Investor Webcast Scheduled for Wednesday, May 19, 2021 at 4:30pm ET
Westminster, CA – May 17, 2021 – BioLargo, Inc.
(OTCQB:BLGO), a developer of sustainable cleantech technologies and
full-service environmental engineering company, filed its Quarterly Report on
Form 10-Q with the SEC today for the three months ended March 31, 2021 (www.biolargo.com/sec-filings). The
company has summarized some of the most important points from the report for
its investors and provided insights into its strategy for expanding sales of
its environmental technologies in existing and new market segments through
2021.
The company also announced an investor webcast to be held on
Wednesday, May 19, 2021, at 1:30 pm Pacific / 4:30 pm Eastern, at the following
link, open to the public: https://www.webcaster4.com/Webcast/Page/2448/41343
BioLargo investors are also encouraged to attend the
company’s online-only Annual Meeting of Stockholders on June 15, 2021, the
details of which can be found at www.biolargoreport.com.
Dennis P. Calvert, President and CEO of BioLargo said, “We
are now in a strong cash position, have reliable financing resources, and have
retired all but $456,000 of our convertible debt. With our financial condition
continuing to improve, our team of highly qualified engineers, scientists, and
business professionals are uniquely positioned to commercialize our expanding
portfolio of innovative environmental technologies, like our AEC system that
removes PFAS chemicals from drinking water.”
According to Environmental Business International, the
market for PFAS treatment, which BioLargo’s new AEC technology aims to address,
will grow to be an $80+ billion market in the US over the next few years, and
that there are more than 200 contaminated military sites which urgently require
PFAS remediation. Mr. Calvert commented, “Our hard work to develop and
commercialize an economical and eco-conscious solution to this huge problem puts
us ahead of the curve to address this burgeoning market. Our PFAS remediation
technology represents a massive and timely commercial opportunity, with its
first commercial pilots starting soon.”
Financial highlights from the 10-Q:
- Consolidated revenue for the three months ended March 31, 2021 was $571,000, a 30% increase compared to the prior year’s period.
- Due in large part to an almost 90% decrease in interest expense as a result of payment and conversion of debt instruments, the company’s net loss for the three months ended March 31, 2021, decreased by 28% as compared to the prior year’s period.
- In 2021, the company has retired $650,000 in debt. Since December 31, 2019, the company has reduced its debt by over $3.6 million. Other than debt owed by its partially owned subsidiary Clyra Medical, only SBA/PPP loans and fixed-price convertible debt now remain on BioLargo’s balance sheet. Of the fixed price convertible debt, we are currently negotiating the payoff and partial conversion of the $406,000 due in August 2021, and $50,000 is due in two years.
- As a result of the company’s improved balance sheet, its total stockholder equity is now approximately $772,000. Management expects this trend will be critical to the company as it continues to evaluate the opportunity to uplist its stock to a national stock exchange.
Commercial, operational, and R&D highlights:
- Established a partnership with Garratt-Callahan, a national industrial water treatment company, to develop and sell custom wastewater treatment and recycling equipment. This dynamic partnership is expanding to include the sales of other BioLargo products and services to Garratt-Callahan customers.
- The first commercial-scale unit of the company’s Advanced Oxidation System (AOS) water treatment technology began a pilot project at a municipal wastewater treatment plant near Montréal, Québec.
- BioLargo’s treatment technology for per- and polyfluoroalkyl substances (PFAS) underwent a technical advancement, which was the subject of a recently submitted patent application, that improves the lifespan of the AEC’s membranes and the technology’s overall commercial outlook.
- The company is working with prospective partners to plan and schedule the first commercial pilots for the AEC technology as soon as possible.
- BioLargo Engineering’s project backlog grew to a value of over $2 million, to be executed over the next 12-18 months.
- ONM Environmental added a new air quality control product technology called EcoMist®, a technology that sprays trash bins with odor control product during trash collection.
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| The commercial-scale AOS being unpacked at the pilot in Montreal |
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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