Westminster, CA – March 2, 2021 – BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable technologies and full-service environmental engineering company, announced today that it had paid off $650,000 in debt, the bulk of which was scheduled to mature in August of 2021. Other than debt owed by its partially owned subsidiary Clyra Medical, only SBA loans and fixed-price convertible debt remain on BioLargo’s balance sheet. Of the SBA loans, management expects all but the $150,000 EIDL 30-year 3.75% APR loan to be forgiven. Of the fixed price convertible debt, $100,000 will convert to equity automatically at the April 20, 2021 maturity date, the $406,000 due in August 2021 may be converted by the investors at a fixed price of $0.14 at any time, and $50,000 is due in two years.
These actions are directly in line with the company’s goals to aggressively reduce or eliminate its convertible debt instruments in favor of equity-based transactions and eliminate costly interest expense.
BioLargo President and CEO Dennis P. Calvert commented, “Our cash position is particularly strong, and we are confident in the progress of our business operations and expanding opportunities. Paying off this debt now helps reduce expense interest expense, as well as eliminate uncertainty of how the debt would be managed as it matures and comes due.”
Commercial milestones continue to grow at
BioLargo with a few notable highlights:
·
An AOS water treatment unit was
recently delivered to a municipal wastewater operation in Quebec Canada for
pilot testing, and the company is on track for commencement of the AOS zero
liquid discharge system project at poultry farm in Alberta, Canada, estimated
to generate a half million dollars in revenue.
·
BioLargo’s engineering
subsidiary continues to win major contracts with industrial clients, building a
backlog of pending projects totaling more than $2 million over approximately the
next 12 months. The group remains busy supporting BioLargo’s emerging
commercial activities for the AEC and AOS water treatment systems.
·
BioLargo is exploring ways to
expand its work with national water services company Garratt-Callahan beyond
the development of a proprietary water treatment system.
·
Management is actively engaged
with the EPA to expand its regulated claims for a series of products, including
Clyraguard.
·
Expanded CupriDyne Clean
misting system installations to municipal-owned solid-waste handling
operations.
· Readying for trials of the PFAS treatment solution (the BioLargo AEC) with multiple potential clients.
Dennis P. Calvert, BioLargo’s President
& CEO commented, “We have solidified our reputation as a reliable innovator
and solutions provider for sustainable high-value targets like clean water,
clean air and a cleaner planet. We believe that our future revenue growth will accelerate
dramatically through partnerships for large-scale manufacturing, distribution,
and through marketing alliances. We have a strong foundation of technology, highly
qualified team members and a driving purpose on which to build. As we have done
for the last decade, innovations continue at BioLargo, and I’m personally very
excited about some upcoming developments. We are proud of our record-breaking achievements
but are certainly not satisfied as we believe we have only scratched the
surface of our future revenue and profit potential.”
About BioLargo, Inc.
BioLargo, Inc. (OTCQB:BLGO) invents, develops, and commercializes innovative platform technologies to solve challenging environmental problems like PFAS contamination, advanced water and wastewater treatment, industrial odor and VOC control, air quality control, and infection control. With over 13 years of extensive R&D, BioLargo holds a wide array of issued patents, maintains a robust pipeline of products, and provides full-service environmental engineering. Our peer-reviewed scientific approach allows us to invent or acquire novel technologies and develop them to maturity through our operating subsidiaries. With a keen emphasis on collaborations with academic, municipal, and commercial organizations and associations, BioLargo has proven itself with over 80 awarded grants and numerous pilot projects. We monetize through direct sales, recurring service contracts, licensing agreements, strategic joint venture formation and/or the sale of the IP. Several of our technologies are commercially available and are advancing as disrupters in their respective markets. See our website at www.BioLargo.com.
Contact Information
Dennis P. Calvert
President and CEO, BioLargo, Inc.
888-400-2863
Safe Harbor Act
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements include without limitation those
about BioLargo’s (the “Company”) expectations regarding the impact of the
COVID-19 pandemic; anticipated revenue; and plans for future operations. These
statements involve risks and uncertainties, and actual results may differ
materially from any future results expressed or implied by the forward-looking
statements. Risks and uncertainties include without limitation: the effect of
the COVID-19 pandemic on the Company’s business, results of operations,
financial condition, and stock price; the effect of regional economic
conditions on the Company’s business, including effects on purchasing decisions
by consumers and businesses; the ability of the Company to compete in markets
that are highly competitive and subject to rapid technological change; the
ability of the Company to manage frequent introductions and transitions of
products and services, including delivering to the marketplace, and stimulating
customer demand for, new products, services, and technological innovations on a
timely basis; the dependency of the Company on the performance of distributors
of the Company’s products. More information on these risks and other potential
factors that could affect the Company’s business and financial results is
included in the Company’s filings with the SEC, including in the “Risk Factors”
and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” sections of the Company’s most recently filed periodic reports on
Form 10-K and Form 10-Q and subsequent filings. The Company assumes no
obligation to update any forward-looking statements or information, which speak
as of their respective dates.
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