BioteQ Provides Operations Update for Q2
FOR: BIOTEQ ENVIRONMENTAL TECHNOLOGIES INC.
JUL 18, 2012 - 08:30 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 18, 2012) - BioteQ Environmental Technologies Inc. (TSX:BQE), a leader in the treatment of industrial wastewater, has provided an update on plant operations and engineering activities for the second quarter of 2012.
BioteQ had four active water treatment operations contributing to revenue during the second quarter - plants in Arizona, Quebec, the Yukon, and China collectively treated 2.9 million cubic meters of water during the quarter, and removed over 800,000 pounds of metals from the environment, bringing total production for the first half of 2012 to over 1.3 million pounds of metal and 4.7 million cubic meters of water.
The Bisbee, Arizona operation produced approximately 67,000 pounds of copper and treated 126,000 cubic meters of water during the quarter, bringing total production to 227,000 pounds of copper and 436,000 cubic meters of water treated in the first half of the year. Production for the quarter was impacted by a temporary shut-down for routine maintenance. Revenues for this operation are based on the sale of copper recovered.
The Dexing operation produced approximately 730,000 pounds of copper and treated 2.6 million cubic meters of water during the second quarter, bringing total production to 1.1 million pounds of copper and 4.1 million cubic meters of water treated in the first half of the year. Revenues from this operation are based on the sale of copper recovered.
Together, the Bisbee and Dexing operations are on track to recover approximately 2.3 million pounds of copper in 2012.
In addition to the copper plant at Dexing, the new ion exchange plant at the Dexing site has been providing limited production of commercial quality cobalt-nickel product throughout the quarter. BioteQ has secured a short term contract for purchase of the nickel-cobalt product, and is working with potential concentrate buyers to secure a long-term sales contract. The plant is operating on a continuous basis but BioteQ continues to address technical issues that have delayed a ramp up in production. The plant is expected to gradually ramp up production later in 2012.
As anticipated, the Raglan, Quebec operation commenced seasonal water treatment operations in late May. The ChemSulphide® plant treated 60,000 cubic meters of water to the end of June. Revenues for this operation are based on fees for volume of water treated. The plant is expected to treat 1 million cubic meters of water during the 2012 season, similar to the past several years.
The Minto, Yukon operation commenced seasonal operations in April. The plant treated 104,000 cubic meters of water as of mid-June when the plant concluded operations for the season slightly earlier than anticipated, pending an amendment to the site owner's water use licence. Revenues for this operation are based on a combination of labour fees and fees for the volume of water treated. The shortened season at Minto will have no impact on the financial guidance provided by BioteQ for 2012.
Sales & Engineering Projects
BioteQ's sales team is actively pursuing new project opportunities in mining markets in North and South America. The market for SART solutions in the gold mining industry is currently the most active area, representing about half of the Company's current sales pipeline opportunities. BioteQ is continuing its SART work in Chile with Kinross Gold, and has been carrying out several SART test work programs for international customers. The Company is pleased with progress being made with regard to project and pipeline development.
The Company also continues to work with its strategic alliance partners to expand market channels and diversify into new market verticals. Work with Chilean alliance partner EcoMetales has advanced to the next stage of process design engineering for an arsenic treatment facility in Chile, achieving significant milestones in the Company's relationship with channel partner EcoMetales and in BioteQ's commercial expansion into the Latin American market.
BioteQ's engineering team is completing construction of a mobile Sulf-IX™ plant, in partnership with Newalta. Commissioning is expected to commence this summer. The pilot unit will be used to demonstrate the Sulf-IX™ technology at customer sites, including testing in new market verticals. BioteQ and Newalta are working together to identify suitable sites to deploy this new sulphate removal technology.
In March 2012, BioteQ's management provided guidance on expected financial results for 2012 which indicated expected revenues of at least $10 million, an increase of at least 30% over the prior year, and cash use of less than $1.5 million, an improvement of at least 40%. The Company remains on track with respect to the 2012 operations and financial guidance. The Company expects to release its second quarter financial results on Monday August 13th. Details regarding the timing of the release and investor conference call will be provided a week prior to the release.
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, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
BioteQ Environmental Technologies Inc.
VP Corporate Development
604-685-1243 or 1-800-537-3073