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14.3.2008: Meldung: BioteQ Reports 2007 Year End Results
BioteQ Environmental Technologies Inc., a leader in the treatment of metal and sulphate contaminated water, today reported financial results for the year ended December 31, 2007. All figures are in Canadian dollars and are in accordance with Canadian GAAP.
BioteQ reported stable revenues of $4.6 million, with positive cash flow from operating activities of $2.3 million, prior to general and administrative costs and other expenses. After all expenses, cash flow from operating activities was $192,000 for the year. The Company maintained a strong balance sheet, ending the year with $25 million in cash and short-term investments and $23 million in working capital.
Brad Marchant, BioteQ"s CEO, stated, "2007 was a year of growth for BioteQ, with significant investments in new plants in the latter half of the year, entry into new geographic markets, expansion of our customer base, and the application of new strategic technologies for longer term growth. The Company has maintained a balanced portfolio of revenues from metal recovery and water treatment fees, and continues to look for a three year pay-back on capital on new projects. We expect that new operating plants which are currently coming online will contribute to a profitable 2008."
BioteQ invested $11.1 million in new plants during 2007. Two plants are in the final stages of commissioning, located in Australia, and China, and are expected to contribute to revenue in Q2 2008. Five other projects, at locations in the US, Mexico, and Chile, are in design and construction, including two plants that will deploy BioteQ"s new Sulf-IX(TM) technology to remove sulphate from water. The Company expects to invest $6 million in capital projects in 2008, which will be funded from existing cash and short-term investments. The Company continues to pursue new business development opportunities to add to its project pipeline.
The Company reported an overall net loss of $4.1 million for 2007. The loss is primarily due to non-cash accounting items, including stock-based compensation ($1.83 million) and a one-time adjustment for a change in escrow share release criteria ($2.1 million).
BioteQ"s 2007 financial statements and the Company"s MD A have been filed on SEDAR,www.sedar.com, and will be available on the BioteQ website atwww.bioteq.ca.
BioteQ reported stable revenues of $4.6 million, with positive cash flow from operating activities of $2.3 million, prior to general and administrative costs and other expenses. After all expenses, cash flow from operating activities was $192,000 for the year. The Company maintained a strong balance sheet, ending the year with $25 million in cash and short-term investments and $23 million in working capital.
Brad Marchant, BioteQ"s CEO, stated, "2007 was a year of growth for BioteQ, with significant investments in new plants in the latter half of the year, entry into new geographic markets, expansion of our customer base, and the application of new strategic technologies for longer term growth. The Company has maintained a balanced portfolio of revenues from metal recovery and water treatment fees, and continues to look for a three year pay-back on capital on new projects. We expect that new operating plants which are currently coming online will contribute to a profitable 2008."
BioteQ invested $11.1 million in new plants during 2007. Two plants are in the final stages of commissioning, located in Australia, and China, and are expected to contribute to revenue in Q2 2008. Five other projects, at locations in the US, Mexico, and Chile, are in design and construction, including two plants that will deploy BioteQ"s new Sulf-IX(TM) technology to remove sulphate from water. The Company expects to invest $6 million in capital projects in 2008, which will be funded from existing cash and short-term investments. The Company continues to pursue new business development opportunities to add to its project pipeline.
The Company reported an overall net loss of $4.1 million for 2007. The loss is primarily due to non-cash accounting items, including stock-based compensation ($1.83 million) and a one-time adjustment for a change in escrow share release criteria ($2.1 million).
BioteQ"s 2007 financial statements and the Company"s MD A have been filed on SEDAR,www.sedar.com, and will be available on the BioteQ website atwww.bioteq.ca.