BioLargo Strengthens Balance Sheet by Eliminating Debt as its Commercial Activities Expand
March 02 2021 - 8:30AM
InvestorsHub NewsWire
Westminster, CA
-- March 2, 2021 -- InvestorsHub NewsWire
-- BioLargo, Inc. (OTCQB:BLGO),
a developer of
sustainable technologies and full-service environmental engineering
company, announced today
that it
had paid off $650,000 in debt, the bulk of which was
scheduled
to mature in August of 2021. Other than debt owed by its
partially owned subsidiary Clyra Medical, only SBA loans and
fixed-price
convertible debt
remain on
BioLargo's balance sheet. Of the SBA loans, management
expects all but the $150,000 EIDL 30-year 3.75% APR loan to be forgiven. Of the
fixed
price convertible debt,
$100,000 will convert to equity
automatically at the April 20, 2021 maturity date,
the
$406,000
due in
August 2021 may be converted by the investors at
a fixed price
of $0.14
at any time, and $50,000 is due in two
years.
These actions are directly in line with
the company's goals to
aggressively reduce or eliminate its
convertible debt instruments in favor of equity-based
transactions and eliminate costly interest
expense.
BioLargo President and CEO Dennis P. Calvert commented,
"Our cash
position is particularly strong, and we are confident in the progress of
our business operations and expanding
opportunities. Paying off this debt
now helps
reduce expense interest expense, as well as eliminate uncertainty of how
the
debt
would
be managed as it
matures and comes due."
Commercial milestones
continue
to grow at BioLargo
with a few
notable highlights:
- An
AOS water
treatment unit was recently
delivered
to a municipal wastewater
operation in Quebec Canada for pilot testing, and the company is
on track for
commencement of the AOS zero liquid discharge
system
project
at
poultry
farm in
Alberta,
Canada, estimated to generate a half million dollars in
revenue.
- BioLargo's
engineering subsidiary continues to win major
contracts
with industrial
clients, building a
backlog of
pending
projects
totaling
more than
$2 million over approximately
the next 12
months.
The group
remains busy supporting BioLargo's emerging
commercial activities for the AEC and AOS water
treatment systems.
- BioLargo
is exploring ways to
expand its work with national water
services company Garratt-Callahan beyond the development of a
proprietary water treatment system.
- Management
is actively engaged with the EPA
to expand its regulated claims for a series of products,
including Clyraguard.
- Expanded CupriDyne Clean
misting system installations to municipal-owned solid-waste handling
operations.
- Readying
for trials of the PFAS treatment
solution
(the BioLargo
AEC) with multiple potential
clients.
Dennis P. Calvert, BioLargo's
President & CEO commented, "We have solidified our reputation as a reliable
innovator and solutions provider for sustainable
high-value targets like clean
water, clean air and a cleaner planet. We believe that our
future
revenue
growth will accelerate
dramatically
through
partnerships for large-scale manufacturing,
distribution, and through marketing
alliances. We have a strong foundation
of technology, highly qualified
team members and
a driving purpose on which to build. As we have done for the last
decade, innovations continue at BioLargo, and I'm personally very
excited about some upcoming developments. We are proud
of our
record-breaking achievements but
are
certainly not
satisfied as we believe we have only scratched the surface of our
future revenue and profit
potential."
About
BioLargo, Inc.
BioLargo, Inc. (OTCQB:BLGO)
invents, develops, and commercializes innovative platform
technologies to solve challenging environmental problems like PFAS
contamination, advanced water and wastewater treatment, industrial
odor and VOC control, air quality control, and infection control.
With over 13 years of extensive R&D,
BioLargo
holds a wide
array of issued patents, maintains a robust pipeline of products,
and provides full-service environmental
engineering. Our peer-reviewed scientific approach allows us to
invent or acquire novel technologies and develop them to maturity
through our operating subsidiaries. With a keen emphasis on
collaborations with academic, municipal, and commercial
organizations and associations, BioLargo has proven itself with over
80 awarded grants and numerous pilot projects. We monetize through
direct sales, recurring service contracts, licensing agreements,
strategic joint venture formation and/or the sale of the IP.
Several of our technologies are commercially available and are
advancing as disrupters in their respective markets.
See our website
at www.BioLargo.com.
Contact
Information
Dennis P. Calvert
President and
CEO, BioLargo, Inc.
888-400-2863
Safe Harbor
Act
This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include without limitation those about
BioLargo's
(the "Company") expectations regarding the
impact of the COVID-19 pandemic; anticipated revenue; and plans for
future operations. These statements involve risks and
uncertainties, and actual results may differ materially from any
future results expressed or implied by the forward-looking
statements. Risks and uncertainties include without limitation: the
effect of the COVID-19 pandemic on the Company's business, results
of operations, financial condition, and stock price; the effect of
regional economic conditions on the Company's business, including
effects on purchasing decisions by consumers and businesses; the
ability of the Company to compete in markets that are highly
competitive and subject to rapid technological change; the ability
of the Company to manage frequent introductions and transitions of
products and services, including delivering to the marketplace, and
stimulating customer demand for, new products, services, and
technological innovations on a timely basis; the
dependency of the Company on the performance of distributors of the
Company's products. More information on these risks and other
potential factors that could affect the Company's business and
financial results is included in the Company's filings with the
SEC, including in the "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations"
sections of the Company's most recently filed periodic reports on
Form 10-K and Form 10-Q and subsequent filings. The Company assumes
no obligation to update any forward-looking statements or
information, which speak as of their respective dates.
BioLargo (QX) (USOTC:BLGO)
Historical Stock Chart
From Aug 2024 to Sep 2024
BioLargo (QX) (USOTC:BLGO)
Historical Stock Chart
From Sep 2023 to Sep 2024