VANCOUVER, B.C.– BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, today released its first quarter operating and financial results for the three months ended March 31, 2010. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
Operating and Financial Highlights for Q1 2010
- BioteQ’s revenues from water treatment operations increased by 273% to $2.5 million in Q1 2010, compared to revenues of $930,000 in the same quarter last year, primarily because of improved metal prices, high copper recovery at the Dexing plant in China, and construction fees related to a new Canadian water treatment plant. In addition to revenue from operations, BioteQ reported lease-fee income of $239,000 from the Lluvia de Oro project in Mexico.
- Fee-based revenues accounted for 56% of Q1 revenues in 2010, compared to 26% in the same quarter of 2009, reflecting BioteQ’s shift towards fee-based contracts over the past year which reduces the Company’s exposure to commodity price fluctuations.
- Plant operations contributed positive cash flow of $619,000 for the quarter, compared to a loss of $588,000 in Q1 of last year. Overall, BioteQ reported a net loss of $677,000 compared to a loss of $2.6 million in Q1 2009.
- BioteQ ended the quarter with working capital of $11.5 million, and no debt.
- During the quarter, BioteQ entered into strategic alliances with Newalta Corporation and Lanxess Sybron Chemicals, to jointly pursue new market opportunities and diversify the market base to serve new customers in the mining, oil sands, and power generation industries.
- The Company continues to have a very active project development pipeline which includes plans for design projects, new plants, and pilot operations, and expects to meet its project development goals for 2010.
Brad Marchant, BioteQ’s Chief Executive Officer stated, “We expect BioteQ’s operating and financial results to continue to improve over the balance of 2010, as we re-start inactive operations and add new projects. Over the past 12 months, we have adjusted our revenue mix to include more fee-based projects, expanded our business model to respond to customer needs, and initiated market diversification activities. We believe these steps position the Company to deliver strong operating and financial results for our shareholders.”
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 Wednesday May 12 at 11:00 am Eastern. Participants may call 416-695-7806 or 1-888-789-9572 and enter reference number 3650101. A replay of the call will be available until May 26 by calling 416-695-5800 or 1-800-408-3053, reference number 6877431. 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