Earth Alive Reports 2021 Fourth Quarter and Year-End Financial Results
MONTREAL, April 29th, 2022 — Earth Alive Clean Technologies Inc. (TSXV: EAC) (“Earth Alive” or the “Company”), develops, manufactures and distributes state-of-the-art, environmentally-sound proprietary microbial solutions and products. This morning, Earth Alive reported results for the twelve-month period ended December 31, 2021. All financial information herein is in Canadian dollars unless otherwise noted.
- Building on successful tests in the precedent years, the Company focussed on securing additional clients throughout the world for its dust suppression product. To overcome the impact of worldwide flight restrictions on the Company’s presence on the fields with its clients and potential clients, the Company hired an international engineering group to support its activities on different mining sites and continue to introduce its ea1 technology.
- In September 2021, the Company announced a $180,000 US sale of its microbial Soil Activator in California where the Company has focused its efforts given the potential and the acquisition of the organic certification registration in 2020.
- In October 2021, the Company announced that Nikolaos Sofronis was appointed President and Chief Executive Officer.
Full-Year 2021 Financial highlights
- Revenues increased by 28.4%, to $3,569,830 year over year.
- In the Infrastructure & Maintenance division, revenues increased by 34.2% to $2,632,771.
- Revenues increased by 14.3% to $937,059 in the Agriculture division.
- Operating expenses for the year increased by $962,657 to $3,143,761 mainly due to a one-time charge related to the departure of our former President and Chief Executive Officer, higher share-based compensation and marketing expenses.
- General administration and Sales & Marketing expenses as percentage of sales decreased by 2% and 2.6% year over year respectively
- On February 26, 2021, Earth Alive completed a $5.0 million non-brokered private placement at a price of $0.115 per unit for 43,478,261 units. Each Unit consists of one common share in the capital of the Company and one common share purchase warrant.
Fourth Quarter 2021 Financial highlights
- Revenues increased by 16.5% to $777,337 compared to $667,271 in 2020 fourth quarter.
- Infrastructure & Maintenance division increased its revenues by $81,718 or 17% to $576,718 compared to 2020 fourth quarter.
- Agriculture division increased its revenues by 23,348 or 16.4% to $200,619 compared to 2020 fourth quarter.
- On January 19, 2022 Earth Alive announced a US$473,000 purchase order for its proprietary ea1TM dust suppressant, the seventh consecutive order since November 2018 by this customer for its mine located in Mexico.
- On April 6, 2022 Earth Alive completed a $6.1 million non-brokered private placement at a price of $0.06 per unit for 101,866 666 units. Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant.
- On April 19, 2022 Mr. Eric Paul-Hus joined the Company as Chief Legal Officer & Corporate Secretary. Mr. Paul-Hus brings over 25 years of experience working as inside counsel in large and medium size publicly-traded companies.
“While the revenues continue to increase in 2021, the Company faced a challenging year with traveling restrictions and the Board’s decision to make changes in its management. However, our future development is very encouraging considering that our customers base and sales pipeline are stronger than ever’’, said Nikolaos Sofronis, President and Chief Executive Officer. “Now, with the recently completed financing, Earth Alive is better positioned to add several new Microbiological solutions in response to the urgent needs of today’s ecological transition. We are confident in the expansion of our commercial activities and that the $6.1 million financing will enable us to accelerate our growth strategy’’.
Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the financial year ended December 31, 2021 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.
About Earth Alive Clean Technologies
Earth Alive is a soil health company and 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: www.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. Wherever used, the words “future”, “development”, “encouraging”, “add”, “confident”, “expansion”, “will”, “accelerate”, “growth strategy” and similar 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. Factors that could cause future events, performance or results to differ materially from current expectations include the ability to add several new Microbiological solutions in response to the needs of today’s ecological transition, the ability to expand our commercial activities, the ability to execute our growth strategy and other risks described in Earth Alive’s documents filed with Canadian securities regulatory authorities available at www.sedar.com. Readers are cautioned not to place undue reliance on such forward-looking information and statements. The Company does not undertake to update any forward-looking information or forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For information, please contact:
Nikolaos Sofronis, CEO
(438) 333-1680; (514) 462-1628