BioteQ Announces Project Delay
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/12/11 -- BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in the treatment of industrial waste water, has been informed by one of its international mining customers that detailed design and engineering services for a planned 1,800 cubic meter per hour water treatment system will be delayed, due to unexpected permitting matters. Work on the CDN$1.4 million contract announced last month had commenced and will continue through the end of December. BioteQ will invoice for work completed in 2011 and the Parties will place the remaining work on hold, pending resolution of current issues. BioteQ expects the work to restart within 12-18 months.
Jonathan Wilkinson, BioteQ's Chief Executive Officer stated, 'We are disappointed that our work on this project has been delayed. However, we understand that the planning process for new mines is complex and subject to changing priorities and schedules. We remain available to support our customer as they advance their plans, and look forward to completing the work once our customer's current issues are resolved.'
BioteQ Corporate Profile
BioteQ creates custom water treatment solutions to recover dissolved metals and remove sulphate from water impacted by mining, energy and industrial activities. The company's clean technologies convert wastewater into a useful resource while delivering lower life cycle costs for water treatment. BioteQ has designed and built 14 plants at sites in Canada, the US, Mexico, Australia and China, with additional projects in development.
BioteQ's sustainable water treatment solutions have been recognized with national and international awards for innovation and sustainability. BioteQ is headquartered in Vancouver, Canada, and trades on the TSX under the symbol BQE. For additional information, please visit our website at www.bioteq.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Except for statements of historical fact relating to the Company, certain information contained herein constitutes 'forward-looking statements' within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are frequently characterized by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate' and other similar words, or statements that certain events or conditions 'might' or 'will' occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the development, construction and operation of water treatment plants, variations in water quality, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors described in the section entitled 'Risks' in the Company's Annual Report for the Year Ended December 31, 2010. Circumstances or management's estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.
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