Clear Blue Technologies International Inc. (“Clear Blue”) (TSXV:
CBLU) (FRANKFURT: 0YA), the Smart Off-Grid™ company, today
announces its 2020 third quarter and trailing four quarter (“TFQ”)
period results, with the following highlights:
Key Financial Results (all figures in Canadian
dollars)
- TFQ Revenue was
$3,912,204, a 45% increase over the previous TFQ period;
- Beginning Q2, 2020,
the Company began reporting Bookings (see more info below). For the
period ending September 30, 2020, the Bookings were
$1,378,722;
- Gross profit for TFQ
was $992,485 or 25.4%, down slightly from the previous period
($704,548 or 26.1%). This was largely the result of a reallocation
from operating expenses to COGS beginning in Q4 2019. Without this,
Gross Profit or the previous TFQ would have increased to $1,122,616
or 29%;
- Operating expenses
for the TFQ ended September 30, 2020 were $4,781,601, a decrease of
$527,185 or 10% compared to the same period in 2019;
- Non-IFRS Adjusted
EBITDA for the TFQ was $(3,811,233) as compared to $(4,148,486) for
the previous TFQ—an 8% improvement resulting from various cost
reduction plans undertaken by the Company as well as government
Covid-19 funding support;
For the quarterly Q3 2020 results:
- Q3 quarterly
revenues were $940,849, a 40% increase over Q3 2019
($670,159);
- Gross profit for Q3
was $375,595 or 40% Gross Margin;
- Quarterly, operating
expenses increased by $584,067 for the three-month period ended
September 30, 2020 versus 2019. This was due to one-time credit of
$609,675 for bad debt recovery and government tax credit items in
the 2019 operating expenses. Without this, 2020 operating expenses
decreased by $25,608 over Q3 2019;
- Quarterly Adjusted
EBITDA was ($796,293) versus $172,120 for Q3 2019 due to the
one-time transaction mentioned above in Q3 2019.
Outlook
Clear Blue’s investment in the telecom vertical
and Africa is now yielding great results. Subsequent to the quarter
end, Clear Blue announced its first roll-out for Orange in
Cameroon, in partnership with NuRAN. NuRAN and Clear Blue will
provide Rural Telecommunications systems and ongoing operational
services in Cameroon to Orange S.A. (NYSE: ORAN), one of the
world’s largest mobile network operators.
Additionally, yesterday, the Company was very
pleased to announce the award of its third Large Roll-out project.
With a major infrastructure operator in Africa, this project is
forecast to generate sales of $5 million for 400 telecommunications
sites, with 30% delivered in Q4 2020 and the remainder in Q1 2021.
These and other activities bode well for Clear Blue’s growth
trajectory for the remainder of 2020 and into 2021.
“While Covid impacted our Q2 and Q3 2020, the
projects are now moving forward,” said Miriam Tuerk, Co-Founder
& CEO. “We are thrilled and excited to begin implementing these
large projects, and others, after having worked hard to deliver the
required technology and service solutions to make this a reality.
The entire team at Clear Blue has worked very hard to achieve this
milestone and I am thrilled and honoured to represent Clear Blue’s
co-founders, management and entire team to the market.”
While there continues to be significant
uncertainty over the forward outlook, as with the world economy and
budgets in general, Clear Blue continues to see strong and
strategic interest in its offerings in both of its key
markets—North American Streetlights as well as Telecom in Emerging
markets. Telecom, connectivity, and cleantech are key growth
sectors in the world’s economy and Clear Blue continues to be
positioned as a key and strategic leader in innovating technologies
that make it possible to reliably and cost effectively provide
clean off-grid energy to mission critical customers around the
world.
Conference Call
The Company will host a conference call to
discuss its latest financial results at 1:30 PM Eastern Time
(Canada/U.S.) on Wednesday, November 18, 2020.
Those interested can register at:
https://zoom.us/webinar/register/WN_40QuWVqfRsetC6-8HHTLKQ
Media Contact:Becky NyeDirectorMontieth &
Company155 E 44th St., New York, NY
10017bnye@montiethco.com+1
646.864.3517Investor Relations:Miriam
TuerkCo-Founder and CEO+1 416 433
3952investors@clearbluetechnologies.comhttp://www.clearbluetechnologies.com/en/investors
About Clear Blue Technologies International
Clear Blue Technologies International, the Smart
Off-Grid™ company, was founded on a vision of delivering clean,
managed, “wireless power” to meet the global need for reliable,
low-cost, solar and hybrid power for lighting, telecom, security,
Internet of Things devices, and other mission-critical systems.
Today, Clear Blue has thousands of systems under management across
37 countries, including the U.S. and Canada. (TSXV: CBLU)
(FRANKFURT: 0YA)
Legal Disclaimer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement
This press release contains certain
"forward-looking information" and/or "forward-looking statements"
within the meaning of applicable securities laws. Such
forward-looking information and forward-looking statements are not
representative of historical facts or information or current
condition, but instead represent only Clear Blue’s beliefs
regarding future events, plans or objectives, many of which, by
their nature, are inherently uncertain and outside of Clear Blue's
control. Generally, such forward-looking information or
forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or may contain
statements that certain actions, events or results "may", "could",
"would", "might" or "will be taken", "will continue", "will occur"
or "will be achieved". The forward-looking information contained
herein may include, but is not limited to, information concerning
financial results and future upcoming contracts.
By identifying such information and statements
in this manner, Clear Blue is alerting the reader that such
information and statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Clear Blue to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of Clear Blue is
speculative and subject to several risks including, without
limitation, the risks discussed under the heading "Risk Factors" in
Clear Blue's listing application dated July 12, 2018. Although
Clear Blue has attempted to identify important factors that could
cause actual results to differ materially from those contained in
the forward-looking information and forward-looking statements,
there may be other factors that cause results not to be as
anticipated, estimated or intended.
In connection with the forward-looking
information and forward-looking statements contained in this press
release, Clear Blue has made certain assumptions. Although Clear
Blue believes that the assumptions and factors used in preparing,
and the expectations contained in, the forward-looking information
and statements are reasonable, undue reliance should not be placed
on such information and statements, and no assurance or guarantee
can be given that such forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such information
and statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release. All subsequent written and oral
forward-looking information and statements attributable to Clear
Blue or persons acting on its behalf is expressly qualified in its
entirety by this notice.
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