum Web, a safety device designed to minimize the danger of opening waste drums that may be pressurized, and ELVIS, a data acquisition tool utilizing a hand held computer. "We are positioning the company for an initial public offering down the road, and that will add fuel to the companys growth fire," Sferrazza added. The companys outside directors advised management that sales should be at least $15 to $20 million to make an attractive IPO.
To be eligible for the Inc. 500, companies have to be independent and privately held through 1996, and must demonstrate a sales increase from fiscal year 1995 to 1996. Holding companies and regulated banks and utilities are not eligible, and sales in 1992 must be at least $200 thousand. Inc. magazine verified all information using tax forms and financial statements from certified public accountants, and by conducting interviews with company officials.
EET Corporation has provided environmental, health, safety and information services and technology since 1990. EET has facilities in Paducah, Kentucky, and Arvada, Colorado. EET was identified as one of the top 25 fastest-growing companies in the 1997, 1996, and 1995s Greater Knoxville First & Future 50 rankings. EET Corporation was also ranked as the fastest growing environmental, health and safety services and technology company in the U.S.A., according to the 1996 National Technology Fast 500SM listing. EET is a Colorado corporation doing business in Tennessee as EET TN Corporation.