BioteQ Reports 2011 Year End Operating and Financial Results

VANCOUVER, BC – BioteQ Environmental Technologies, Inc. (TSX : BQE), a leader in the treatment of industrial wastewater, reports its financial and operating results for the year ended December 31, 2011. All figures are in Canadian dollars and are in accordance with International Reporting Standards (IFRS), unless otherwise noted.

Financial and operating results highlights for 2011

  • BioteQ had active operations in Canada, the US, and China during 2011 that together treated 9.5 billion litres of contaminated water and removed 2.1 million pounds of metal contaminants from the environment. Company operations generated recurring revenues from water treatment fees and metals recovered; the Company also generated revenue from several engineering and service related contracts in Latin America and Eastern Europe.
  • BioteQ’s financial results for 2011 are in line with guidance issued by the Company in mid-October.
  • Total revenues for the year were $7.4 million compared to $8.7 million in 2010. This was a 15% decline or $1.3 million lower than 2010. The decrease in revenue over the prior year was mainly due to the suspension of water treatment operations at the Minto site for the 2011 season and lower plant sale revenue in 2011.
  • Operating income for the year was $2.8 million, compared to $3.8 million in 2010.
  • The overall net loss for the year was $5.1 million, or $0.07 per share, compared to a loss of $10.9 million in 2010, or $0.16 per share. The Comprehensive loss for the period was $4.7 million compared to a loss of $12.4 million in 2010.
  • Cash used in operating activities, before changes in working capital, was $3.5 million compared to cash generated by operations of $949,000 in 2010.  Cash used in operating activities, including changes in working capital, was $2.5 million in 2011. These figures include one-time costs for CEO transition expenses of $750,000.
  • Working capital at the end of 2011 was $9.5 million which included $9.3 million in cash and short-term investments.
  • BioteQ ended the year with total assets of $19.3 million compared to $22.1 million in 2010.

Looking ahead to 2012 and beyond, BioteQ has adopted a new strategy that contains a more focused and proactive commercial approach. Going forward, it is management’s intention that the company will have a significantly enhanced focus on Sales and Business Development activities. This includes:

  • The recent hiring of BioteQ’s first Vice President of Sales and Marketing and its first Sales Manager for Latin America. BioteQ is creating a dedicated team of Sales professionals, including sales engineering and market research resources. The Sales team will be focused on proactively selling and closing contracts for BioteQ’s commercial technologies including BioSulphide® and ChemSulphide®, ion exchange for metal recovery, SART, and a limited range of Sulf-IXTM applications;
  • Development and furthering of effective and commercially productive channel relationships with select alliance partners such as Newalta and Ecometales; and
  • Separation of Business Development activities from Sales. Business Development will focus on the testing and early deployment of pre-commercial systems (which, at present, are mainly Sulf-IXTM related) into novel applications and into new market verticals such as power generation and frac water treatment. A recent reorganization of senior management within the company that included the appointment of Dr. David Kratochvil to the role of Chief Technology Officer has created greater bandwidth and focus for the company’s Business Development activities.

In the near term, the goals of the organization centre very clearly on significantly growing the company’s revenue base and driving to positive cash flow within the next 18 to 24 months.

BioteQ’s key milestone targets for 2012

  • Revenue is expected to increase to at least $10 million, an increase of more than 30% compared to 2011;
  • Cash used in operations (including changes in working capital) is expected to be reduced from $2.5 million in 2011 to less than $1.5 million in 2012;
  • A first commercial plant sale to a channel partner is expected to close;
  • A first plant sale and/or significant operating contract in Latin America is expected to close;
  • A pilot will be undertaken in a market  vertical outside of hard rock mining.

Jonathan Wilkinson, BioteQ’s Chief Executive Officer, stated “BioteQ is committed to delivering concrete commercial progress in 2012 and beyond. The opportunities in front of us are large. While the full impact of some of the organizational and commercial changes that have recently been made will take time, given the lengthy sales cycles that exist in our chosen markets, we are confident that the Company will turn the corner and will demonstrate concrete commercial progress in 2012 and beyond to shareholders and partners.

BioteQ’s financial statements and the Company’s MD&A have been filed on SEDAR,, and will be available on the BioteQ website at

A conference call to discuss the financial results is scheduled for Thursday March 29 at 11:00 am Eastern. Participants can access the call by dialing 416-695-7806 or 1-888-789-9572, reference number 9447043. A playback of the call will be available until April 12th by dialing 905-694-9451 or 1-800-408-3053, reference number 3591824. A recording of the call will be available on the BioteQ website within two days of the call.

BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment. The company’s proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at for additional information.