CALGARY,
AB, April 20, 2023 /CNW/ - CVW CleanTech
Inc. (the "Company" or "CVW CleanTech") (TSXV: CVW)
is pleased to announce its operating and financial results
the three and twelve month period ended December 31,
2022. For complete details, please refer to the
Financial Statements and associated Management's Discussion and
Analysis for the period ended December 31, 2022, available on
SEDAR: (www.sedar.com) or on the Company's website:
www.CVWCleanTech.com.
Highlights
- During the year ended December 31,
2022, cash from financing activities contributed
$9.9 million of cash, net of
$495,000 in related financing fees.
The balance of cash on hand at December 31,
2022 was $6.9 million.
- During the fourth quarter of 2022, a private placement of units
(shares and warrants) yielded $1.4
million in additional cash. The conversion of warrants
yielded a further $450,000 in cash
during December 2022.
- For the year ended December 31,
2022, CVW CleanTech reported net losses of $4.4 million or $0.04 per share. Non-cash charges recognized for
stock-based compensation expense totaled $2.1 million in 2022.
A key priority for the business and a continuing focus is to
ensure that commercial scale deployment of CVWTM
technologies in the oil sands mining sector moves ahead in a timely
fashion and delivers value to CVW CleanTech's shareholders.
CVW CleanTech is also actively reviewing diversification
opportunities to enhance our technology portfolio and identify
additional value add opportunities. These include examining how the
Company's technologies and resources could be applied in the clean
technology industry, more broadly. Diversifying in this fashion,
while retaining a focus on clean technology and the role it plays
within decarbonization and the circular economy, has the potential
to accelerate the growth of the business across multiple sectors
and geographies while transforming the company into a leader in the
clean tech space.
CVW CleanTech's CEO, Akshay Dubey
said: "Our Company continues to progress towards commercialization
of CVWTM technologies and is engaged in discussions with
the major mining oil sands operators. We are excited at the
prospect of deploying our technology to drive meaningful
environmental change, while also recovering valuable commodities
including critical minerals and hydrocarbons currently lost in
waste streams. We are also keenly reviewing other opportunities to
create shareholder value by utilizing our platform to further drive
positive change with a goal of creating a more sustainable
world."
About CVW CleanTech
Inc.
CVW CleanTech Inc. is a clean technology innovator, working to
develop sustainable technology solutions. The Company has
developed a suite of technologies called Creating Value from Waste™
("CVW™") that recovers bitumen, solvents, critical minerals and
water from oil sands froth treatment tailings while significantly
reducing their emissions and enhancing tailings
management.
Neither the 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.
Disclosure regarding forward-looking information
This news release contains forward-looking statements and
information within the meaning of applicable Canadian securities
laws (collectively, "forward-looking information") that reflect the
current expectations of management about the future results,
performance, achievements, prospects or opportunities for CVW
CleanTech.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"intends", "estimates",
"potential", "possible" and similar expressions, or statements that events, conditions or results "will",
"may", "could" or "should" occur or be
achieved. The forward-looking statements may include statements
regarding the results of deployment of CVWTM
technologies and its business plan, potential diversification
opportunities and other future opportunities or other statements
that are not statements of fact. Forward-looking statements
are statements about the future and are inherently uncertain, and
actual achievements of the Company may differ materially from those
reflected in forward-looking statements due to a variety of risks,
uncertainties and other factors. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements. Important factors that could cause actual results to
differ materially from the Company's expectations include:
uncertainties in the timing and receipt of regulatory and exchange
approvals; uncertainties involved in disputes and litigation;
fluctuations in interest rates, commodity prices, currency exchange
rates, and other financial conditions, and the resultant effect on
viability of investments; changes in the availability, and cost, of
technical labour required for our business; price escalation and/
or inflationary pressures affecting the cost of equipment and
material required to commercialize our projects; the uncertainty of
estimates of capital and operating costs; the need to obtain
additional financing and uncertainty as to the availability and
terms of future financing; the impact on the Company of increasing
inflation; and other risks and uncertainties disclosed in other
information released by the Company from time to time and filed
with the appropriate regulatory agencies.
All forward looking statements are based on the Company's
beliefs and assumptions which are based on information available at
the time these assumptions are made. The Company has made the
following assumptions in relation to the forward-looking statements
in this press release: the expected environmental and economic
benefits to be achieved from CVW™ technologies; the ability of the
Company to successfully access various government funding programs;
the details of government funding programs and that such programs
will be implemented (and not change) as expected; that the Company
will continue to be able to protect its intellectual property;
assumptions as to various market and commercial opportunities for
the Company and its technologies; and the ability of the Company to
continue to develop and commercialize its technologies. The
forward-looking statements contained herein are as of the date set
out above and are subject to change after this date, and the
Company assumes no obligation to publicly update or revise the
statements to reflect new events or circumstances, except as may be
required pursuant to applicable laws.
Although management believes that the expectations
represented by such forward-looking information or statements are
reasonable, there is significant risk that the forward-looking
information or statements may not be achieved, and the underlying
assumptions thereto will not prove to be accurate. Actual results
or events could differ materially from the plans, intentions and
expectations expressed or implied in any forward-looking
information or statements, including the underlying assumptions
thereto, as a result of numerous risks, uncertainties and factors
including: failure to obtain regulatory approvals; the possibility
that opportunities will arise that require more cash than the
Company has or can reasonably obtain; dependence on key personnel;
dependence on corporate collaborations; potential delays;
uncertainties related to early stage of technology and product
development; uncertainties as to fluctuation of the stock market;
uncertainties as to future expense levels and the possibility of
unanticipated costs or expenses or cost overruns; and other risks
and uncertainties which may not be described herein.
SOURCE CVW CleanTech Inc