MONTREAL, May 30, 2024 (GLOBE NEWSWIRE) -- In a release issued under the same headline on May 29, 2024 04:15 PM ET by Earth Alive Clean Technologies Inc. (TSXV: EAC), please note its Annual General Meeting will be held on June 27, 2024 at 10:00 AM. The corrected version follows:
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, is pleased to announced today its financial results for the first quarter ended March 31, 2024. All amounts are in Canadian dollars unless otherwise indicated.
Highlights of the First Quarter
Sales totalled $1,301,021 in Q1 2024 compared to sales of $387,247 in Q1 2023 thanks to the acquisition of Interlube Inc.
Total net loss of $1,333,569 compared to total net loss of $1,262,881 in Q1 2023
Total operating expenses of $1,552,451 compared to total operating expenses of $1,346,261 in Q1 2023
The working capital totaled $ 3,644,679 on March 31, 2024 with $2,013,090 in cash ($1,374,000 as at May 27, 2024) to support commercialization efforts.
"Q1 2024 has been a pivotal quarter for Earth Alive” explains Nikolaos Sofronis, CEO of Earth Alive. “With the successful acquisition of Interlube, we have significantly expanded our portfolio and market presence, particularly in the Québec mining industry. This acquisition has already contributed to exceptionally strong sales, demonstrating the value and potential of our strategic initiatives”.
Subsequent Events
On May 13, 2024, Earth Alive proudly announced the filing of crucial patent applications for its new product, Soil Activator-TG™. This advanced biostimulant, an evolution of the original Soil Activator, significantly enhances nutrient bioavailability in granular fertilizers, transforming them into granular biofertilizers. This innovative technology provides Earth Alive a competitive edge and supporting its international market expansion. This product is highly anticipated, meeting new European regulations and the growing demand for sustainable agricultural solutions
Today, Earth Alive announces that its dust suppressant ea1 has received Boeing compliance certification under the BSS7432 standard. This certification, which validates the product's performance in terms of safety and environmental efficiency, paves the way for its use on airport runways and surrounding areas. Traditionally used in the mining and construction sectors, ea1 is now expanding its application scope, reinforcing the company's position in the global market for sustainable solutions.
Major Events during the Quarter
On February 1, 2024, Earth Alive announced the successful acquisition of Interlube Inc., a Québec-based provider of biodegradable lubricants for industrial needs. Our lubricants, formulated from pure vegetable oil and additives, offer excellent high-temperature stability and superior performance compared to high-quality mineral lubricants.This acquisition enhances Earth Alive’s portfolio and market presence, especially in the Québec mining industry. Interlube’s expertise in converting equipment to biodegradable lubricants and its significant presence in the mining sector complements Earth Alive’s environmental solutions. The Company is already seeing synergies take effect and networks merge and open up, enhancing our operational efficiency and market reach with other products like dust-suppressant ea1TM and Soil ActivatorTM for the revegetation of mining sites.
On March 27,2024, Earth Alive announced a strategic distribution agreement with Bourget, a leader in road maintenance in Québec. This partnership aims to strengthen Earth Alive's presence in the Québec market.
Other announcements
Earth Alive will host its Annual General Meeting on June 27, 2024 at 10:00 AM (Montréal time). This will be a virtual meeting only which shareholders of record on May 15, 2024 will be able to attend at https://meetnow.global/MN4DJSG.
Earth Alive announces the departure of Jean-Philippe Lejeune, CFO and CPA, who has been with the Company since 2022. Mr. Lejeune played a key role in overseeing the Company's financial strategies and contributed to various strategic initiatives with competence and integrity.The search for a new CFO is already underway, and Mr. Lejeune is fully cooperating to ensure a smooth transition
Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the first quarter ended March 31, 2023 are available on SEDAR+ at www.sedarplus.ca 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 "aims to", "potential” and similar words or expressions 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 the Bourget partnership to strengnten our presence in Québec. 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
