WESTMINSTER, CA / ACCESSWIRE / May 24, 2021 / BioLargo, Inc. (OTCQB:BLGO), a developer of sustainable technologies and full-service environmental engineering company, announced today that it has eliminated nearly all of its convertible debt. The announcement comes as a result of the company having paid off $406,000 in convertible debt that would have come due in August of 2021, through the payment of cash and equity, as reported on Form 8-K filed May 19, 2021. Other than debt owed by its partially owned subsidiary Clyra Medical Technologies, Inc., only Small Business Association and Paycheck Protection Program (PPP) loans totaling $464,000 ($314,000 of which has been applied for forgiveness), and $50,000 of fixed-price convertible debt (due in 2023) remain on BioLargo's balance sheet.
Dennis P. Calvert, President & CEO of BioLargo discussed the news: "This is quite an accomplishment considering just three years ago we had $7.6 million of debt on our balance sheet. With our financing commitment having over $6 million remaining, we are confident that we can continue to fund our operational needs as we launch our exciting new environmental technologies and grow our revenue."
BioLargo took significant risk three years ago by investing heavily in its environmental platform technologies and the infrastructure to support them, especially its patented low-energy advanced water treatment technology the Advanced Oxidation System (AOS), and the Aqueous Electrostatic Concentrator (AEC), an affordable and eco-friendly solution to treat water contaminated with per- and poly-fluoroalkyl substances (PFAS) (learn more about the worldwide PFAS problem at our blog: https://biolargo.blogspot.com/2021/02/biolargo-answers-administrations-urgent.html). Since that time, the company has advanced both technologies to a point of commercial readiness, with the AOS have already been successfully deployed in several demonstration pilot projects.
BioLargo also made the bold move to form its own engineering company, BioLargo Engineering, Science & Technologies, LLC, located in Oak Ridge, Tennessee. Mr. Calvert commented, "Our engineering division has become a pillar of our company, having played a crucial role in the development and scaling up our AOS and AEC technologies. Our company-wide revenues also have grown significantly, helping make it possible to pay off the debt we used to finance these ambitious development efforts."
Mr. Calvert ended with, "With this debt behind us, our platform technologies ready for commercial launch, and key industry partnerships taking shape, it's time to grow our business."
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.