Date: Nov 16, 2020 Source: BioSpace (
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WESTMINSTER, CA / ACCESSWIRE / November 16, 2020 / BioLargo, Inc., Inc. (OTCQB:BLGO), developer of sustainable technologies and a full-service environmental engineering company, filed with the SEC its Quarterly Report on Form 10-Q for the period ended September 30, 2020 (www.biolargo.com/sec-filings).
BioLargo's Third Quarter Accomplishments
Record revenue - generated record revenues in the third quarter, rebounding from early pandemic shutdowns
New business backlog - BioLargo's industrial operating divisions each have a backlog of revenue-generating projects that collectively exceed $2 million, providing reliable revenue into 2021
Advanced PFAS ("forever chemicals") removal technology - Refined the AEC water treatment technology, developed a modular AEC unit, and have entered into substantial negotiations with a major municipal water agency regarding a pilot project
New CupriDyne formula - developed a new CupriDyne formula and are preparing an application to register a product as a sanitizer and hard-surface disinfectant with the US EPA
Launched COVID product - our medical subsidiary launched Clyraguard Personal Protective Spray on Amazon, and expanded sales of Clyraguard from first quarter; it is launching a new product soon, with another expected in mid to late 2021
Developed a new technology - BioLargo engineers invented a way to extract valuable minerals from certain types of industrial waste, turning a customer's liability into a billion-dollar revenue opportunity while also creating a long-term revenue opportunity for BioLargo's engineering team
Sales of odor and VOC control solutions to Cannabis operators expanding - CupriDyne Clean odor control product's use is expanding in the Cannabis industry
Municipal wastewater pilot underway - began construction of a commercial-scale AOS water treatment system for delivery to a municipal wastewater treatment plant in Montreal, Canada
Improved balance sheet - retired over $3.5 million in debt (by converting to equity), leaving approximately $1.1 million due in August of 2021 or later, and the remaining paid by Clyra subsidiary from sales or as funds are available from financing efforts
BioLargo President and CEO Dennis P. Calvert commented, "Several of our patented technologies are on the cusp of significant commercial breakout. Our two water technologies - the AOS and the AEC - are now ready for commercial trials that we believe will lead to first sales. We are constructing our first commercial ready AOS unit now. At the same time, we are refining comprehensive marketing plans for their rollout and are already in discussions with customers, distributors and strategic partners."
The company has continually advanced its robust portfolio of technologies since it started this journey in the spring of 2007. The technology portfolio has expanded to include:
PFAS removal
SARS-CoV-2 solutions
Infection control
Wound management
Regenerative tissue therapy
Disinfection
Air quality controls and systems including odor and VOC control
Water decontamination
Micro-pollutant destruction and removal
Legionella detection and water treatment solutions
Minerals processing
Calvert continued, "We have assembled world-class technologies and talent and are focused on their highest and best purpose. While extraordinarily difficult, we have consistently invested in R&D while advancing from technology to product and onto first commercial sales and bundled services. We are now witnessing the first stages of disruption, proving their opportunities for significant commercial futures. We believe the value of our technology portfolio is far greater than is currently reflected in our stock price and continue to march forward knowing that the portfolio has a future that will generate value for decades to come. The innovator's journey is never easy, and there is no doubt that the pandemic presented real additional challenges for BioLargo, but we are now in a position where our balance sheet has dramatically improved, our revenues are rebounding, and we have several potentially disruptive technologies ready to launch into the marketplace. I was reminded recently by a highly trained and accomplished innovator that, 'solutions to some of the most important challenges in the world LIVE at BioLargo'. We agree and know it's only a matter of time before we see their dramatic impact around the world for a greater good."
