Investor Webcast Scheduled for Wednesday, May 19, 2021 at 4:30pm ET
WESTMINSTER, CA / ACCESSWIRE / 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.
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.