WESTMINSTER, CA / ACCESSWIRE / 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.
Dennis P. Calvert
President and CEO, BioLargo, Inc.
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.
SOURCE: BioLargo, Inc.