VANCOUVER, BC – BioteQ Environmental Technologies Inc. (TSX VENTURE:BQE) today reports on its third quarter results:
- All operations were profitable
- All operations met environmental and safety objectives
- Overall profit reported for the first time
- Full results will be filed on SEDAR
Operating Results – Third Quarter 2006
The Company’s third quarter financial statements and MD&A are being filed on SEDAR. The Company has reported its best financial quarter to date, showing a small profit for the period. All of the operating plants were profitable during the quarter, resulting in positive net income for the period, after all operating and other costs, including new project development costs. The number of new projects under development is currently at its highest level in the Company history.
The Company expects the next quarter to show a small positive balance from earnings before interest, taxes, depreciation and amortization (EBITDA). Total revenue anticipated in 2006 is approximately $5 million, nearly double that reported for 2005.
BioteQ is establishing itself as a leader in the treatment of acid contaminated water through the use of its patented BioSulphide® Process and related sulphide technologies. Focused on the mining industry, BioteQ has partnered with leading metal producers including Phelps Dodge, Breakwater, INCO, Jiangxi Copper and Falconbridge as well as utilities operator EPCOR Water Services, to finance, design, build and operate mine site water treatment plants which recover saleable metals in addition to meeting ever stricter environmental regulations.
On behalf of the Board of Directors