VANCOUVER, B.C.– BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial waste water, reports its financial and operating results for the year ended December 31, 2010. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
2010 operating and financial results summary
- BioteQ treated approximately 8 billion litres of water and removed over 1 million kilograms (2.2 million pounds) of metal contaminants from the environment in 2010.
- Significant achievements for the year included establishing three strategic alliances to expand BioteQ’s market presence, the commercial-scale launch of BioteQ’s Sulf-IX™ technologies for sulphate removal, and expansion of BioteQ’s operations portfolio of projects. Projects included new permanent operations at the Minto Mine in the Yukon, construction of a third plant at the Dexing Mine in China, a new ChemSulphide® plant in the US, three new engineering projects, and three pilot operations to introduce new technologies and secure new customers.
- Revenue increased by 37%, or $2.3 million over 2009. The increase was mainly attributable to higher copper prices, new operations, and an increase in fee-based projects.
- Operating margin increased from $1.4 million in 2009 to $3.8 million in 2010.
- The company encountered unexpected events in the fourth quarter that have impacted the overall financial results. First, the Bisbee operation experienced an unexpected shut-down which reduced copper production at the site. Second, NWM Mining defaulted on its lease obligations for the Lluvia de Oro site. Third, the company was unable to finalize an agreement with Birla Mt. Gordon to resume water treatment operations at the Mt. Gordon site.
- The 2010 results include impairment charges of $7.5 million related to the Mt. Gordon operation and $8.3 million related to the Lluvia de Oro project, totaling $15.8 million.
- The Company ended the year with working capital of $13.8 million, an increase of $6.1 million over 2009. The company carries no debt.
- BioteQ has new projects for 2011 with Barrick Gold, EcoMetales, and Newalta, as well as a growing pipeline of projects for 2012 and beyond.
A web-based audio conference call to discuss the financial results is scheduled for Tuesday March 29 at 11:00 am Eastern. Participants can register for the conference call and access the presentation through the following link: http://bellwebcasting.ca/audience/index.asp?eventid=69030397.
The audio portion of the call may be accessed by dialing 416-340-2217, or 1-866-696-5910, reference number 3277435. A recording will be available on the BioteQ website within two days of the call.
BioteQ Corporate Profile
BioteQ creates custom water treatment solutions to recover dissolved metals and remove sulphate from water impacted by mining, energy and industrial activities. The company’s clean technologies convert wastewater into a useful resource while delivering lower life cycle costs for water treatment. BioteQ has designed and commissioned 14 plants at sites in Canada, the US, Mexico, Australia and China, with additional projects in development.
BioteQ’s sustainable water treatment solutions have been recognized with national and international awards for innovation and sustainability. 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
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein constitutes “forward-looking statements” within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are frequently characterized by words such as “plan,” “expect,” “project,” “intend,” “believe,” “anticipate” and other similar words, or statements that certain events or conditions “might” or “will” occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the development, construction and operation of water treatment plants, variations in water quality, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled “Risks” in the Company’s Annual Report for the Year Ended December 31, 2010. Circumstances or management’s estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.