MONTREAL, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive” or the “Company”), a company that develops, manufactures and distributes state-of-the-art, environmentally-sound proprietary microbial solutions and products, announces today its consolidated financial statements for the second quarter ended June 30, 2022. All amounts are in Canadian dollars unless otherwise indicated.
Highlights of the Second Quarter
- The Company closed a $6.1 million non-brokered private placement
- As of June 30, 2022, Earth Alive had net working capital of $9,139,152, an increase of $4,571,511 compared to December 31, 2021
- Sales totalled $310,739 in Q2 2022 compared to $1,020,657 in Q2 2021
- Total net loss of $953,800 compared to $453,530 in Q2 2021
- Total operating expenses of $1,075,450 compared to $644,671 in Q2 2021.
“As we continue the implementation of our restructuring and reorganization plan, although our results have not yet begun to reflect our progress, our pipeline and leads do. I want to reassure investors that management and the entire Earth Alive team remain engaged and are confident that we are on the right track and have laid out the foundations for a solid 2023”, said Nikolaos Sofronis, President and Chief Executive Officer.
Earth Alive Consolidated Financial Statements and Management's Discussion and Analysis for the second quarter ended June 30, 2022 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.
Subsequent Events
- The Company completed a second test with a major mining company in Brazil with very successful results. This mining company is now preparing a third phase of testing forecasted to start during the last part of this year
- The Company completed successfully a first test with a major mining company in Colorado, USA. Further to these successful results, the mining company is planning a second test that should begin in the next six months
- The Company activities in Q2 also included the enhancement of our pipeline of tests and discussions with our mining and agriculture partners that should increase revenues over the next nine months.
About Earth Alive Clean Technologies
Earth Alive is an industry leader in microbial technologies. Earth Alive’s innovative products contribute to regenerative agriculture, natural dust suppression with minimal water use and industrial cleaning that is ecological and human friendly. For additional information, please visit: https://earthalivect.com/.
Forward-Looking Information: Certain information in this press release contains forward-looking information and forward-looking statements, which reflect the current view of management with respect to the Company's objectives, plans, goals, strategies, outlook, results of operations, financial and operating performance, prospects and opportunities. Wherever used, the words or expressions “continue”, “plan”, "progress", "pipeline”, "leads", "remain", "confident", "right track", "laid out the foundations for a solid 2023", "forecasted", “planning”, “should”, “increase” and similar words or expressions identify forward-looking information and forward-looking statements. Forward-looking information and forward-looking statements should not be regarded as a guarantee of future events, performance or results, and will not necessarily be an accurate indication of whether, or the times at which, such events, performance or results will be achieved. All of the information in this press release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
For information, please contact :
Nikolaos Sofronis, CEO
438 333-1680; 514 462 1628
+352621395338
nsofronis@earthalivect.com
