MONTRÉAL, May 30, 2023 (GLOBE NEWSWIRE) -- 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 solutions and products, announces the obtention of the Bureau de Normalisation du Québec (BNQ) certification for its flagship dust control product ea1TM together with its financial results for the first quarter of 2023.
"The BNQ certification is an important milestone as we are developing Québec's market for ea1. We see a lot of demand and opportunities for environmentally friendly dust control products in the mining and infrastructure industry," said Nikolaos Sofronis, President and Chief Executive Officer of Earth Alive. "There are major players in the Québec mining industry and sales here thanks to the BNQ certification could spill over in mines worldwide," added Mr. Sofronis. "On the Agriculture front, we are confident of having our Soil ActivatorTM registered in Europe where tests have already begun. Obtaining these registrations will open new markets and should be a catalyst for strong sales starting as early as Q3," confirmed Mr. Sofronis.
Earth Alive also announces today its 2023 first quarter results:
First Quarter 2023 financial highlights
- Sales for the first quarter stood at $387,247, a reduction of $185,532 compared to the first quarter of 2022. The Company faced logistic issues out of its control that pushed a portion of sales to the second quarter.
- Agriculture sales were up 54% compared to Q1 2022 mainly due to good performances in South and Central America.
- The Company invested $214,756 in R&D during the quarter compared to $53,818 in Q1 2022. The focus of our R&D is to reduce our cost of production.
- As of March 31, 2023, Earth Alive had working capital of $5,116,863 confirming the strength of its balance sheet.
- Total net loss of $1,262,881 compared to $560,866 driven by R&D, salaries and business development efforts.
"The Company is now more diversified than ever and is on its way to provide significantly better sales in the second quarter. Moreover, we are building strong relations and we are opening markets that have fast and important short-term growth potential. We expect to see this potential materialize in sales during the current year," said Mr. Sofronis.
Earth Alive Consolidated Financial Statements and Management's Discussion and Analysis for the three-month period ended March 31, 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: https://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 "could", "focus", "increase", "start", "growth" 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. Factors that could impact or impair the achievements of such events, performance or results include the ability of sales in Québec to spill over in mines worldwide, the ability of our R&D efforts to reduce our cost of production, the ability to increase sales in 2023, the ability to provide the best sales performance for a quarter in EAC's history, the ability to start delivering sustainable growth in the second half of the year and the ability to obtain registrations for Soil Activator in Europe. 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 +352621395338 nsofronis@earthalivect.com |
