VANCOUVER, B.C.– BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial waste water, today reported financial results for the three and six months ended June 30, 2009. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
Second quarter operating and financial results summary:
- BioteQ treated 2 billion litres of water during the second quarter, bringing the total treated in the first half of the year to 4 billion litres; the company’s water treatment plants removed 323,000 kg (710,000 pounds) of metal contaminants from the environment during the second quarter, bringing the total for the first half of 2009 to nearly 590,000 kg (1.3 million pounds).
- BioteQ’s revenues from water treatment operations were $1.2 million, up from $930,000 in the first quarter of 2009, but down by 20% compared to the second quarter of 2008. Revenues increased even though there were fewer active operations in the quarter.
- BioteQ generated positive cash flow of $497,000 from plant operations during the quarter.
- BioteQ reported an overall net loss of $1.2 million for the quarter, compared to $747,000 in Q2 2008, including non-cash items.
- The Company ended the quarter with working capital of $8.2 million (unchanged from Q1 2009), and no debt.
Brad Marchant, BioteQ’s CEO stated, “BioteQ is showing improved financial results, reflecting the operational changes made earlier this year. We have expanded the scope of our activities with important customers, we are investing in market diversification, and we continue to have an active business development pipeline. We are optimistic about BioteQ’s future opportunities.”
Significant events for the second quarter included:
- Record production at the Dexing water treatment plant in China.
- A new agreement with NWM Mining which restructures BioteQ’s loan to NWM, and provides for a lease arrangement for the SART plant at the Lluvia de Oro gold mine.
- A temporary furlough of operations at Bisbee to initiate technical improvements and cost reduction measures.
- A new contract for seasonal water treatment operations with a new client, for a Canadian mine site.
- Continuing discussions with Aditya Birla to re-establish operations at the Mt. Gordon site in Australia.
- A commitment of $295,000 from the National Research Council of Canada to support BioteQ’s research and development activities to apply the company’s technologies to wastewater treatment from power generating facilities and the Canadian oil sands.
BioteQ’s quarterly 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 Tuesday August 11 at 11:00 am Eastern. Participants may call 1-888-789-9572 and enter reference number 4603783. A replay of the call will be available until August 25 by calling 1-800-408-3053, reference number 6685816. 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 8 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/Macleans, and the company’s sustainable water treatment solutions have been recognized with 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
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.