BioteQ Provides Operations Update
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/06/12 -- BioteQ Environmental Technologies Inc. (TSX: BQE), a leader in the treatment of industrial waste water, has provided an update on plant operations for 2011, and organizational changes.
BioteQ's water treatment operations treated more than 9.4 billion litres of waste water in 2011, and removed approximately 2.1 million pounds of metals from the environment. The plants met strict health, safety, and environmental standards at all sites.
BioteQ completed the 2011 operating season at the Xstrata Raglan plant in Quebec in late December, treating over 1.1 million cubic meters of water, exceeding budgeted treatment volume by 10%. Operating costs were in line with budget expectations. Revenues from this operation are based on fees charged per cubic meter of water treated. The plant will resume seasonal operations in the spring of 2012 when water becomes available after the snow melt.
The Bisbee plant in Arizona - a 50/50 joint venture with Freeport-McMoRan - produced approximately 330,000 pounds of copper during its six months of active operations 2011, at an estimated cost of $2.75 per pound of copper, in line with expectations.
The Dexing plant in China - a 50/50 joint venture with Jiangxi Copper - produced approximately 1.7 million pounds of copper in 2011, at an estimated cost of $1.50 per pound of copper, in line with expectations.
BioteQ continues to commission a new ion exchange circuit at the Dexing plant to recover cobalt and nickel. BioteQ staff are on site, and are working to bring the plant into production later this quarter.
Capstone Mining's Minto water treatment facility did not operate in 2011 as a result of a change in discharge requirements affecting the site. BioteQ is presently supporting Minto in addressing current water treatment needs and expects that the Minto plant will operate on a normal basis in 2012.
In October 2011, management provided guidance on expected financial results for 2011 which indicated revenues in the range of $6.5 million to $7.5 million, and cash use of $3 million to $3.5 million. The Company will issue final year end financial results and updated guidance for 2012 in March. Further details will be provided by press release.
Overall BioteQ is on track with respect to 2011 operations and financial guidance.
As part of BioteQ's strategy to drive sales growth and entry into new markets, BioteQ has made several organizational changes. Andrew Hall has joined BioteQ as the VP Sales and Marketing, leading a newly formed sales team, with a mandate to secure sales bookings and drive revenue growth targeting the mining industry. Andrew joins BioteQ from Xebec Adsorption Inc., where he was Vice President for Asia Pacific Operations. Prior to his role at Xebec, Andrew was CEO of QuestAir Technologies. Andrew also previously worked for Teck Cominco. Andrew holds degrees in Chemical Engineering from the University of Cape Town and University of British Columbia, and an MBA from the London Business School.
Other significant management changes include:
-- David Kratochvil has moved from the role of President and Chief Operating Officer to become President and Chief Technology Officer, reflecting the company's commitment to technology innovation and new market development; -- Tanja McQueen, VP Corporate Development, will take over operational management responsibilities in addition to responsibility for investor relations and other Corporate Development activities.
BioteQ Corporate Profile
BioteQ is an innovative clean technology leader in global industrial water treatment. The company's proven technologies have been applied at sites around the world to recover dissolved metals and remove sulphate, producing clean water and eliminating residual waste. BioteQ is headquartered in Vancouver, Canada, and trades on the TSX under the symbol BQE. Please visit our website at www.bioteq.ca for additional information.
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.