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TORONTO, Aug. 30, 2024 (GLOBE NEWSWIRE) -- CHAR Technologies (“CHAR Tech” or the “Company”) (TSXV:YES), a leader in sustainable energy solutions, today announced results for the fiscal 2024 third quarter ended June 30, 2024. The full third quarter ended June 30, 2024 financial statements and MD&A are available on SEDAR+.

CHAR Tech Q3 2024 highlights include:

• Revenue for the quarter of $1,163,919, up 172% from Q3 2023 $427,383.

• Revenue for the fiscal 9 months ending June 30^th, 2024, of $2,457,551, up 85% from the fiscal 9 months ending June 30^th, 2023, of $1,327,925.

• Increase to CHAR Tech’s Thorold facility Property Plant and Equipment of $3,495,288 over 9 months ending June 30^th, 2024.

• Cash inflow of $941,904 over 9 months ending June 30^th, 2024 in deferred grant income from previously announced Government programs.

• Installation and commissioning of biocarbon agglomeration equipment at CHAR’s Thorold facility for the previously announced 500 tonnes production run
  

Andrew White, CEO of CHAR Tech, "As we reflect on the accomplishments of Q3, we are proud to report significant progress in key areas of our business. Our strategic initiatives are not only driving growth but also positioning us for long-term success. We remain committed to our vision and are confident that our continued focus on innovation and operational excellence will enable us to meet and exceed our goals.”

As identified in the Q3 financial statements the following subsequent events have occurred:

• Management Changes: On July 12, 2024, the company announced changes in the senior management team, including the appointment of Anton Szpitalak as the new Chief Development Officer and the departure of Lewis Smith (Chief Commercial Officer) and Robert Sinyard (Chief Operating Officer).

• Loan Agreements: On July 16, 2024, the company entered into loan agreements with lenders for a total amount of CAD $850,000, repayable within 90 days. This loan will be used for short-term working capital purposes, and the lenders include existing shareholders and current and former directors, executive officers, business associates, and employees.

• Issuance of Bonus Warrants: As part of the loan agreements, the company agreed to issue 850,000 non-transferable share purchase warrants, each exercisable into one common share at a strike price of CAD $0.38 per share for a period of one year.

• Government Reimbursement Program: The company is in the process of completing its claims for a portion of the previously announced $6.6 million allocation from a government reimbursement program.

• As previously press released on July 4th, 2023, on August 28th, 2022, CHAR Biocarbon Inc. (“CHAR Biocarbon”), a wholly owned subsidiary of the Company, served advanced written notice to terminate its Exclusive License Agreement with Actinon Pte. Ltd (the parent company of Anergy Pte. Ltd, a Singapore based supplier of kiln equipment to the Company) dated August 18th, 2021 (the “License Agreement”). On June 30th, 2023, CHAR Biocarbon received a notice of immediate termination effective July 1st, 2023, in respect of, and an allegation of additional license fees owing under, the license agreement. Subsequently, CHAR Biocarbon has received a claim from Actinon Pte Ltd in respect of the foregoing. The Company views the claim as frivolous unparticularized damages, continues to vigorously dispute Actinon’s claim of additional license fees owing under the license agreement, and will take such action as it deems appropriate to protect its rights and interest. All options are being considered and CHAR Biocarbon will respond in due course.