bioteq environmental tech in (BTQNF) Snapshot

BioteQ Environmental Technologies Inc. has secured a contract from Teck Resources Limited (Teck) to conduct pilot scale testing of its innovative new Selen-IX technology for selenium removal. Under the terms of the agreement, BioteQ will construct and deploy a pilot scale plant for on-site field testing. BioteQ will retain ownership of the pilot plant and all associated intellectual property. The total value of the contract will vary depending on the time required for adequate field testing but is anticipated to be approximately CAD 900,000. Work under the contract is expected to be completed by late 2013. This contract follows successful laboratory testing that BioteQ conducted during 2012 and early 2013. Selenium is essential to all life, but can affect aquatic life at higher concentrations. Selenium management is an important environmental issue that has been identified by regulators and mining organizations in North America.

BioteQ Environmental Technologies Inc. announced that its shareholders elected George W. Poling as director of the company. The elected director will hold offices until the next AGM or until his successor is elected or appointed.

BioteQ Environmental Technologies Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of CAD 0.796 million compared to CAD 1.378 million a year ago. Loss before income taxes was CAD 1.010 million compared to CAD 0.988 million a year ago. Net loss for the period was CAD 1.013 million compared to CAD 0.988 million a year ago. Comprehensive loss for the period was CAD 0.865 million compared to CAD 1.061 million a year ago. Basic and diluted net loss per share was CAD 0.01 compared to CAD 0.01 a year ago. Net cash used in operating activities was CAD 1.464 million compared to CAD 1.097 million a year ago. Purchase of property, plant and equipment was CAD 0.048 million compared to CAD 0.084 million a year ago. Adjusted EBITDA loss was approximately CAD 0.755 million. For the year 2013, the company is targeting to grow revenue in 2013, on a proportionate revenue basis, by 25% over 2012 to approximately CAD 11.8 million (between CAD 5.5 and CAD 6.5 million on a GAAP equity accounting basis). Proportional Revenue growth is expected to be generated from: the completion of plants currently under construction at the Dexing site; large scale piloting campaigns with customers in North and South America; plant sales; and engineering and technical development projects. The company is targeting to improve its adjusted LBITDA by approximately 50% to less than CAD 1 million from CAD 1.9 million in 2012. The projected improvement in adjusted EBITDA is expected to come from additional margin generated from increased sales revenues and from continued improvements in the efficiency of operating and engineering activities.