BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment, serving the mining and energy markets. The company's proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada and trades on the TSX under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Certain information contained herein may not be based on historical fact and therefore constitutes "forward-looking information" under applicable Canadian securities legislation. This includes without limitation statements containing the words "plan", "expect", "project", "estimate", "intend", "believe", "anticipate", "may", "will" and other similar words or expressions. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks, uncertainties and other factors that may cause actual events or results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company's dependence on key personnel and contracts, uncertainty with respect to the profitability of the Company's technologies, competition, technology risk, the Company's ability to protect its intellectual property and proprietary information, fluctuations in commodity prices, currency risk, environmental regulation and the Company's ability to manage growth and other factors described in the Company's filings with the Canadian securities regulators at www.sedar.com (including without limitation the factors described in the section entitled "Risks and Uncertainties" in the Company's Annual Report for the year ended December 31, 2012 and the section entitled "Risk Factors" in the Company's Annual Information Form for the year ended December 31, 2012). Given these risks and uncertainties, the reader is cautioned not to place undue reliance on forward-looking statements. All forward-looking information contained herein is based on management's current expectations and the Company undertakes no obligation to revise or update such forward-looking information to reflect subsequent events or circumstances, except as required by law.
BioteQ Environmental Technologies Inc.Consolidated Statement of Financial PositionAs at December 31, 2012 and 2011---------------------------------------------------------------------------- Dec 31 2012 Dec 31 2011 $ $AssetsCurrent assetsCash and cash equivalents 5,594,154 4,774,970Short-term investments 1,934,572 4,486,097Trade receivables 1,380,672 1,664,326Receivable from joint venture partners (note 17) 159,724 182,286Net insurance proceeds receivable (note 20) - 637,099Taxes recoverable 41,131 153,889Inventory (note 7) 89,957 48,174Work in progress 229,797 432,261Other receivable and prepaid expenses 306,641 222,709 ------------------------------ 9,736,648 12,601,811Non-current assetsProperty, plant and equipment (note 4, 8 and 16) 5,582,740 6,615,837Intangible asset 38,710 69,682 ------------------------------Total assets 15,358,098 19,287,330 ------------------------------ ------------------------------LiabilitiesCurrent liabilitiesAccounts payable and accrued liabilities 1,976,636 2,659,249Deferred revenue 91,970 340,185Taxes payable 251,930 63,105Deferred lease inducement 60,090 18,945 ------------------------------ 2,380,626 3,081,484Non-current liabilitiesDeferred income tax liability (note 13) 146,140 88,713Long-term liabilities (note 9) 84,723 111,146 ------------------------------Total liabilities 2,611,489 3,281,343 ------------------------------Shareholders' EquityCapital stock and warrants (note 10) 55,269,416 55,269,416Contributed surplus 8,247,007 8,117,400Accumulated other comprehensive loss (1,097,611) (1,075,369)Deficit (49,672,203) (46,305,460) ------------------------------Total shareholders' equity 12,746,609 16,005,987 ------------------------------Total liabilities and shareholders' equity 15,358,098 19,287,330 ------------------------------ ------------------------------Contingency (note 20)Commitments(note 21)Subsequent event(note 23)Approved by the Board of Directors"Jonathan Wilkinson" "G. W. Poling"----------------------------------- -----------------------------------Jonathan Wilkinson, Director G.W. Poling, DirectorThe accompanying notes are an integral part of these consolidated financialstatements.BioteQ Environmental Technologies Inc.Consolidated Statements of Operations and Comprehensive LossFor the years ended December 31, 2012 and 2011---------------------------------------------------------------------------- 2012 2011 $ $Revenue 9,424,179 7,413,797Plant and other operating costs (not including depreciation) 5,769,513 4,654,065 ------------------------------ 3,654,666 2,759,732General and administration 4,822,446 4,991,527Sales and development 1,555,154 955,225Stock-based compensation (note 10) 129,607 101,878Depreciation of property, plant and equipment (note 8) 945,098 664,038Amortization of intangible asset 30,972 30,972 ------------------------------Loss before the under-noted (3,828,611) (3,983,908)Interest income 48,602 122,418Other income 11,886 2,376Foreign exchange gain (loss) 33,915 (204,519)Write-down of capital assets (note 8) - (554,565)Reversal of impairment of Lluvia de Oro operations (note 6) 1,226,873 -Impairment of reagent (note 4) (394,214) - ------------------------------Loss before income taxes (2,901,549) (4,618,198)Income taxes (note 13) 465,194 472,257 ------------------------------Net loss for the year (3,366,743) (5,090,455)Other