BioteQ Provides Development Project Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/24/11 -- BioteQ Environmental Technologies, Inc. (TSX: BQE), a leader in the treatment of industrial waste water, has provided an update on projects in development which are expected to drive company growth for 2011 and 2012.
Brad Marchant, BioteQ's Chief Executive Officer stated, 'BioteQ is executing its business plan for 2011, to grow revenues, expand our presence in key markets, and introduce new clean technology solutions for water treatment in mining, power generation, and the oil and gas industries. We are aggressively expanding our project pipeline to meet growth expectations within a long sales cycle environment while focusing on fee-based revenue. Furthermore, our strategic alliance relationships are generating new business opportunities that we expect will translate into new projects and future growth for both BioteQ and our alliance partners.'
BioteQ currently has 16 active projects in development, including plant feasibility evaluation, design, engineering, and construction:
-- BioteQ is working with EcoMetales to break new ground in the recovery of specialty metals from smelter dust wastes. BioteQ is completing engineering for a new molybdenum recovery plant for EcoMetales, to be located in Chile. The plant will apply BioteQ's know-how in ion exchange technologies to treat 40 cubic meters per hour of molybdenum-rich leach solution from refinery smelter dust waste processing, recovering a high grade molybdenum concentrate. Molybdenum is an important input for steel production. BioteQ has earned fees for engineering and process design, and expects to earn fees for plant construction and commissioning. Project construction, which is subject to final approval by EcoMetales, is scheduled to commence later this year. -- BioteQ and EcoMetales have initiated a second project together, for removal of arsenic from smelter dust waste. The project is currently in the testing and design stage; BioteQ will earn fees for engineering and design and expects to share in the longer term treatment fee structure with EcoMetales. This project is subject to completion of pilot work in progress, engineering, and final commercial agreements. -- BioteQ has completed the process engineering for a 6,500 cubic meter per hour BioSulphide® plant for an international mining customer. The plant is designed to recover up to 130 million pounds of zinc annually as a saleable zinc concentrate, converting wastewater into a profit centre through the recovery of a valuable metal by-product. To date BioteQ has earned fees for design and engineering services, and is currently negotiating a fee-based contract for technical services, commissioning, and a technology fee based on plant capital. The project execution timeline is dependent on customer schedules and approvals. -- BioteQ has completed the engineering of a mobile Sulf-IX? plant for Newalta on a fee basis. The plant will be used to demonstrate the Sulf- IX? technology for removal of sulphate at customer sites in North America. Sulphates are found in a wide range of industrial waters, including lime plant effluent, metallurgical process streams, refinery wastewaters, shale gas frac water, cooling tower blow-down and make-up water, flue gas desulphurization blow-down, ash pond water, steel manufacturing wastewater, and landfill leachates. BioteQ and Newalta are currently discussing next steps for the project execution plan, and the project is subject to staged approvals for plant construction, commissioning and operation. -- BioteQ has a growing business development pipeline for 2011 and 2012, with 12 potential new fee-based projects that are subject to customer approval and timelines. BioteQ's engineering team is actively engaged on development opportunities, on a fee basis, that include three new SART projects that can improve gold yields for customers, expansion of an existing water treatment plant for a current customer to meet strict new regulations for water quality, a new water treatment plant at an active mine to treat up to 650 cubic meters per hour of acid water, two multi- stage water treatment plants for a new mine to treat up to 1,800 cubic meters per hour, two new Sulf-IX? projects ranging in size from 30 to 300 cubic meters per hour, a new metal recovery plant in China with a new customer, and two portable metal recovery plants with capacity of approximately 150 cubic meters per hour each. BioteQ will provide further project details for each as work proceeds and the terms of commercial contracts are finalized.
BioteQ will report its first quarter financial and operating results after close of markets on Monday May 30, 2011.
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 go to www.bioteq.ca.
On behalf of the Board of Directors
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.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.