BioLargo Second Quarter Report Highlights Continued Progress, New Revenue, Contracts, Pilot Projects and Strengthened Balance Sheet
Westminster, CA, Aug. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BioLargo, Inc. (OTCQB:BLGO), developer of sustainable products and a full-service environmental engineering company, today announced the filing of its 10-Q quarterly report for the second quarter of 2019. Company management encourages its stockholders to review the quarterly report, which is linked HERE.
BioLargo President/CEO Dennis Calvert commented, “Our stockholders can feel very positive about our immediate and future prospects. We have made tremendous improvements in our debt and cash position, and we have a number of business developments that help indicate how well positioned we are for continued revenue growth.”
Highlights from the Quarterly Report:
· Secured new capital totaling more than $2.6 million
· Refinanced or converted over $1.3 million in current liabilities
· Revenues for the six months were $790,000, an increase of 34% over the prior year
· Sales of CupriDyne Clean based products increased 31% over the prior year
· The company used $1,851,000 in cash for the six-month period ended June 30, 2019
· Net loss for the six months decreased by 21% over last year, coming in at $4,736,000, compared to a loss of $6,029,000 for the prior year. Of this net loss, the amount attributable to non-cash charges to interest expense totaled $1,038,000
Highlights for Subsidiaries
· Recent hire of 27-year waste handling industry veteran Mitch Noto to expand sales in the waste handling industry
· Seeing increased support for CupriDyne Clean at the corporate level of our industry-leading waste handling companies (national purchasing agreements customers)
· Confirmed CupriDyne Clean eliminates odors and volatile organic compounds (“VOCs”) emitted in cannabis and hemp growing and production, targeting this growing market (15,000 licensed growers in California alone)
· Awarded multi-year contracts to provide air quality compliance and permitting at seven U.S. Air Force bases
· Commenced EPA sponsored SBIR Phase 1 Grant to establish proof of viability for a system to assist in the removal of PFAS from water, with excellent prospect for follow-on contract to commercialize this system
· Commenced client project to identify a solution for processing 1.1 million tons of magnesium-rich tailings in California coastal region
Clyra Medical Technologies
· Clyra in final stages of a current FDA application for pre-market clearance under 510 (k)
· SkinDisc highlighted 250 pre-clinical successful cases for regenerative tissue and stem cell therapy technology
· Negotiating license terms for complimentary FDA approved products
· Installed and operating a complete water treatment system in a demonstration pilot for treatment of poultry wastewater at an Alberta, Canada processing facility
· Operating a component of a system in a demonstration pilot for treatment of microbrewery wastewater in Southern California
· Received funding commitment for a demonstration pilot for treatment of storm wastewater in Southern California, representing our 69th grant and counting
President and CEO Dennis P. Calvert commented, “We are often complimented that it is rare to see a company with so many important and financially significant opportunities all breaking through at the same time. Both our engineering team at BLEST and our Odor-No-More team are heading into more predictable growth cycles. The new contracts for BLEST to serve the USAF are significant, and we expect to win more soon. The addition of Mitch Noto to our team will help us organize to grow and serve the largest companies in the waste handling industry with the #1 product and services. These dynamic business units are winning new business daily. We know that our substantial investments in Clyra Medical and BioLargo Water will yield substantial returns as they are poised for greatness.”
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology developer and environmental engineering company driven by a mission to "make life better" by delivering robust, sustainable solutions for a broad range of industries and applications, with a focus on clean water, clean air, and advanced wound care. We develop and commercialize disruptive technologies by providing the capital, support, and expertise to expedite them from "cradle" to "maturity" (www.biolargo.com). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial odor control division, Odor-No-More (www.odornomore.com) features CupriDyne Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing compounds and VOCs rather than masking them, and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System "AOS," a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. Our subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
Dennis Calvert President and CEO BioLargo, Inc. 888-400-2863
Safe Harbor Act
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.