Aqua Metals Provides Second Quarter 2017 Corporate Update
August 09 2017 - 4:05PM
Aqua Metals, Inc. (NASDAQ:AQMS), which is commercializing a
non-polluting electrochemical lead recycling technology called
AquaRefining™, has provided a corporate update and announced
results for the second quarter ended June 30, 2017.
Company Highlights
- Recognized our first revenues from AquaRefinery 1 at the Tahoe
Reno Industrial Center (TRIC) in McCarran, Nevada.
- As of July, the Company had four AquaRefining modules
commissioned and in operation. The Company is currently in the
process of scaling up AquaRefining operations to include 16 modules
by the end of 2017.
- Secured international patents in Korea (Korea Patent No.
10-1739414) and Australia (Australia Patent No. AU2014353227) for
"Devices and Method for Smelterless Recycling of Lead Acid
Batteries." The Company’s IP Strategy includes planned filings for
more than 20 patents, organized into several families covering
"matter," "devices" and "processes", in up to 20 different
regions.
- Appointed Mark Weinswig as Chief Financial Officer, effective
August 10th, who joins Aqua Metals with extensive strategic and
operational financial leadership, including nearly 20 years with
technology manufacturing companies, such as Emcore, Coherent and
Oclaro. Mr. Weinswig succeeds Thomas Murphy, who is retiring from
the position. Mr. Murphy will remain a consultant to the Company on
a number of matters and to ensure a smooth transition.
- Acquired UK-based Ebonex IPR Limited (Ebonex), an IP-based
company that has developed patented technology in the rapidly
developing market for advanced 48V bipolar lead acid batteries for
automotive use. This acquisition provides Aqua Metals with the
opportunity to accelerate its development of lead nano-fibers as a
high performance active material and secured ownership of highly
corrosion resistant electrode substrate materials. This
acquisition is complementary to the work Aqua Metals has begun with
3rd parties.
- Successfully hosted several invitational investor and analyst
days at AquaRefinery 1 in late May and early August. These events
showcased the production process at the AquaRefinery, including
battery feedstock deliveries, battery breaking and separation,
desulfurization and pre-AquaRefining digestion processes and
AquaRefining on four running AquaRefining modules.
- Received several accolades, including the Platts Global Metals
Award, presented by S&P Global Platts, for the Breakthrough
Solution of the Year, as well as the San Francisco Business Times
Technology and Innovation Award.
Management Commentary “In the second quarter,
the company faced and overcame many challenges as we worked to ramp
up production. With four AquaRefining modules now on-line and
our front-end processes operational, we are totally focused on
commissioning the balance of the 16 AquaRefining modules and the
production of AquaRefined lead. With the operational
experience we have gained, we are able to start planning the supply
of modules to licensees. The progress that we made is all down to
the hard work, creativity and dedication of the team we have built
and the continued support of our partners,” said Dr. Stephen
Clarke, Chairman and CEO of Aqua Metals.
Second Quarter 2017 Financials Total revenues
in the second quarter of 2017 were $603,000, which represents the
first commercial revenues generated by the company.
The Company incurred an operating loss of $8.0 million during
the second quarter of 2017 compared to an operating loss of $2.8
million in the second quarter of 2016.
Net loss for the second quarter of 2017 was $8.4 million, or
($0.42) per basic and diluted share, compared to a net loss of $2.9
million, or ($0.20) per basic and diluted share, in the second
quarter of 2016.
The Company had $22.0 million in cash and cash equivalents as of
June 30, 2017, compared to $30.6 million as of March 31, 2017.
Conference Call and Webinar Aqua Metals will
host a conference call today, Wednesday, August 9, 2017 at 2:00
p.m. Pacific time (5:00 p.m. Eastern time) to discuss its financial
results for the second quarter ended June 30, 2017.
Dr. Stephen Clarke, Chairman and Chief Executive Officer, and
Thomas Murphy, Chief Financial Officer, will host the call followed
by a question and answer session.
To access the call, please use the following information:
Date: Wednesday, August 9, 2017 Time: 2:00 p.m. Pacific time
(5:00 p.m. Eastern time)Dial-in: 1-888-299-7209International
Dial-in: 1-719-325-4778Passcode: 6538106Webcast:
http://public.viavid.com/index.php?id=125410
A telephone replay will be available approximately two hours
after the call and will run through September 9, 2017 by dialing
1-844-512-2921 from the U.S., or 1-412-317-6671 from international
locations, and entering replay pin number: 6538106.
The webcast will be available for replay for 60 days at
http://public.viavid.com/index.php?id=125410 and on the investor
relations section of the company's website at
www.aquametals.com.
About Aqua MetalsAqua Metals, Inc.
(NASDAQ:AQMS) is reinventing lead recycling with its patented and
patent-pending AquaRefining™ technology. Unlike smelting,
AquaRefining is a room temperature, water-based process that is
fundamentally non-polluting. These modular systems allow the
Company to vastly reduce environmental impact and scale lead acid
recycling production capacity both by building its own
AquaRefineries and licensing the AquaRefining technology to
partners. This meets growing demand for lead to power new
applications including stop/start automobile batteries which
complement the vehicle’s main battery, Internet data centers,
alternative energy applications including solar, wind, and grid
scale storage. Aqua Metals is based in Alameda, California, and has
built its first recycling facility in Nevada’s Tahoe Reno
Industrial Complex. To learn more, please visit
www.aquametals.com.
Safe Harbor This press release contains
forward-looking statements concerning Aqua Metals, Inc., the lead
acid battery recycling industry, the future of lead acid battery
recycling via traditional smelters, the Company’s development of
its commercial lead acid battery recycling facilities and the
quality, efficiency and profitability of the Company’s proposed
lead acid battery recycling operations. Those forward-looking
statements involve known and unknown risks, uncertainties and other
factors that could cause actual results to differ materially. Among
those factors are: (1) the fact that the Company only recently
commenced revenue producing operations, thus subjecting the Company
to all of the risks inherent in a pre-revenue start-up; (2) risks
related to Aqua Metals’ ability to raise sufficient capital, as and
when needed, to develop and operate its recycling facilities; (3)
changes in the federal, state and foreign laws regulating the
recycling of lead acid batteries; (4) the Company’s ability to
protect its proprietary technology, trade secrets and know-how and
(5) those other risks disclosed in the section “Risk Factors”
included in the Company’s Annual Report on Form 10-K filed on March
2, 2017. Aqua Metals cautions readers not to place undue reliance
on any forward-looking statements. The Company does not undertake,
and specifically disclaims any obligation, to update or revise such
statements to reflect new circumstances or unanticipated events as
they occur.
Company Contact:
Aqua Metals, Inc.
Mark Weinswig
Chief Financial Officer
Main: 1-510-543-0147
www.aquametals.com
Investor Relations:
MZ North America
Greg Falesnik
Managing Director
Main: 949-385-6449
greg.falesnik@mzgroup.us
www.mzgroup.us
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