VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 11/12/12 — BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in the treatment of industrial wastewater, reports its financial and operating results for the three and nine month periods ended September 30, 2012. All figures are in Canadian dollars and are in accordance with International Reporting Standards (IFRS), unless otherwise noted.
BioteQ–s revenues include revenues from engineering fees and plant sales, revenues from plant operations generated by the sale of recovered metals, and revenues from plant operations that generate water treatment fees.
Financial results and highlights for Q3 2012:
Operating results and highlights for Q3 2012:
Guidance
BioteQ is on track to meet the financial guidance provided in March, 2012. The company expects revenues in 2012 to increase by at least 30% over the prior year, to approximately $10 million, with cash used in operations (including changes in working capital) to be reduced by at least 40% to less than $1.5 million.
Jonathan Wilkinson, BioteQ–s Chief Executive Officer, stated, “We are pleased with BioteQ–s continued progress towards its 2012 goals. We have qualified and expanded our sales pipeline, and important project opportunities continue to advance toward contract decisions. Revenues and cash figures have improved significantly compared to 2011. Based on the results for the first nine months of the year, we anticipate that the Company will meet its operational and financial milestones for the year. We believe that by demonstrating consistent progress, we will ultimately provide strong returns to our shareholders.”
BioteQ–s financial statements and the Company–s MD&A have been filed on SEDAR, , and will be available on the BioteQ website at .
A conference call to discuss the financial results is scheduled for Tuesday November 13th at 11:00 am Eastern. Participants can access the call by dialing 416-340-2217 or 1-866-696-5910, reference number 9447043. For assistance during the call, dial asterisk 0. A playback of the call will be available until December 1st by dialing 905-694-9451 or 1-800-408-3053, reference number 3591824. A recording of the call will be available on the BioteQ website within two days of the call.
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.
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.
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.
Tanja McQueen
VP Corporate Development
604-685-1243 or 1-800-537-3073
604-685-7778 (FAX)