Earth Alive Clean Technologies Inc. (TSXV: EAC) ("Earth Alive" or the "Company"), a Canadian soil health company that develops and manufactures advanced microbial technology products, this morning reported results for the three-month period ended March 31, 2021. All financial information herein is in Canadian dollars unless otherwise noted.
- $5 million non-brokered private placement completed on February 26, 2021 with net proceeds to be used to grow the size of the team, to fund operational projects including R&D as well as and the growth of the business, and for general corporate purposes.
- US$500,000 purchase order for the ea1 TM dust suppressant ("ea1") announced on March 30, 2021, the fourth consecutive order since November 2018 by this customer for its mine located in Mexico.
First Quarter 2021 Financial highlights
- Revenues continued on a positive trend, increasing to $943,139 up from $667,271 in Q4-2020 and $192,473 in Q3-2020. This compares to $1,253,822 for the same period in 2020.
- First quarter 2021 gross margin in percentage terms was the highest in more than two years, at 34.0%, compared to 31.8% in the same period last year.
- Total operating expenses for the quarter were $499,945 compared to $621,210 in Q1-2020 due to a more efficient operational structure, the internalization of certain processes that were previously outsourced and, to a lesser extent, the lower travel and travel-related expenses caused by restrictions related to the COVID pandemic.
"Our customers operations and global transportation and logistics remain affected by the pandemic, but we are confident in our current sales pipeline with the various mining groups we are working with", said Michael Warren, President and Chief Executive Officer. "The financing completed in February has given us the ability to add much needed sales resources to the company and we are moving forward with new hires to increase and support our expanding sales network."
Earth Alive Consolidated Financial Statements and Management's Discussion and Analysis for the first quarter ended March 31, 2021 are available on SEDAR at www.sedar.com and on our website at https://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 press release contains 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 "may", "will", "anticipate", "intend", "estimate", "expect", "plan", "believe" and similar 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. All of the information in this press 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.
|Earth Alive Clean Technologies Inc.||For more information contact:|
|9641 rue Clement||Mr. Michael Warren|
|Lasalle, Québec Canada||Email: email@example.com|
|H8R 4B4||Tel: +1 (514) 941-7350|
|Tel.: +1 (438) 333-1680|