Westminster, CA – December 21, 2020 – BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable technologies and a full-service environmental engineering company, today announced that its current fourth quarter revenues of approximately $750,000 will result in new quarterly and annual records for the company.
In addition to setting revenue records, BioLargo also
significantly reduced its debt obligations during the year. At December 31,
2019, its balance sheet showed approximately $4.6 million in notes payable and
lines of credit, not including solely owed obligations of its partially owned
subsidiary Clyra Medical. During this calendar year, BioLargo reduced the $4.6 million
owed by over $2.8 million to approximately $1.7 million. Of that amount, $357,000
are SBA Paycheck Protection Act loans (which management expects will be
forgiven in accordance with SBA’s terms), $200,000 will be converted to equity
at maturity, and the remaining approximately $1.1 million may be converted by
the investors and if not, will mature in August 2021.
BioLargo CEO Dennis P. Calvert commented, “I am proud of our
team’s accomplishments in 2020, and am optimistic that we can continue the
momentum next year and further improve our financial condition with successful execution
of projects and contracts already in hand, as well as new product launches. Of
course, multiple factors may affect the timing and amount of our sales,
including uncertainties and unusual challenges related to the pandemic, and the
obvious challenges inherent in introducing new technologies to the market.”
In a presentation recorded at the LD Micro virtual investor
conference on December 14, 2020, Mr. Calvert explained that the company needs
to reach approximately $1.25 million in quarterly revenues to get to cash-flow positive
for operations supported by BioLargo (which excludes Clyra, which is independently
financed). In the video, available below, he also explained the drivers behind
the record revenues and detailed the company’s plans to launch its long-anticipated
water treatment technologies, the BioLargo AOS and BioLargo AEC, in 2021.
Watch the video here: https://www.biolargo.com/ld-micro-conference-video
See caution regarding forward looking statements, below.
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.
Contact Information
Dennis P. Calvert
President and CEO, BioLargo, Inc.
888-400-2863
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.
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