VANCOUVER, B.C.– BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of metal and sulphate contaminated water, today reported financial results for the three months ended March 31, 2009. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
First quarter operating and financial results summary:
- BioteQ treated 2 billion litres of water and removed 575,000 pounds of metal contaminants from the environment.
- BioteQ’s revenues from water treatment operations were $930,000, compared to $815,000 during the same quarter in 2008. This revenue increase was due to contributions from the new operation in China, partially offset by declines in revenue at existing sites due to lower metal prices and production volumes.
- BioteQ realized a one-time extraordinary item expense of $697,000 due to a write down of reagent and concentrate inventory damaged during flooding at the Mt. Gordon site in Australia.
- BioteQ reported an overall net loss of $2.6 million for the quarter, compared to a net loss of $460,000 in Q1 2008.
- The Company ended the quarter with working capital of $8.2 million, and no debt.
BioteQ’s first quarter 2009 financial performance reflects results from 6 operating sources – Bisbee, Raglan, Dexing, Mt. Gordon, Lluvia de Oro, and Wellington Oro. Results were impacted by three inactive operations during the quarter: Raglan (plant operates seasonally from May to October), Mt. Gordon (operations temporarily suspended due to force majeure because of flooding at the mine site), and Lluvia de Oro (operations suspended pending resumption of gold mining operations). Revenues are derived from water treatment fees and the sale of metals recovered, and can be impacted by metal prices, the metal content in the water, and the volume of water processed.
Brad Marchant, BioteQ’s CEO stated, “BioteQ has adjusted its operations during the first quarter to reduce costs and preserve capital, in response to market changes in the mining and metallurgy industry. We believe these changes will position BioteQ for profitable operations in the future, and expansion into new markets.”
A conference call to discuss the financial results is scheduled for Thursday May 7 at 11:00 am Eastern. Participants may call 416-695-7806 or 1-888-789-9572 and enter reference number 2461781. A replay of the call will be available until May 21 by calling 416-695-5800 or 1-800-408-3053, reference number 4588485. A recording will be available within two days of the call on the BioteQ website at www.bqewater.com.
BioteQ Corporate Profile
BioteQ is an industrial water treatment company that applies innovative technologies to solve complex water problems, reducing environmental liabilities while generating revenue from wastewater. 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 8 plants at sites in Canada, the US, China, Australia and Mexico, with additional projects in design and construction. 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.