MONTRÉAL, Canada, August 28, 2023 – Earth Alive Clean Technologies Inc. (TSXV: EAC – “Earth Alive” or the “Company”), a company that develops, manufactures, and distributes state-of-the-art, environmentally-sound proprietary microbial products and solutions, announces today its financial results for the quarter ended June 30, 2023.
“This is an historic quarter for Earth Alive as we recorded the highest quarterly sales in company history” said Mr. Nikolaos Sofronis, Earth Alive’s President and Chief Executive Officer. “Not only did we increase our sales, but we increased the number of significant clients. This diversification of revenue streams reduces our operating risks” added Mr. Sofronis. “The Bureau de Normalisation du Québec (BNQ) certification obtained earlier this year combined with relentless efforts to open the Québec market for our ea1tm dust-repellent provides close to $200,000 of new sales in the province. Along with growing sales in the US and in Latin America, and the efforts we are continuing to put in Europe, we feel a good tailwind for the months and years to come” confirmed Mr. Sofronis.
Second Quarter 2023 financial highlights
- Sales for the second quarter stood at $1,063,950, an all-time high for the company, and an increase of $753,211 compared to the first quarter of 2022.
- Mines-Infrastructure sales were up $758,589 mainly due to ongoing sales with a mine in the US, the development of the market in Québec and a new client in Morocco.
- Agriculture sales were up 33% compared to Q2 2022 mainly due to good performances in South and Central America.
- The Company invested $136,206 in R&D during the quarter compared to $98,289 in Q2 2022. During the quarter, we successfully validated our continuous-process mobile blending unit at industrial scale in Northern Québec. The focus of our R&D is to reduce our cost of production and increase our portfolio of products.
- As of June 30, 2023, Earth Alive had working capital of $7,648,969 confirming the strength of its balance sheet and its capacity to achieve its development plan.
- Total net loss of $814,106 compared to $953,802 in Q2 2022.
“Earth Alive’s journey started a while ago. Feedback from our clients is positive and our R&D efforts will continue to satisfy them” concluded Mr. Sofronis.
Finally, the Company announces that Mr. Richard Boomer has elected to leave the board of directors. Earth Alive wishes to thank Mr. Boomer for his contribution.
Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the three-month period ended June 30, 2023 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 news release may be 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 or expressions “growing”, “continuing”, “months and years to come”, “will” and similar words or 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. All of the information in this news release containing forward-looking information or forward-looking statements is qualified by these cautionary statements. Readers are urged to consider the risks, uncertainties and assumptions carefully in evaluating the forward-looking information and forward-looking statements and are cautioned not to place undue reliance on such information and statements. The Company does not undertake to update any such 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, President and CEO
438 333-1680; 514-462-1628