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 nine months ended September 30, 2009. All figures are in Canadian dollars and are in accordance with Canadian GAAP, unless otherwise noted.
Third quarter operating and financial results summary:
- BioteQ treated over 2 billion litres of water during the third quarter, bringing the total treated in nine months to more than 6 billion litres; the company’s water treatment plants removed 298,000 kg (658,000 pounds) of metal contaminants from the environment during the third quarter, bringing the total for nine months of 2009 to nearly 890,000 kg (2 million pounds).
- BioteQ’s revenues from water treatment operations increased to $2.3 million in the third quarter of 2009, totaling $4.2 million in the nine months ended September 30. BioteQ had fewer active plants during the quarter compared to the same quarter last year. As a result, revenues remained below 2008 levels, when the company recorded $4.2 million in revenue for the third quarter and $6.5 million for the nine month period.
- BioteQ generated positive cash flow of $1.2 million from plant operations during the quarter.
- BioteQ reported an overall net loss of $262,000 for the quarter, compared to a net loss of $71,000 in Q3 2008, including non-cash items.
- The Company ended the quarter with working capital of $8.4 million (unchanged from the first half), and no debt.
Brad Marchant, BioteQ’s CEO stated, “BioteQ’s financial results are continuing to improve, and we are working to bring all of our water treatment assets into active operation. We continue to expand the scope of our activities with important customers, we are investing in market diversification, and we have an active business development pipeline. We remain optimistic about BioteQ’s future opportunities.”
Significant events for the third quarter included:
- BioteQ successfully completed water treatment operations at the Minto Mine site in the Yukon. Subsequent to the quarter end, BioteQ entered into a fee-based contract with the site owner, Minto Explorations Limited, to design and construct a long-term water treatment plant at the site.
- BioteQ’s water treatment plant in Dexing, China continued its strong performance, producing 650,000 pounds of copper during the quarter. The joint venture has revised its estimate for annual copper recovery to 1.8 million pounds of copper for the year, up from 1.2 million.
- BioteQ secured a fee-based contract with a new customer, Koza Gold, to design a SART plant for Koza’s Mastra gold mine site in Turkey.
- BioteQ continued to implement technical improvements and cost reduction measures at the Bisbee water treatment plant. The plant, which has been on furlough since April 2009, is expected to resume operations by the end of the year.
- BioteQ announced plans to restart water treatment operations in Australia. Subsequent to the quarter end, operations resumed at the site.
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 November 10 at 11:00 am Eastern. Participants may call 1-888-789-9572 and enter reference number 2147238. A replay of the call will be available until November 24 by calling 1-800-408-3053, reference number 2726255. 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 Research and Maclean’s, 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.