BioLargo Q2 Report
Highlights Continued Progress, New Revenue, Contracts, Pilot
Projects and Strengthened Balance Sheet
Westminster, CA
-- August 15, 2019 -- InvestorsHub NewsWire -- 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
Odor-No-More
·
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)
BioLargo
Engineering
·
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
BioLargo
Water
·
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.
Contact
Information
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
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“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
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