VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/18/13 -- BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, reports its financial and operating results for the fourth quarter and year ended December 31, 2012. All figures are in Canadian dollars.
BioteQ's management will host a conference call to discuss its annual financial results on Tuesday, March 19, 2013 at 10:00 AM eastern time. Participants can dial in at 416-695-7806 or 888-789-9572; participant pass code: 3207139.
2012 was a successful year for BioteQ. In 2012 BioteQ generated the highest level of revenues it has achieved in its history. The company also made significant progress with respect to cash usage levels and further reported progress in a range of operational areas.
At the beginning of 2012, the Company established a set of financial and operational milestones for the year. The following is a summary of our progress against these milestones.
Increase revenues by at least 30%.
Revenues for the year grew 27% over 2011, in line with guidance provided by BioteQ. Total revenues for the year were $9.4 million compared to $7.4 million in 2011. This represents a record level of revenue for the company and was achieved even with the negative impacts associated with significantly lower copper pricing in 2012 vs. 2011.
Further, BioteQ's 2012 revenues do not include the sale of equipment by BioteQ to NWM at NWM's mine site in Mexico. Total proceeds from this sale were USD $650,000. This amount is included in the "Reversal of impairment of Lluvia de Oro operations". Had this sale been to a typical BioteQ customer other than NWM Mining, it would have been accounted for as revenue.
Reduce cash used in operations (including changes in working capital) from $2.5 million in 2011 to less than $1.5 million in 2012 (40% reduction).
Cash usage for the year was also in line with guidance provided by the company in March 2012. Total cash used in operations, after changes in working capital, for 2012 was $1.46 million compared to $2.5 million in 2011 representing a 43% improvement over 2011. BioteQ's adjusted EBITDA improved by 49% from ($3.7) million in 2011 to ($1.9) million in 2012.
Secure an initial sale to a strategic alliance partner
In Q2 2012, BioteQ announced a contract with strategic alliance partner EcoMetales, a wholly-owned subsidiary of Codelco Limited, to conduct laboratory testing and basic engineering relating to arsenic removal for a treatment facility to be built in Chile. The work was completed during the year. The project is now in the next phase of review, which will include environmental and other regulatory approval procedures.
Close sales bookings in Latin America
BioteQ completed engineering review and start-up support services for a Kinross SART project that commenced in 2011. Upon completion of the services, Kinross renewed the ongoing technical support contract into 2013.
In 2012, BioteQ also secured a number of testing contracts with mining companies in South America. One contract was with a leading international mining company to carry out validation test work for the recovery of copper and other high-value trace metals and the removal of arsenic from smelter effluent at a site in Chile, applying the Company's ion exchange technology. The work, which includes laboratory testing and evaluation, was completed in the first quarter of 2013, and will provide the design basis for a commercial plant.
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