Westminster, CA, Oct. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- BioLargo, Inc. (BLGO), developer of sustainable technologies and a full-service environmental engineering company, announced today that in the third quarter of 2019 it has grown its revenues and paid off a series of variable-rate debt instruments, improving its financial condition.
Combined revenues from BioLargo’s operating units during the third quarter of 2019 were approximately $500,000 (total for calendar year 2019 of approximately $1.3 million). These results represent an increase of 88% over the third quarter of 2018, and an increase of 23% over last quarter.
Both of the company’s commercially active operating units showed increases. Odor-No-More increased revenues by 61% over third-quarter 2018, and 25% over last quarter. The engineering division increased revenues by 300% over third-quarter 2018, and 15% over last quarter. Odor-No-More has shown a steady revenue increase since 2017, as seen in the graph.
Joseph Provenzano, President of Odor-No-More, Inc., commented, “We are now seeing the fruits of our investments in infrastructure and staffing. In just the first week of October, we also have orders in process over $130,000. We intend to further expand our sales and customer support staff to capitalize on our growing success in this market. Notably, we have also secured the first two accounts for our odor and VOC control product in the cannabis and hemp market through our distributor Cannabusters (www.thecannabusters.com), and we believe sales will expand substantially in that emerging segment.”
BioLargo also announced that it has eliminated all of the variable-priced convertible instruments that were eligible for prepayment from its balance sheet, retiring approximately $730,000 in principal through the payment of $630,000 cash and conversion to stock of an additional $220,000. The company also paid $302,928 in other debt instruments, and another $210,000 in convertible debt will automatically convert to stock in the coming weeks, bringing the total debt reduction to approximately $1,250,000.
President and CEO of BioLargo Dennis P. Calvert commented, “We believe reducing the variable-rate convertible debt will put less short-term selling pressure on our stock and highlights our long-term commitment to building lasting shareholder value. And importantly, business has never been better, as we’ve recently hit several critical commercial milestones.”
Those milestones include:
- FDA 510(k) clearance for Clyra Medical Technologies’ first product;
- Preparing for first commercial trial for AOS technology;
- BioLargo Engineering awarded seven United States Air Force (USAF) base contracts for environmental engineering services with eight more bids in process;
- BioLargo Engineering won an EPA grant to help solve PFAS contamination, with significant process toward completing a commercial product to address the problem; and
- BioLargo signed an MOU with a leading wastewater treatment company in South Korea to serve the South Korean wastewater industry with CupriDyne Clean.
Mr. Calvert continued, “Our investments in infrastructure and personnel are paying off and we are seeing good results from several of our operations. We fully expect the returns on these investments to continue for years to come. We are thankful for the continued support of our long-term investors as we continue to improve our financial condition and build a world-class clean tech company.”
About BioLargo, Inc.
BioLargo, Inc. is an innovative technology developer and environmental engineering company driven by a mission to "make life better" by delivering robust, sustainable solutions for a broad range of industries and applications, with a focus on clean water, clean air, and advanced wound care. We develop and commercialize disruptive technologies by providing the capital, support, and expertise to expedite them from "cradle" to "maturity" (www.biolargo.com). Our engineering division features experienced professional engineers dedicated to integrity, reliability, and environmental stewardship (www.biolargoengineering.com). Our industrial odor control division, Odor-No-More (www.odornomore.com) features CupriDyne Clean Industrial Odor Eliminator (www.cupridyne.com), which eliminates the odor-causing compounds and VOCs rather than masking them, and is now winning over leading companies in the solid waste handling and wastewater industries and other industries that contend with malodors and VOCs. Our subsidiary BioLargo Water (www.biolargowater.ca) develops the Advanced Oxidation System "AOS," a disruptive industrial water treatment technology designed to eliminate waterborne pathogens and recalcitrant contaminants with better energy-efficiency and lower operational costs than incumbent technologies. Our subsidiary Clyra Medical (www.clyramedical.com) features effective and gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
Dennis P. Calvert
President & CEO, BioLargo, Inc.
Safe Harbor Act
This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ from expectations, estimates and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.