VANCOUVER, B.C.– BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial waste water, today reported financial results for the year ended December 31, 2009. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
2009 operating and financial results summary:
- BioteQ treated approximately 7.25 billion litres of water during 2009; the company’s water treatment plants removed approximately 1 million kilograms (2.2 million pounds) of metal contaminants from the environment during the year.
- BioteQ’s revenues from water treatment operations decreased to $6.4 million in 2009, compared to $7.8 million in 2008. BioteQ had fewer active plants during the year compared to the previous year, which also resulted in lower operating costs of $5 million in 2009, compared to $8 million in 2008.
- BioteQ generated positive cash flow of $1.4 million from plant operations during the year. Overall, the company used $2.7 million in cash during the year, similar to the cash used in 2008.
- BioteQ reported an overall net loss of $4.7 million for 2009, compared to a net loss of $5.2 million in 2008, including non-cash items.
- The Company ended the year with working capital of $7.7 million, and no debt.
Significant events for the year included the following:
- BioteQ worked to bring three inactive operations back on-line during 2009, setting the stage for stronger operating results in 2010.
- BioteQ expanded its business model to include fee-based design-supply-operate projects where the company provides process design, technology, engineering, and operations expertise for fees. This adjustment has enabled BioteQ to respond to a wider range of customer opportunities and at the same time preserve capital while expanding its operating base.
- BioteQ secured new fee-based contracts with new customers, including projects with Minto Explorations and Koza Gold.
- BioteQ began to diversify its markets during 2009 to include water treatment applications in power generation and oil sands. A new strategic alliance with Newalta Corporation (TSX:NAL) came to fruition in early 2010.
During the fourth quarter of 2009, significant events included the following:
- BioteQ temporarily re-started operations at the Mt. Gordon site in Australia. This contributed to higher plant operating costs for the quarter. The site remains under force majeure conditions, and the plant is now idle, pending agreement with the site owner for a new long-term operating contract for the site.
- The Raglan site in Quebec successfully completed its fifth operating season in November, processing a total of 915,000 cubic meters of water. Treated volumes were higher than expected because of more precipitation at the site.
- The Dexing operation in China recovered 59,000 pounds of copper during the quarter. Copper production was reduced during the quarter because of low seasonal precipitation and a scheduled four-week routine maintenance period during the “dry season”.
BioteQ’s financial statements and the Company’s MD&A have been filed on SEDAR, www.sedar.com, and will be available on the BioteQ website at www.bqewater.com.
A conference call to discuss the financial results is scheduled for Thursday March 18 at 11:00 am Eastern. Participants may call 1-888-789-9572 and enter reference number 5823214#. A replay of the call will be available until April 1 by calling 1-800-408-3053, reference number 6266645#. A recording will be available within two days of the call on the BioteQ website at www.bqewater.com
BioteQ Corporate Profile
BioteQ is a water treatment company that applies innovative technologies and operating expertise to solve challenging water treatment problems, reducing environmental liabilities while delivering lower life cycle costs for water treatment. The Company’s commercially proven technologies treat industrial wastewater contaminated with dissolved heavy metals and sulphate, producing saleable by-products and clean water that can be discharged safely to the environment. BioteQ has built 9 plants at sites in Canada, the US, China, Australia and Mexico, with additional projects in design and construction.
BioteQ has been named one of Canada’s Top 50 Most Socially Responsible Corporations by Jantzi Research and Maclean’s, and the company’s sustainable water treatment solutions have been recognized with the Canada Export Achievement Award, the Globe Award for Environmental Excellence, the PDAC Award for Environmental and Social Responsibility, the China Mining Environmental Protection Award, and the Mines & Money Sustainable Development Award. BioteQ is headquartered in Vancouver, Canada, and trades on the TSX under the symbol BQE. For additional information, please go to www.bqewater.com.
On behalf of the Board of Directors