MONTREAL, May 27, 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, is pleased to announced today its consolidated financial statements for the first quarter ended March 31, 2022. All amounts are in Canadian dollars unless otherwise indicated.
Highlights of the First Quarter
- Sales totalled $572,779 in Q1 2022 compared to sales of $943,139 in Q1 2021.
- Total net loss of $560,886 compared to $181,906 in Q1 2021
- Total operating expenses of $690,598 compared to $499,945 in Q1 2021
- The working capital totaled $3,986,776 on March 31, 2022 with $3,240,809 in cash to support commercialization efforts
“The lacklustre operational and financial performance in Q1 is a direct result of a reorganization that began in the fall of 2021 with the appointment of new executives,” said Nikolaos Sofronis, President and Chief Executive Officer. “This initiative included the restructuring of our divisions, which has enabled the confirmation of several tests and leads with new clients and partners in both the Infrastructure and Agriculture divisions. We are confident that these activities will contribute to increase our sales and revenues in the next six to twelve months.”
Earth Alive Consolidated Financial Statements and Management's Discussion and Analysis for the first quarter ended March 31, 2022 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.
Subsequent Events
- On April 6, 2022, the Company announced closing of a $ 6.1 million non-brokered private placement
- Earth Alive has announced that its ea1™ dust suppressant has arrived in Argentina where it will be used in an Oil & Gas facility. This commercial test is estimated to be completed by the end of the second quarter of 2022 and is the first foray of the Company in the Oil & Gas industry.
- Earth Alive is starting this week a second test with a major mining operation in Brazil, following an initial test announced by the Company on April 7, 2020. The Mining Group has decided to test ea1™ for a longer period of time.
- The Company announced on April 20, 2022, the appointment of Mr. Jean-Philippe Lejeune as Chief Financial Officer.
- The Company announced on April 29 that on April 19th Mr. Eric Paul-Hus joined the company as Chief Legal Officer & Corporate Secretary.
- The Company announced on May 3, 2022, the appointment of Mr. David Colon to the Board of Directors.
Earth Alive will host its Annual General Meeting on June 28, 2022 (Montréal time). This will be a virtual meeting only which shareholders of record on April 29, 2022 will be able to attend at http://meetnow.global/MZXCCCS.
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. Words or expressions such as "to support", "efforts”, "confident", "will", "contribute", "estimated" 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 :
Nikolas Sofronis, CEO
438 333-1680; 514 462 1628
+352621395338
nsofronis@earthalivect.com
