VANCOUVER, BC – BioteQ Environmental Technologies, Inc. (TSX:BQE), a leader in the treatment of metal and sulphate contaminated water, today reported financial results for the third quarter and the nine-months ended September 30, 2008. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
Third quarter operating and financial highlights:
- BioteQ processed more than 3 billion litres of water during the quarter, with 7.1 billion litres processed in the year-to-date.
- BioteQ’s revenues from water treatment operations tripled during Q3 to $4.1 million, compared to $1.3 million during the same quarter in 2007. This revenue increase is due to contributions from new operations in China, Australia, and Mexico.
- BioteQ turned an overall net profit before taxes of $110,000 during the quarter.
- The net loss for the quarter was $71,000, compared to $2.5 million in Q3 2007.
- Plant operations generated positive cash flow of $1.5 million for Q3, and close to $2.5 million for the year-to-date.
- The Company ended the quarter with working capital of $18.3 million, and no debt.
BioteQ’s third quarter 2008 financial performance reflects results from 5 operations – water treatment plants at Bisbee, Raglan, Dexing, Mt. Gordon, and Lluvia de Oro. Revenue for the year-to-date grew to close to $6.5 million compared to $3.5 million in the first nine months of 2007, with revenue from the new operations at Dexing, Mt. Gordon, and Lluvia offsetting slight declines at Bisbee and Raglan. Revenues are derived from water treatment fees and 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’s third quarter results reflect the Company’s recent investments in new plants that have come online to contribute to revenue growth. In the coming months, the Company will focus on reducing operating costs and securing new projects to drive future growth. We continue to have a strong balance sheet, with cash to finance new plant investments, and no debt.”
A conference call to discuss the financial results is scheduled for Monday November 17, at 11:00 am Eastern. Participants may call 416-695-7806 or 1-888-789-9572 and enter reference number 3275082#. A replay of the call will be available until November 30 by dialing 416-695-5800 or 1-800-408-3053, reference number 3275082. A recording will be available within two days of the call on the BioteQ website atwww.bqewater.com.
BioteQ Corporate Profile
BioteQ builds, owns and operates industrial water treatment plants, reducing environmental liabilities while generating revenue from waste water. The Company’s commercially proven technology treats acid mine drainage and other metal-laden industrial waste water by sequentially removing metals and sulphate, producing saleable metal 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 7 more projects in design and construction. BioteQ is headquartered in Vancouver, Canada, and trades on the TSX under the symbol BQE. For additional information, 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.