Montreal, Quebec, Canada, August 30, 2019 – Earth Alive Clean Technologies Inc. (CSE: EAC) (“Earth Alive” or the “Company”), a Canadian soil health company announces the filing of its quarterly financial statements for the period ending June 30, 2019. This press release should be read in conjunction with the Unaudited Financial Statements and Management’s Discussion and Analysis (MD&A) for the six months ended June 30, 2019 which are available on Earth Alive’s website at www.earthalivect.com and on SEDAR at www.sedar.com. All amounts herein are in Canadian dollars unless otherwise stated.
Financial Highlights from Q2:
Subsequent Events to Q2
“With the recent sale of EA1 of $126,000 for a pilot test to another major mining company for delivery in Q4-2019 and three EA1 sales proposals having reached the technical and economic review phase with three major mining companies for operations in Chile, Colombia and the US., we believe we are setting the stage for a strong 2020 for EA1. Although we faced a few setbacks, starting with a work stoppage at a customer’s operating mine which delayed deliveries of EA1 and had an impact on Q2 sales; we are back on track with deliveries having commenced in July (Q3-2019) and we expect to have the $US2M order fulfilled by Q2-2020. There are not many products out there which can tackle dust emissions on a large scale, in an environmentally friendly and sustainable way, all the while substantially reducing water waste” stated Michael Warren, the President and CEO. “On the agricultural side, flooding in Peru at the beginning of the year has negatively impacted sales of the Soil Activator, however, we expect to continue gaining market share in Peru with the recent focus on avocado crops, in addition to our primary market, asparagus, which was severely hit”.
Corporate Highlights during Q2-2019
Revision of sales projections
As a consequence of the unexpected delays mentioned herein, Earth Alive is revising its sales projections to $2.6 M for 2019 from its earlier sales projection of $3.7M as disclosed in its preliminary prospectus. However, sales for 2020 are currently expected to reach $6.7M, revised from $5.7M previously. This revision is attributed to the delayed deliveries of the major EA1 sale as well as the reduction in expected sales of the Soil Activator in Peru in 2019.
Earth Alive aims to be a key player in world markets of environmentally sustainable industrial solutions by working with the latest innovations in microbial technology to formulate and patent innovative products that can tackle the most difficult industrial challenges, once only reserved to environmentally harmful chemicals and additives. Earth Alive is focused on environmental sustainability in namely the agriculture industry and dust control for the mining industry.
The CSE has neither approved nor disapproved the contents of this press release. The CSE does not accept responsibility for the adequacy or accuracy of this release.
Earth Alive Clean Technologies Inc.,
9641 Rue Clement
Lasalle, Québec Canada
For information, please contact:
Mr. Michael Warren
(p) 438 333-1680