Including Highlights from BioLargo's Second Quarterly Report of 2020
WESTMINSTER, CA / ACCESSWIRE / August 17, 2020 / BioLargo, Inc. (OTCQB:BLGO), developer of sustainable technologies and a full-service environmental engineering company, provided an overview today on recent highlights for its business units. This overview coincides with the filing of BioLargo's 10-Q Quarterly Report with the SEC for the period ended June 30, 2020 (www.biolargo.com/sec-filings).
- Clyra Medical Technologies launched Clyraguard Personal Protection Spray, a safe, effective, FDA-registered disinfectant designed to decontaminate medical devices such as face masks and other personal protection equipment (PPE). The product has been met with great enthusiasm, and sales are ramping up.
- As part of a multi-phase product roll-out plan, Clyra secured a $1 million inventory line of credit and formed relationships with three contract-manufacturers that are actively producing Clyraguard. Distribution partners for Clyraguard are just beginning sales activities, having recently received their initial inventory. Given the sales achieved in recent weeks and volume of orders in process, the company expects to report substantial revenue increases from product sales in the third quarter of 2020. Company management reports that its current manufacturing resources are capable of producing up to one million Clyraguard units per month before it would need to expand with additional contract manufacturers.
- BioLargo Water will soon start the first commercial project for its AOS water treatment system, which will be funded by government grants and its client and is expected to generate more than $500,000 USD in revenue over the life of the project.
- BioLargo Engineering manufactured a medium-scale demonstration pilot prototype of the BioLargo AEC, the company's per- and polyfluoroalkyl substance (PFAS) water treatment technology. The company will start two field demonstration pilots of the AEC in the coming months.
- ONM Environmental (formerly Odor-No-More, Inc.) is restarting multiple capital projects that were on hold due to the COVID-19 pandemic, and was recently notified of an award for a project valued at approximately $130,000.
- BioLargo's company-wide revenue for the three and six months ended June 30, 2020 was $418,000 and $856,000, which is a 2% decrease and 8% increase over the same periods in 2019. Sales at the company's operating divisions decreased at the start of the pandemic, but are now rebounding.
- BioLargo continues to strengthen its balance sheet as it converts approximately $3,500,000 of debt to equity since December 31, 2019 through August 2020.
BioLargo President & CEO Dennis P. Calvert commented, "In the COVID-19 pandemic, we demonstrated our resiliency as we managed to maintain stable operations, cleaned up our balance sheet, developed and launched a brand new product (Clyraguard) to help frontline workers battling the pandemic, and made multiple adaptations to be a strong solutions provider in a global pandemic. We're now seeing our hard work translate to increasing sales. We have a number of new relationships with distribution partners that we plan to share more information about as they begin selling Clyraguard. While the commercial opportunity for Clyraguard is immediate and has the potential for significant commercial success, the rest of our technology portfolio continues to advance, and we remain confident about their future."
About BioLargo, Inc.
BioLargo, Inc. is an innovator of technology-based products and environmental engineering solutions provider driven by a mission to "make life better". We feature unique disruptive solutions to deliver clean air, clean water and a clean, safe environment (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, ONM Environmental, Inc. (www.onmenvironmental.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. We are a minority stockholder of and technology licensor to our subsidiary Clyra Medical which features its breakthrough product Clyraguard (www.clyramedical.com/clyraguard), an FDA Registered, hospital grade disinfectant for personal protective equipment including facemasks, proven 99.999% effective against viruses and bacteria, and safe for skin, as well as its other products offering gentle solutions for chronic infected wounds to promote infection control and regenerative tissue therapy.
Dennis P. Calvert
President and CEO, BioLargo, Inc.
Safe Harbor Act
During the course of the stockholder presentation, BioLargo may make "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995, regarding future events or the future financial performance of the company that are subject to change. 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.
SOURCE: BioLargo, Inc.
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