MONTREAL, Nov. 28, 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 third quarter ended September 30, 2022. All amounts are in Canadian dollars unless otherwise indicated.
Third Quarter Overview
- Sales totalled $495,472 in Q3 2022 compared to $828,697 in Q3 2021
- Total net loss of $711,760 compared to $764,196 in Q3 2021
- Total operating expenses of $872,352 compared to $1,064,773 in Q3 2021
- Total R&D expenses totalled $117,057 compared to $17,883 in Q3 2021.
“This was a very busy quarter for the Earth Alive team as we continued to reorganize our business to better manage global investments and market demands. Building growth remains our primary focus and we believe that the quality and depth of our pipeline of projects for 2023 is a testament to our success in this regard,” said Nikolaos Sofronis, President and Chief Executive Officer. “We trust that the numerous proposals and tests already on our books represents a form of reassurance for shareholders and attests to our unrelenting commitment to increase sales.”
Earth Alive Consolidated Financial Statements and Management's Discussion and Analysis for the third quarter ended September 30, 2022 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.
Pipeline
- ea1 TM
- Earth Alive has received a US$437,000 PO from an open-pit copper mine in Arizona, representing applications through April 2023 covering an area of 528,000 ft2.
- Two (2) confirmations of orders renewal received and in preparation to make presentations on new proposals to two (2) current customers.
- We issued nine (9) new quotes and are preparing two (2) more to be presented.
- Engaged in communications with 30 mines that have indicated interest to apply our solution.
- Agriculture
- Six (6) customers for total sales of $200,000 before year end.
- Earth Alive opened an office in Madrid with a view to identify and attract new clients in both Southern Europe and Morocco. We expect to generate sales out of this new office as early as the first quarter of 2023.
- Research and Development
- Increased testing activities during this quarter with the objective to improve the competitiveness of our ea1 and Soil Activator TM products.
- Completed preliminary engineering plans aimed at improving our ea1 blending protocols to ultimately decrease price and increase margin.
- Identified new potential products aimed at reinforcing our Ag portfolio in early 2023.
- Developing bio insecticides and bio fungicides to add to our product portfolio in 2023.
Recently, Earth Alive inaugurated new installations in Montréal. An expense of approximately $550,000 in this regard will be recorded in our Financial Statements for the year ended December 31, 2022.
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 ex pressions "pipeline", "potential”, "2023", "building", "growth", "believe", "increase", "before year end", “with a view to”, “expect”, “as early as”, “objective”, “improve”, “aimed at”, “ultimately”, “reinforcing”, “add to”, “will” 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