comprehensive income (loss)Cumulative translation adjustment (22,242) 407,576 ------------------------------Comprehensive loss for the year (3,388,985) (4,682,879) ------------------------------ ------------------------------Net loss per shareBasic and diluted (0.05) (0.07)Weighted average number of shares outstandingBasic and diluted 69,966,672 69,949,120The accompanying notes are an integral part of these consolidated financialstatements.BioteQ Environmental Technologies Inc.Consolidated Statement of Changes in EquityFor the years ended December 31, 2012 and 2011---------------------------------------------------------------------------- Number of Capital Contributed shares stock Warrants surplus $ $ $Balance - January 1, 2011 69,865,006 53,668,812 1,513,417 8,045,826Stock-based compensation (note 10) - - - 101,878Exercise of options 101,666 87,187 - (30,304)Net loss for the year - - - -Other comprehensive loss for the year - - - - ------------------------------------------------Balance - December 31, 2011 69,966,672 53,755,999 1,513,417 8,117,400 ------------------------------------------------ ------------------------------------------------Balance - January 1, 2012 69,966,672 53,755,999 1,513,417 8,117,400Stock-based compensation (note 10) - - - 129,607Net loss for the year - - - -Other comprehensive income for the year - - - - ------------------------------------------------Balance - December 31, 2012 69,966,672 53,755,999 1,513,417 8,247,007 ------------------------------------------------ ------------------------------------------------BioteQ Environmental Technologies Inc.Consolidated Statement of Changes in EquityFor the years ended December 31, 2012 and 2011------------------------------------------------------------------------- Accumulated other comprehensive income (loss) Deficit Total $ $ $Balance - January 1, 2011 (1,482,945) (41,215,005) 20,530,105Stock-based compensation (note 10) - - 101,878Exercise of options - - 56,883Net loss for the year - (5,090,455) (5,090,455)Other comprehensive loss for the year 407,576 - 407,576 ---------------------------------------------Balance - December 31, 2011 (1,075,369) (46,305,460) 16,005,987 --------------------------------------------- ---------------------------------------------Balance - January 1, 2012 (1,075,369) (46,305,460) 16,005,987Stock-based compensation (note 10) - - 129,607Net loss for the year - (3,366,743) (3,366,743)Other comprehensive income for the year (22,242) - (22,242) ---------------------------------------------Balance - December 31, 2012 (1,097,611) (49,672,203) 12,746,609 --------------------------------------------- ---------------------------------------------The accompanying notes are an integral part of these consolidated financialstatements.BioteQ Environmental Technologies Inc.Consolidated Statement of Cash FlowFor the years ended December 31, 2012 and 2011---------------------------------------------------------------------------- 2012 2011 $ $Cash flow used inOperating activitiesNet loss for the period (3,366,743) (5,090,455)Items not affecting cash: Depreciation of property, plant and equipment 945,098 664,038 Amortization of intangible asset 30,972 30,972 Amortization of deferred lease inducement (22,328) (28,417) Deferred income tax 57,427 88,713 Write down of capital asset (note 8) - 554,565 Impairment of reagent (note 4) 394,214 - Loss on disposal of equipment - 6,171 Unrealized foreign exchange loss 29,548 230,021 Interest income (14,880) (99,110) Stock-based compensation charge (note 10) 129,607 101,878 ------------------------------ (1,817,085) (3,541,624)Change in non-cash working capital items (note 15) 354,309 992,968 ------------------------------Net cash used in operating activities (1,462,776) (2,548,656) ------------------------------Investing activitiesPurchase of property, plant and equipment (559,678) (984,892)Proceeds on disposal of equipment - 12,604Receipt of government grant (note 19) 277,550 -Purchase of short-term investments (3,908,203) (14,053,596)Proceeds from sale of short-term investments 6,474,608 17,624,000 ------------------------------Net cash provided by investing activities 2,284,277 2,598,116 ------------------------------Financing activitiesProceeds from exercise of options - 56,883Increase in deferred lease inducement 63,473 -Increase (decrease) in long-term liabilities (26,423) 64,262 ------------------------------Net cash provided by financing activities 37,050 121,145 ------------------------------ 858,551 170,605Effect of exchange rate changes on cash (39,367) (49,100) ------------------------------Increase in cash 819,184 121,505Cash Beginning of period 4,774,970 4,653,465 ------------------------------ End of period 5,594,154 4,774,970 ------------------------------ ------------------------------The accompanying notes are an integral part of these consolidated financialstatements.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
Contacts:
BioteQ Environmental Technologies Inc.
Suite 1000 - 1050 West Pender St
Vancouver BC V6E 3S7
BioteQ Environmental Technologies Inc.
Jonathan Wilkinson
CEO
604.685.1243 or 1.800.537.3073
jwilkinson@bioteq.ca
BioteQ Environmental Technologies Inc.
Paul Kim
CFO
604.685.1243 or 1.800.537.3073
pkim@bioteq.ca
www.bioteq.ca
