VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 08/07/13 — BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in industrial wastewater treatment, releases its financial and operating results for the second quarter ended June 30, 2013. Further information on the second quarter results can be obtained from the Company–s Unaudited Condensed Consolidated Interim Financial Statements and Management–s Discussion and Analysis (“MD&A”).
BioteQ will hold a conference call on August 8, 2013 at 11:00 AM EDT to discuss results for Q2 2013. Participants can dial in as follows:
As noted at the beginning of 2013, due to recent changes in Generally Accepted Accounting Standards (“GAAP”) effective Q1 2013, the results of the Company–s joint ventures will be accounted for as equity investments in BioteQ–s current and future financial statements. In prior years, the results of the Company–s joint ventures were accounted for through proportionate consolidation.
To ensure clarity and comparability with historic results, certain statements in this news release and in the MD&A are characterized as BioteQ–s “proportional” share, which means the effective portion of results that BioteQ would have reported if each of its joint ventures had been reported in accordance with past accounting standards. For further details, please see “Non-GAAP Financial Measures” in the Company–s Q2 2013 MD&A.
Q2 2013 Financial and Operational Results
The macro environment for the mining sector has recently been challenging. This has had implications for BioteQ–s 2013 performance. There were however a number of very positive developments for the Company during the first six months of the year. In particular, BioteQ announced capital investments in new treatment facilities that will begin to generate revenues in 2014 and will contribute to the company–s financial performance for many years to come.
Current Macro Environment
During the past few months the global mining industry has come under significant pressure. Observers of the industry will have noted that:
The general downturn in the mining industry has had an impact on firms that are suppliers to the industry. BioteQ has not been immune from these effects. Key impacts for BioteQ resulting from the slowdown have been:
Q2 2013 Financial Results
Operational Results
Outlook
As previously noted, BioteQ has seen a general downturn in the mining industry. This downturn has, not surprisingly, had an impact on firms that are suppliers to the industry. BioteQ has not been immune from these effects:
However, while the general downturn in the mining industry has tempered BioteQ–s expectations regarding its 2013 financial results, management remains very positive regarding prospects for 2014 and beyond. Specifically:
Management has assessed the impacts associated with project cancellation and project delays in 2013 and is providing an update to 2013 guidance as follows:
The fact that BioteQ expects Adjusted EBITDA performance to be better than – or at worst the same as – 2012 results, reflects the significant cost control and reduction measures that have been implemented by the company in response to market conditions. These measures have included reductions in personnel and compensation costs, planned marketing and sales initiatives, and in general and administrative costs.
For a complete set of Financial Statements and Management Discussion and Analysis, please go to
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 for additional information.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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 (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, 2011 and the section entitled “Risk Factors” in the Company–s Annual Information Form for the year ended December 31, 2011). 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.
Contacts:
BioteQ Environmental Technologies Inc.
Jonathan Wilkinson
CEO
604.685.1243 or 1.800.537.3073
BioteQ Environmental Technologies Inc.
Paul Kim
CFO
604.685.1243 or 1.800.537.3073