BioLargo Revenue Continues Breaking Records as Water Technologies Ready for Commercialization
Technology Portfolio Expanding
WESTMINSTER, CA / ACCESSWIRE / November 16, 2020 / BioLargo, Inc., Inc. (OTCQB:BLGO), developer of sustainable technologies and a full-service environmental engineering company, filed with the SEC its Quarterly Report on Form 10-Q for the period ended September 30, 2020 (www.biolargo.com/sec-filings).
BioLargo's Third Quarter Accomplishments
- Record revenue - generated record revenues in the third quarter, rebounding from early pandemic shutdowns
- New business backlog - BioLargo's industrial operating divisions each have a backlog of revenue-generating projects that collectively exceed $2 million, providing reliable revenue into 2021
- Advanced PFAS ("forever chemicals") removal technology - Refined the AEC water treatment technology, developed a modular AEC unit, and have entered into substantial negotiations with a major municipal water agency regarding a pilot project
- New CupriDyne formula - developed a new CupriDyne formula and are preparing an application to register a product as a sanitizer and hard-surface disinfectant with the US EPA
- Launched COVID product - our medical subsidiary launched Clyraguard Personal Protective Spray on Amazon, and expanded sales of Clyraguard from first quarter; it is launching a new product soon, with another expected in mid to late 2021
- Developed a new technology - BioLargo engineers invented a way to extract valuable minerals from certain types of industrial waste, turning a customer's liability into a billion-dollar revenue opportunity while also creating a long-term revenue opportunity for BioLargo's engineering team
- Sales of odor and VOC control solutions to Cannabis operators expanding - CupriDyne Clean odor control product's use is expanding in the Cannabis industry
- Municipal wastewater pilot underway - began construction of a commercial-scale AOS water treatment system for delivery to a municipal wastewater treatment plant in Montreal, Canada
- Improved balance sheet - retired over $3.5 million in debt (by converting to equity), leaving approximately $1.1 million due in August of 2021 or later, and the remaining paid by Clyra subsidiary from sales or as funds are available from financing efforts
BioLargo President and CEO Dennis P. Calvert commented, "Several of our patented technologies are on the cusp of significant commercial breakout. Our two water technologies - the AOS and the AEC - are now ready for commercial trials that we believe will lead to first sales. We are constructing our first commercial ready AOS unit now. At the same time, we are refining comprehensive marketing plans for their rollout and are already in discussions with customers, distributors and strategic partners."
The company has continually advanced its robust portfolio of technologies since it started this journey in the spring of 2007. The technology portfolio has expanded to include:
- PFAS removal
- SARS-CoV-2 solutions
- Infection control
- Wound management
- Regenerative tissue therapy
- Air quality controls and systems including odor and VOC control
- Water decontamination
- Micro-pollutant destruction and removal
- Legionella detection and water treatment solutions
- Minerals processing
Calvert continued, "We have assembled world-class technologies and talent and are focused on their highest and best purpose. While extraordinarily difficult, we have consistently invested in R&D while advancing from technology to product and onto first commercial sales and bundled services. We are now witnessing the first stages of disruption, proving their opportunities for significant commercial futures. We believe the value of our technology portfolio is far greater than is currently reflected in our stock price and continue to march forward knowing that the portfolio has a future that will generate value for decades to come. The innovator's journey is never easy, and there is no doubt that the pandemic presented real additional challenges for BioLargo, but we are now in a position where our balance sheet has dramatically improved, our revenues are rebounding, and we have several potentially disruptive technologies ready to launch into the marketplace. I was reminded recently by a highly trained and accomplished innovator that, ‘solutions to some of the most important challenges in the world LIVE at BioLargo'. We agree and know it's only a matter of time before we see their dramatic impact around the world for a greater good."
About BioLargo, Inc.
BioLargo, Inc. is an innovator of technology-based products and environmental engineering solutions provider driven by a mission to "make life better". We feature unique disruptive solutions to deliver clean air, clean water and a clean, safe environment (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, ONM Environmental, Inc. (www.onmenvironmental.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. We are a minority stockholder of and technology licensor to our subsidiary Clyra Medical which features its breakthrough product Clyraguard ( www.clyramedical.com/clyraguard), an FDA Registered, hospital-grade disinfectant for personal protective equipment including facemasks, proven 99.999% effective and safe for skin, as well as its other products offering gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
Dennis P. Calvert
President and CEO, BioLargo, Inc.
Safe Harbor Act
During the course of the stockholder presentation, BioLargo may make "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, regarding future events or the future financial performance of the company that are subject to change. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "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 results.
SOURCE: BioLargo, Inc.
View source version on accesswire.com: