MONTREAL, May 21, 2020 (GLOBE NEWSWIRE) — 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, recorded a strong first quarter performance. The Company filed its consolidated financial statements for the Q1 ended March 31, 2020. All amounts are in Canadian dollars unless otherwise indicated.
Highlights of the First Quarter Ended March 31, 2020Sales totalled $1,253,822 in Q1 2020 compared to sales of $212,613 in Q1 2019.Operating loss was of $222,088 compared to $499,710 in Q1 2019.Total net loss of $185,036 compared to $735,967 in Q1 2019.The Infrastructure and Maintenance division recorded a profit of $136,959.Working capital totaled $2,304,143 with a positive equity of $2,497,933.“Operational and financial performance were on plan during the first quarter of 2020 and we will continue to build our course toward increased profitability for 2021 and beyond,” said Michael Warren, President and Chief Executive Officer. “In spite of the global pandemic, Earth Alive turned in its best ever performance in this first quarter. The restructuring of our divisions shows very positive results, the Infrastructure and Maintenance division is profitable for the second quarter in a row and we increased the gross margin in the agriculture division with the implementation of new controls.”Earth Alive Consolidated Financial Statements and Management’s Discussion and Analysis for the first quarter ended March 31, 2020 are available on SEDAR at www.sedar.com and on our website at www.earthalivect.com.Subsequent EventsOn April 7, 2020, Earth Alive announced a $215,000 sales agreement for its EA1TM dust suppressant with a major mining company in Brazil. This is a second on-site test of our EA1TM product with the same company that is part of a major international mining conglomerate.The COVID-19 pandemic evolved rapidly during the first quarter of 2020, necessitating Earth Alive to take exceptional measures to address this international crisis. We are pleased to report that our employees are safe, and our production and operations are ongoing.About Earth Alive Clean TechnologiesEarth 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: www.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.www.earthalivect.com
Bay Street News